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.
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.
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.
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
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!