Rundown of Our Latest Webinar – ‘Taking Contract Management Beyond the Edge of the Enterprise’

Thanks to all the attendees for your active participation during our latest interactive webinar hosted with IACCM, ‘Taking Contract Management Beyond the Edge of the Enterprise’. For those of you who missed it, here's a quick rundown.   The webinar, presented by Arthur Raguette (Co-founder, Ultria) and Tim Cummins (CEO, IACCM) talked about the need to introduce a collaborative culture of contract management among the contracting functions (Sales, Legal, Finance, Procurement, HR). CLM tool’s integration with other enterprise systems like...

Best Practices to Ensure Contract Compliance – Part 2: Maintain a Contract Template and Clause Library

Related: Best practices to ensure contract compliance – part 1 Thanks for being part of our blog series on best practices to ensure contract compliance. Today’s post will talk about best practice #2—maintaining a contract template and clause library. Standardized contract creation = Faster contract creation! Drafting contracts from scratch makes authoring time-consuming and error-prone. Using configurable templates standardizes the contract language across contract categories and reduces the chances of errors. A comprehensive library of pre-approved clauses (including alternate and...

Best Practices to Ensure Contract Compliance – Part 1: Establish Audit System for Internal Processes

Every organization strives to achieve compliance for their contracts. Establishing a smooth audit system for internal processes is one of the best practices to ensure your contracts are always compliant. Conducting audits periodically will ensure adherence to various contractual terms and conditions and reinforce timely fulfillment of obligations. This, in turn, will facilitate effective enforcement of penalty clauses (for missed milestones of payment, etc.), identification of opportunities for cross-selling and up-selling of products and services, and an overall prevention of...

Best Practices to Ensure Contract Compliance

Achieving contract compliance is one of the most important goals of post-award contract management. To do so, it is imperative to manage the various contractual obligations well, track important milestones in a timely fashion, and ensure meeting necessary regulations.   The best practices to ensure contract compliance include:   Establishing a smooth system of contract audits for internal processes Maintaining a contract template and clause library Creating standard workflows Defining and communicating essential benchmarks for measurement of performance   Download...

Benefits of Automated Post-Award Contract Management

Thanks for being part of our blog series on post-award contract management! While part-1 of this blog series established the significance of managing contracts post-signing, part-2 focused on the challenges to effective post-award contract management. Today’s blog post will discuss how automation helps address all those challenges successfully.   Benefits of automated post-award contract management include:   Effective obligation management: CLM’s integration with external databases and systems such as CRM, ERP, and CPQ tools enables milestone tracking to facilitate tracking...

Quantifying the ROI from Contract Management Technology

Whether implementing a contract management solution will generate profitable returns for organizations is the one question on everyone’s mind!   To answer this, one can utilize industrial research data and estimate CLM’s ROI for their organization based on: Reduction in legal employee costs Prevention of financial losses Reduction in sales operation costs Management of renewable contracts Penalty avoidance and/or recapture Identification of consolidation opportunities   (Refer to the infographic on the right.)   Our latest whitepaper provides a stepwise breakdown...

5 Challenges to Post-Award Contract Management

In our previous blog post in the post-award contract management series, we explained the term and established the significance of post-award contract management processes. Today’s post will address the core issues we often face with post-award contract management. Enterprises deal with thousands of contracts spanning various functions like legal, sales, HR, procurement, and so on. Manually managing this many contracts and tracking post-award contract compliance becomes problematic, to say the least. The most common challenges to effective post-award contract management...

Does Post-Award Contract Management Really Matter?

Welcome to our blog series on post-award contract management! In this series, we will discuss all that you need to know about post-award contract management—what it means, the challenges contract managers face, how best to go about it, and so on. We will take on the most frequently asked questions we have received from our customers and bring all the answers to you. For starters, let us discuss what does the term “post-award contract management” really stand for. A contract’s...

Day 3 @ ACC Annual Meeting 2017

Day 3 (Final Day) update. Okay so really its day 4 but who counts the receptions? Super summaries for optimizing legal operations through increased leverage of appropriate technology. Embedded Artificial Intelligence and Smart contracts are complementary to the profession, not replacements. Great to be associated with this forward thinking group, and I think Contract Lifecycle Management is a powerful lever for in-house counsel to streamline a steady state business critical function.

Day 2 @ ACC Annual Meeting 2017

Insights from some leading companies at the Ultria booth (#148) at the ACC Annual Meeting 2017. Great insights on SaaS Contract requirements from experts at Xerox and Symantec today. Visit Ultria at booth 148 for a demo before the end of the ACC Americas Annual Meeting.

Day 1 @ ACC Annual Meeting 2017

Here is how the first day of the much awaited ACC Annual Conference at Washington D.C. panned out. Ultria is present at booth #148 Great first day at Association of Corporate Counsel Annual Meeting in Washington. Hot topic at Ultria's booth - Artificial Intelligence enabled Contract Management!

Day 3 @ IACCM Americas Conference 2017

Great Take-aways from the 2017 IACCM Americas event in Toronto - Fantastic inspirations from the winning Future Leaders team - Future Technology of Contracting to encompass Artificial Intelligence, Simple UI / UX, Intuitive process and in-depth analytics. The future (and @Ultria ) is already here!

Day 2 @ IACCM Americas Conference 2017

"The whiskey is strong, but the meat is rotten"... This morning's session on Artificial Intelligence at IACCM America's - Toronto reminded us all of how far AI has come - from the days of room sized computers translating Russian (and poorly by some measure) to today's near perfect real-time translation on smart phones. The future of AI to improve and streamline the contracting process is about complementing human knowledge and judgement not replacing it. And for those of you scratching...

Day 1 @ IACCM Americas Conference 2017

Greetings from IACCM Americas in Toronto! Our first full day at IACCM Toronto and ULTRIA Contract Lifecycle Management interest continues unabated with emphasis on artificial intelligence enabled self-service portals and post award compliance management. Companies from manufacturing to management consulting are exploring increased value creation through full life-cycle management. See you at the reception!

Realizing ROI from Contract Management Technologies

Recent innovations in the world of CLM have paved the way for new and exciting opportunities. The companies deploying CLM solutions not only enjoy a simpler and highly efficient contract management process, but are also able to generate great savings. While there is no doubt about the many benefits implementing a CLM solution brings, quantifying its returns is the tricky part. A CLM’s ROI can be determined based on parameters such as: Reduction in legal employee costs Prevention of financial...

Following the Right Path

Workflow and approval routing is an often-overlooked core requirement for Contract Lifecycle Management. Proper configuration can mean the difference between improving turnaround time and burying bottlenecks inside a black box.  The trick to minimizing turnaround time is optimizing workflow usage. A few tips / tricks: Limit the number of workflow participants: Avoid including an unnecessarily large number of reviewers / approvers in the workflows. Provide for parallel reviews: Provide for parallel review processes (e.g. Health and Safety, Environmental Impact, Regulatory Affairs,...

Everything you need to know about Smart Contracts – 1

While trade and barter systems have been around since ancient times, today’s formal contract system was a by-product of the Industrial Revolution – a period when economic activity shot up through the roof. We are on the brink of another revolution, this time, courtesy of machines that can think, analyse, derive conclusions and act without relying on human input. Contracts today are written, tracked and executed largely using human intelligence – of course, there are systems to facilitate and streamline...

AI-Driven Futuristic CLM Capabilities-3: Context Sensitivity

In parts 1 and 2 of this blog series, we talked about predictive risk profiling and advanced data analytics, respectively. Continuing with our discussion, this blog post will address another futuristic CLM capability: Context sensitivity How do you define context sensitivity for a CLM solution? It is the ability of a CLM to determine what a contract requires, based on its understanding of the context. This understanding drives the CLM to make AI-based suggestions and facilitate quicker authoring of all-inclusive,...

AI-Driven Futuristic CLM Capabilities-2: Advanced Data Analytics

Thanks for being part of our blog series on AI-driven futuristic CLM capabilities. In part 1, we talked about predictive risk profiling. Today’s blog post will focus on advanced data analytics. Advanced data analytics CLM is a repository of thousands of contracts, clauses, compliance-related documents, and more. Up until now, this data was merely being stored so as to be able to dig it up later and look for necessary information, whenever required. Courtesy Artificial Intelligence, modern data analytics capabilities...

A Rundown of Our Latest Webinar – ‘AI-Powered CLM – Aligning Operations with Strategy’

Thanks to all the attendees for your active participation during our latest interactive webinar, ‘AI-Powered CLM—Aligning Operations with Strategy’. For those of you who missed it, here's a quick rundown. The webinar, presented by Arthur Raguette (Co-founder, Ultria), talked about modern-day Contract Lifecycle Management solutions’ AI-based advanced capabilities which go beyond fulfilling an organization's strategic requirements for contracting—efficient authoring, ensuring compliance, optimization of internal resources, and increased profitability. It focused on the following: The disconnect between strategy and implementation in...

AI-DRIVEN FUTURISTIC CLM CAPABILITIES-1: PREDICTIVE RISK PROFILING

The era of AI in CLMs is upon us. A few years back, CLM solutions were mostly deployed for functions such as central repository or contract templates. However, they now come with powerful capabilities which take care of every step of a contract's lifecycle—from raising contract creation requests to authoring, negotiation, approval, sign-off, and even post-award analytics. With the latest developments in AI, modern-day CLMs are coming up with futuristic capabilities which have the potential to revolutionize the entire contract...

Obligation Management-3

Thanks for being part of our blog series on obligation management. The first blog in this series, Obligation Management-1, talked about the importance of managing contractual obligations. Obligation Management-2 focused on the reasons due to which managing obligations is challenging for large enterprises. Today’s blog post will address how a CLM solution effectively tackles those challenges. Modern-day CLM solutions offer various capabilities which help enterprises manage obligations: Central repository – A centralized repository ensures that all contracts and supporting documents...

Obligation Management-2

In our previous blog post, Obligation Management-1, we established the importance of managing contractual obligations well. Today’s blog post will address the reasons why it is difficult to ensure obligations are successfully met by all parties involved. A lot of enterprises rely either on manual methods or on Microsoft Excel to store contract data. However, when there are a lot of contracts to be managed, Microsoft Excel lacks the scalability and functionality to cater to an organization’s dynamic requirements. The...

Obligation Management-1

Organizations invest a lot of time and effort in preparing an all-inclusive, error-free, unanimously approved contract. Getting it signed by the respective parties is the sweet fruit of labor. However, once it has been signed off, it is usually stored among thousands of other contracts, never to be looked at again. All those contractual obligations that took so much deliberation to be framed are seldom measured. Contractual obligations, simply put, are the legal commitments that the signing parties have agreed...

Contract Lifecycle Management and Artificial Intelligence: The Future is Now

We see numerous applications of Artificial Intelligence (AI) in our day-to-day lives. Be it in the form of voice recognition, predictive analytics, or machine learning—AI has truly opened new vistas of innovation. Yet, this remarkable field of technology has, so far, made few inroads in tools for legal professionals. In terms of a substantive tool, the introduction of AI into law is just dawning, but as implementation accelerates, the changes that accompany it are potentially dramatic. Perhaps most significantly, it...

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