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

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

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...

A quick run-through of the ACC Legal Operations event—Using Analytics to Improve Contract Lifecycle Management

Ultria recently participated​ in the ACC Legal Operations event (format: Shark Tank) on Analytics and Contract Lifecycle Management in Chicago on 5th June 2017. The event witnessed leading contract analytics providers talk about how contract management systems optimize operations and drive continuous improvement. They discussed how the latest AI-based developments in contract analytics improve contract lifecycle management.   Next-generation contract management systems, such as Ultria CLM, provide great insights into the post-award phase of a contract’s lifecycle. Such insights are...

Extending CLM to the Edge of the Enterprise – 3

After looking at how CLM benefits the sales function, let’s see how it improves the way distributor and reseller agreements are managed. Managing several different entities, spread across the globe, working in different currencies and regulations is a daunting but highly critical task. Often, these distributors and resellers are representatives of the parent organization in certain regions and are tasked with withholding its reputation. Several considerations need to be made for a reseller/ distributor agreement and it needs to be...

Post Award Contract Management – Role of the contemporary CLM

Often, contracts are forgotten soon after they have been signed. This leads to a lot of missed opportunities and lost revenue due to inadequate or non-existent contract tracking and enforcement. A cutting edge CLM solution empowers you to use your contracts to generate intelligence for taking better business decisions. Ultria is hosting a webinar titled ‘Post Award Contract Management: Role of the Contemporary CLM’ in association with the Association of Corporate Counsel (ACC) on Thursday, the 11th of May at 2...

Taking CLM to the Edge of the Enterprise – 2

After discussing the CLM maturity levels currently, it is time to see how a cutting-edge CLM helps different functions in an organization own their contracts and derive greater value from them. This week we’ll be having a closer look at the Sales function. CLM for Sales   Without contract automation, sales cycles are elongated – leading to delayed revenue realization and increased likelihood of errors and miscommunication with prospects and customers. There is also too much reliance on the legal...

Taking CLM to the Edge of the Enterprise – 1

Contract management is the last major area for enterprise automation, offering extensive performance benefits. While current CLM solutions have mostly failed to meet client needs or expectations, emerging technologies offer a new start. CLMs have mostly been relegated to a repository and a searchable database, due to which corporates fail to get the promised returns in terms of savings and efficiency. At the edge of the enterprise, Contract Lifecycle Management empowers the user community closest to the trading partner –...

A Rundown of Our Latest Webinar co-hosted with IACCM – ‘Taking Contract Management to the Edge of the Enterprise’

Last week, Ultria hosted its latest webcast – ‘Taking Contract Management to the Edge of the Enterprise’ – in partnership with IACCM. The event was followed by an interactive Q&A session with the attendees. This webinar focused on contemporary strategies and the benefits of automating the “flipping” process from proposal or order to contract. The event was a chance for Arthur Raguette, EVP, Ultria and Tim Cummins, CEO, IACCM to discuss – How CLM can work as the enterprise contract...

Artificial Intelligence in Contract Management – The Robot Lawyers are Coming!: Part 3

After discussing Artificial Intelligence and how it matters for contract management in the previous blog posts, it is now time to dig deeper into AI. The functions of a contract management solution can be broadly divided into three parts – authoring, storing and analysing. AI helps in each of these stages, making the automated process of contract management more powerful and enables organizations in realizing greater value from their contracts. Authoring –Most CLM solutions have a repository of templates and...

Upcoming Webinar: Taking Contract Management to the Edge of the Enterprise

Major business functions negotiate commercial details long before getting the words (and numbers!) down on paper. CLM can be integrated with existing systems to introduce it to non-legal functions. Whether it’s a new employee contract for HR, a sales contract by Sales, or an order by Procurement, using CLM (in conjunction with their existing systems) will make the process simpler and error-free, while minimizing wasted time and resources. It would also help in better obligation management and performance tracking as...

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