When it comes to cutting costs, spend on external counsel is the primary target for in-house legal teams. In a current IACCM survey, 74% of participants say they are using fixed fee arrangements, detailed billing reviews and panel discounts.
If you are a professional in Contract & Commercial Management, committed to achieving the best possible outcomes from negotiations with all your trading relationships, then ‘Commitment Matters’ is the perfect source of regular articles and posts dedicated to helping you achieve that goal.
When it comes to cutting costs, spend on external counsel is the primary target for in-house legal teams. In a current IACCM survey, 74% of participants say they are using fixed fee arrangements, detailed billing reviews and panel discounts.
Topics: technology, contracting excellence, contract management
Organizations that institute greater controls over invoice payment achieve, on average, a benefit of around 4.3% of invoice value. That represents a lot of money – so it is worth reading on!
Topics: technology, contract management
Posted by Tim Cummins
Apr 17, 2018 7:15:00 AM
There is a lot of buzz about digital reinvention (a term popularized by McKinsey consultants), digital transformation and digital disruption. By whichever name you call it, it’s importance cannot be understated.
Topics: technology, contract management
There is extensive discussion about emerging technologies such as artificial intelligence, natural language processing and blockchain, with wide acceptance that they will have significant impact on contracts and contract management.
Topics: technology, contracting excellence, contract management
As we enter 2018, the divide between today’s outdated contract management practices and tomorrow’s technology-enabled reality is becoming starkly obvious. It was Warren Buffett who segmented the business world into innovators, imitators and … the rest.
Topics: technology, contracting excellence, contract management
IACCM’s recent study of the state of contract management automation revealed low satisfaction ratings and poor levels of adoption. While there are some very successful instances of implementations led by the Legal function, in general systems selected by Law Departments were especially prone to failure – in fact more than 40% more likely to be underperforming.
Topics: technology, contracting excellence, contract management
We have all heard the demands for simpler, shorter contracts. Most of us sympathize with the view that plain language and thoughtful structure assist with interpretation and understanding.
Topics: technology, organization & people, contract management
Contract management technology has been around for almost 20 years – and has had remarkably limited impact. While some administrative tasks are now widely automated, the bulk of contract management still depends on human intervention and knowledge.
Topics: contract /commercial management, technology, contracting excellence
When it comes to complex contracts and negotiations, scrap metal may not be the first thing you think of. But a recent edition of the Canadian ‘Globe & Mail’ tells us otherwise: “Despite the technological developments in the industry, the trust needed to do business effectively requires a face-to-face approach”.
Enterprise Resource Planning – or ERP – was designed during the era of the big, integrated enterprise. It streamlined internal business operations and drove efficiency through high levels of standardization. To a large extent, against that specific objective, it was successful. Now, it has become a constraint.
Topics: contract /commercial management, technology, organization & people
Tim Cummins
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