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Despite their pivotal role, the valuable insights buried within contracts often go untapped. This is a missed opportunity because contracts are data-rich assets that can provide organizations with a competitive edge when analyzed effectively through contract analytics. The reality is that a staggering 70% of companies fail to fully adhere to the terms and conditions
Contract lifecycle management is as old as contracts themselves, but for a long time it was all about memorized numbers, data entered manually into spreadsheets, and risks from human error. Modern CLM solutions, which now include artificial intelligence, offer a variety of benefits for different departments in organizations to reduce risk, increase efficiency, and easily
What is Contract Management Software? Contract management software is a digital solution that helps organizations streamline and automate the entire contract lifecycle – from creation and negotiation to execution, monitoring, and renewal. The best contract management software for companies is a centralized repository to store and manage all contracts securely while providing tools for collaboration,
In today’s digital age, the ability to sign documents electronically has become a necessity for businesses of all sizes. However, many people use the terms “electronic signature” and “digital signature” interchangeably, when in fact, they are distinct concepts with their unique characteristics and applications. The rise of remote work and virtual transactions has been staggering
Drafting secure contracts and protecting the interests of the company – that is the daily reality of a contract specialist. These skilled professionals are in high demand, acting as the bridge between legal jargon and clear business objectives. But what key contract specialist skills are companies looking for when considering this exciting career path? And
Managing contractual agreements is a critical function for organizations of all sizes. At the heart of this process are contract specialists – professionals who draft, negotiate, and monitor contracts between companies and external parties such as vendors, suppliers, and customers. There are over 50,868 contract specialists currently employed in the United States, reflecting the importance
Contracts form the backbone of all business relationships and obligations. Yet for many organizations, these critical documents lie scattered across file cabinets, local drives, email inboxes, and disconnected systems. A shocking 10% of contracts go missing entirely, according to Faulkner Information Services. This disorganized state prevents companies from efficiently managing and retrieving contractual information when
Companies are constantly navigating complex agreements, and even the slightest oversight can lead to costly consequences. This is where AI contract review emerges as a game-changing solution, revolutionizing the way organizations approach this critical process. With its ability to analyze contracts at lightning speed, AI contract review promises to streamline workflows and fortify legal safeguards.
Cutting-edge Generative AI Technology Set to Reinvent the Clause Playbook and Transform Contracting Operations Worldwide Las Vegas, NV — May 6, 2024 (GLOBE NEWSIRE) — Malbek, a leading provider of contract lifecycle management (CLM), is proud to announce the launch of Malbek AI Pro, featuring advanced Generative AI technology. This groundbreaking solution is set to
