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October 10, 2018

The Business of Contract Management.

The Business of Contract Management.

How the changing role of General Counsel is shaping contract integration.

The role of the General Counsel in companies across industries continues to evolve beyond just legal responsibilities. As businesses increase their focus on contract management due to factors like increased M&A, stricter regulatory environments and increased supply chain risk, they’re amplifying their reliance on strategic relationships and focusing on ways to avoid or mitigate the impact of contractual disputes. This means integrating contract management throughout organizations, including procurement.

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October 4, 2018

September DetermiNews: A Review of the Month in Source to Pay and Contract Management

September DetermiNews: A Review of the Month in Source to Pay and Contract Management

Contracts, in one form or another, have probably been around as long as humans. There isn’t much written on the topic until Plato got around to it in 348 BC, and even he doesn’t go into much detail. Fast forward to today, and contracts are a fact of life. Business is built on contracts, and their importance can’t be overstated. So it is a curious thing that Determine still encounters so many companies using manual or spreadsheet-based contract management processes. It’s almost as if they’re treated as inconsequential afterthoughts, rather than invaluable assets. In this September DetermiNews, we explore a month of resources focused on contracts and how to best manage and leverage them.

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October 3, 2018

Integrating Sourcing Strategies into Contracts.

Integrating Sourcing Strategies into Contracts.

Building on the value of cross-process, enterprise-wide solutions.

In the world of source-to-pay, the ROI of strategic sourcing strategies is only as good as the resulting contracts and subsequent contract compliance in purchasing. Creating strategic value from contract management entails choosing an enterprise Contract Lifecycle Management (CLM) solution that is cross-process, not process-based. More and more companies are coming to realize that contract management needs to cross through the entire organization from buying all the way to selling. Does yours?

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September 27, 2018

Two steps to maximizing your contract ROI.

Two steps to maximizing your contract ROI.

How much time, money and hours are you wasting on contract management?

According to IACCM, the International Association for Contract & Commercial Management, organizations lose an average of 9.2% of revenue each year due to substandard contract management, lack of oversight and no visibility. Survey results in the 2018 Sourcing & CLM Insight Report from PayStream Advisors show that 58% of companies are still using manual contract management processes. These two stats are not a coincidence.

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September 25, 2018

Agile contract management for the self-service age, part two.

Agile contract management for the self-service age, part two.

Accelerating your contracts from dotted line to bottom line.

In part one of this two-part blog series, we looked at some of the issues around self-service contracts currently – the need for digitization and automation – and how those are impacting organizations today. In part two, you’ll learn how (and why) businesses are taking inspiration from consumer-facing processes to speed up self-service contracting, and what’s involved with your own digital transformation.

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September 19, 2018

Agile contract management for the self-service age.

Agile contract management for the self-service age.

Four ways to ensure your contracts are ready for a one-click world.

Contracts are the lifeblood of modern-day business. They are used to protect against risk, establish incentives, hire employees, install systems and plan for the future. But at most organizations, contracts are executed, edited and stored using 25-year-old technology. In this two-part blog series, we’ll explore how moving to self-service contracting is the future of business. In part one, we look at the state of contracts now and identify room for improvement.

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September 12, 2018

Solving contract challenges in technology, media, and telecommunications.

Solving contract challenges in technology, media, and telecommunications.

Where Enterprise Contract Lifecycle Management makes all the difference.

The only thing changing faster than the technology, media, and telecommunications (TMT) industry are the regulations that govern it. As companies mature and further branch out in their offerings — technology companies producing media content, media companies acquiring technology — the legal ramifications are also growing more complex, complicated and specialized. The TMT industry is a high-stakes field with a wide array of major players; when there’s that much money, risk and opportunity in play, legal teams need the most sophisticated technology to stay ahead of the curve .

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September 5, 2018

5 Reasons Why You Need a Contract Management Solution

5 Reasons Why You Need a Contract Management Solution

Contracts are assets; optimize your process to maximize the value they represent.

Regardless of size, industry, and region, there are a few things all businesses have in common. For one, they all operate based on a foundation of contracts. If you agree the same holds true for your business, are you currently using a contract management system?

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August 8, 2018

Growing procurement influence through CLM.

Growing procurement influence through CLM.

Unlocking the strategic value in contracts.

A recent McKinsey study was chock-full of surprises in terms of procurement and CLM, including this little gem:

Across industries, total procurement operating expenses are typically less than 1 percent of total spending. By underinvesting in this way, companies are overlooking a significant source of value: suboptimal contract terms and conditions combined with a lack of effective contract management can cause an erosion of value in sourcing equal to 9 percent of annual revenues. For Fortune’s 2016 Global 500 companies, this 9 percent would have equaled $2.5 trillion in value.”

Kind of makes you wonder, what’s in your contracts?

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July 17, 2018

CLM or ECLM, that is still the question.

CLM or ECLM, that is still the question.

One of the continuing questions in our industry is whether an organization should be considering contract lifecycle management or enterprise contract lifecycle management. It really isn’t one product versus another, because it’s not about the solution, but the strategy behind your contract requirements. As we always stress, when it comes to contracts you have to think about the enterprise even if you are starting with just one department or office .

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