contract lifecycle management

All posts tagged contract lifecycle management

Eliminating friction points in contracting

on September 20, 2022

If you are following blockchain & bitcoin news closely, you must have noticed something about many billion-dollar companies, as well as Fortune 500 enterprises. They have officially jumped onto the blockchain bandwagon and are working around the technology.

There is a simple reason for this.

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galinaEliminating friction points in contracting

How to restrain cost of compliance in 2022

on January 17, 2022

When two years ago Thomson Reuters Regulatory Intelligence asked financial-services firms which was the greatest compliance challenge they expected to face in 2020, most of them answered “keeping up with regulatory change”. 

Compliance became a thing soon after the 2008 financial crisis, and regulations have been changed many times since then. Thus, companies have been struggling to allocate the budget appropriately to face the increasing cost of compliance.

What is the next step?

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traktiHow to restrain cost of compliance in 2022

Smart Contract Solutions for Efficient Contract Management

on August 3, 2021

Contracts are an important aspect of any business. But without a plan in place, the contract management process can become overwhelming and full of risky manual errors. 

There is the need to have a plan in mind to set up a smart contract management process to drive efficiency in organisations.

Reading time: 4 minutes. Photo by krakenimages on Unsplash.

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traktiSmart Contract Solutions for Efficient Contract Management

Obligation management and controls with Smart Legal Contracts

on June 30, 2021

Contract obligation management and controls with smart legal contracts offer a more secure and streamlined way to achieve an effective and automated contract management system.

Contract management has long been the norm for many industries looking to streamline their supplier and vendor relations. However, the process of managing contract creation, execution, and analysis has historically been plagued by inefficiencies and error due to the manual work involved. That is why we’re seeing a new standard in the form of contract obligation management and control with smart legal contracts.

Reading time: 3 minutes. Photo by Omar Flores on Unsplash.

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traktiObligation management and controls with Smart Legal Contracts

Guide to Supplier onboarding and qualification

on June 30, 2021

You can optimize time spent onboarding suppliers and reduce errors with something as simple as automation. And one possible way is by leveraging smart contracts and blockchain technology.

After covering what supplier onboarding and qualification are in a previous post, today, we’ll look at this simple guide to supplier onboarding and qualification for companies.

Reading time: 4 minutes. Photo by Jungwoo Hong on Unsplash.

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traktiGuide to Supplier onboarding and qualification

Implementing Contract’s Balanced Scorecards: How to Measure Contract Performance

on June 14, 2021

Implementing a contract’s balanced scorecards helps organizations address weaknesses and optimize contract management.

To survive in today’s environment, companies must be flexible, service-oriented, and cost-effective. Some organizations may believe they embody these factors but have not truly measured their performance even when they’re implementing contracts. Balanced scorecards are thus necessary to offer a systemic approach to enrich the performance of an organization.

Reading time. 4 minutes. Photo by Daria Nepriakhina on Unsplash

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traktiImplementing Contract’s Balanced Scorecards: How to Measure Contract Performance

Contract Lifecycle Management adoption: instructions for use

on June 14, 2021

Contract Lifecycle Management is not just about technology, even though it is fundamental to choose the best tool to solve your company’s need. On the contrary, CLM adoption is a collective process, in which the procurement organization, the IT department, and the legal team work together, sharing knowledge seamlessly.

The challenge is to identify the tool that better meets your company’s needs. Let’s see how to find it!

Reading time: 3 minutes. Photo by Severin Höin on Unsplash

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traktiContract Lifecycle Management adoption: instructions for use