Data mining is the process of restructuring large database in order to generate meaningful information. It encompasses discovering patterns and trends in the data sets and converting it into comprehensible structure for further use. The goal is to extract the patterns which will help the organization to predict future trends, assist in taking business decisions, […]

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Contract Lifecycle Management Systems – are the systems that serve specifically to house all of an organization’s contracts. These systems, being specifically designed to manage contracts, come with built-in features that will assist you in getting all your contractual documents into one centralized location and tracking them. These systems are a breed of software, running […]

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Contracts carry enormous amount of information, knowing what has been committed in past can drive better future business decisions. Many of the contracts contain hundreds of important, actionable obligations which need to be closely tracked and managed. Contract migration into a CLM is the way which can yield benefits from having single and unified repository […]

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Contracts, if not managed properly can lead to negative results. Consequences might be a poor relationship with suppliers, vendors, more risk, lost opportunities. Critical information businesses need to make key decisions resides across all your executed contracts. Legal and contracts departments often have thousands of paper documents stored in file cabinets or saved electronically as […]

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Regulation is an official way of doing the things made by an authority which consists of set of rules and trends. It is normally defined as legislation imposed by government authorities on individuals, firms private or public to regulate and amend economic factors. Compliance in law Compliance means following rules and regulations as prescribed in […]

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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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Effective access and use of data have changed the way companies are operating their business in this highly competitive and challenging environment. This ever-increasing amount of dynamic data is becoming too much for human processing and analysis. There is so much data being produced that without the help of an automated system this scattered information […]

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On September 01, 2017 the Federal Reserve Board (FBR) and the Federal Deposit Insurance Corporation (FDIC) finalized the amended rules for qualified financial contracts (QFC) of global systematically important banking organizations (GSIBs) and the US operations of non-US GSIBs. The new amendment concentrates on qualified financial contracts of covered entities, which includes: • Swaps and […]

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Legacy data is the data from your legacy or your older contracts. These are contracts that have been executed prior today. They may be current and still relevant or may not be (expired). it is important to track legacy data for following reasons: Information- much knowledge in the old contracts. This is lost if it […]

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As a company growth graph moves upward, having a Contract lifecycle management system in place is the way to manage all your contracts. It is a single unified repository to track contracts better. Reports generated through these systems help businesses to make better-informed decisions. A contract lifecycle management system enables you to: Report and act […]

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When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need. But beyond standard contract […]

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