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    Top 5 Benefits of an Automated Contract Management Solution

    Ineffective contract management costs the average company 9.2% of annual revenue – Source: IACCM

    Contracts have an enormous impact on an organization’s profitability because they affect revenue and expenses. There are a wide range of tasks associated with each stage of the contract lifecycle. Automating the contract management process is critical to organizations focused on increasing efficiency and reducing risk.

    Benefits of using an automated contract management process:

    1. Central Repository and Control of Enterprise Wide Assets
    2. Automated Workflows for Contract Review and Task Management
    3. Digital Signatures
    4. Reduce Risk with Automated Alerts
    5. Records Management

    What is Contract Management?

    Contract administration is required to negotiate, approve and manage effective contracts

    Automated contract management solutions use document management software to store and manage legal agreements such as contracts with customers, vendors, partners or employees. An important part of enterprise content management software is to streamline administrative tasks using business process workflow and reduce overhead by providing a single, unified view of each contract’s processes or to report on all or a segment of the type of content. It can be summarized as the process of systematically and efficiently managing contract creation, execution, collaboration, version, obligation and analysis for the purpose of maximizing financial and operational performance and minimizing risk.

    9 Stages of the Contract Lifecycle

    Key steps in the contract lifecycle management process

    The contract lifecycle management (CLM) process goes beyond simply creating and managing contracts – it can be transformative to how organizations manage risk, enabling them to shorten cycles and reduce costs.

     Contract lifecycle management software uses a combination of information technologies, including intelligent capture, enterprise content management, business process management workflow, and electronic e-signature to address the development, approval, and execution of contracts.

    World Paper Free Day 2015


    Today, November 6th, is World Paper Free Day sponsored by AIIM International. Organizations all over the world are being encouraged to take the “paperless pledge” and go paper-free for the day. This global campaign is about challenging us to take solid steps on the path to using less paper and eliminating the waste and confusion that piles of office paper can create.

    Why should you go paper-free? In addition to the cost savings, companies can improve document security and productivity. A study conducted by AIIM reports that most people believe going paper-free could increase efficiency by up to 4 times. Companies believe they are making an environmental impact by recycling large volumes of paper that they use every day. While recycling is better than not recycling, it still comes with the costs of collection, transportation, and processing. Keep in mind that paper can only be recycled between 7-10 times before the fibers break down completely. Cutting down paper consumption from the start is much more impactful, both from the perspective of sustainability and cost-effectiveness. 

    How to Determine Enterprise Content Management ROI

    The need for an Enterprise Content Management (ECM) system is often spurred by regulatory and compliance concerns. But what is the financial impact of implementing an ECM system? How do you justify the cost and determine the Return on Investment (ROI)? Organizations need a way to evaluate the ROI of a proposed ECM technology investment to be certain it will pay for itself in results and efficiencies.  

    Below are two ways to calculate ECM ROI:

    1. Online ECM ROI Calculator
    2. Detailed instructions on how to calculate your specific ECM ROI

     

    How are Document and Records Management different within an ECM solution when considering governance and compliance?

    When do you need Document Management and Record Management?

    At the most basic level, document management is the storage and retrieval of documents. However, records management is not the storage and retrieval of records, at its base level, it is the administration of the record retention schedule. What we find with many companies and organizations is that they are concerned about either efficiency or compliance when ideally it should be both. 

    How Local Governments can use Mobile to Engage Citizens

    Citizens want to engage with local governments using mobile

    Mobile government and other digital communications tools are helping municipal and county governments become more accessible, convenient, interactive and transparent for the people they serve.

    Public Sector Mobilizes Content Management

    The public sector is more likely to use mobile applications for managing content than for any other purpose

    According to a recent mobility index report, almost 50% of mobile apps used for the public sector were for content management and about half of that for accessing content. This shows that the government is interested in increasing productivity and reducing costs through mobile apps.