Lease extraction – the process of retrieving relevant data points from your lease contracts, can have a huge impact on your organization if not tracked properly. A summary of your lease contracts on your fingertips can save you time, money and mitigate risk associated with non-compliance. The process of reviewing lease data for say asset […]

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Is Brexit really happening? The UK government says ‘Yes’ and it is scheduled to leave at 11 pm UK time on Friday, 29 March 2019. Well, whether it happens or not happens, keep that discussion aside for now. What you might be interested in knowing is, how Brexit impacts certain contractual obligations in your existing contracts? […]

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To realize the benefits which exist after the contract has been signed, it’s necessary to not only understand the terms and provisions contained in your contract, but to capture these for ongoing management. When a contract is signed, most organizations do a good job of tracking the contract’s basic operational requirements (e.g. renewal dates), but […]

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The term “Migration” is used, sometimes loosely to describe getting contracts out of an existing system, or even file folders, into a CLM system.  Migration is the process that takes documents from older systems and puts them into a newer system. Scan – Scan the documents from paper to a file on a computer. This […]

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Contract life cycle management systems (CLM) allow users to centralize contract storage and management, plus aid in the creation of new ones that fully comply with the company’s policies and requirements. This breed of systems provides all of the features of a CMS but add workflows to request, author, negotiate, approve, present, execute, manage obligations, […]

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In the last few years, all industries have been benefiting from an increase in automation, from robotics to software and Artificial Intelligence (AI) solutions to automated processes and tasks. According to different estimations, in the next decade, Artificial Intelligence is thought to replace 16% of jobs. Technologists are busy in their labs innovating advanced versions […]

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Contract abstraction, a process which is typically too time consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face project costing of hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time. Through […]

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Extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing at these days. Managing this complex and massive data […]

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To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated and time-consuming. So what is the best answer? “Join Brightleaf and IACCM’s joint webinar on Overcoming the challenge of legacy agreements”  Click here to register Date: September 20, […]

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The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard […]

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Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: To honor your […]

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In contract management, review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors which might have occurred a) at […]

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It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be […]

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