4 Stages of Understanding That You Need a Contract Management Solution

Managing contracts without Contract Lifecycle Management (CLM) software is a pretty tough task, especially when new technologies and services evolve faster than ever before. However, many organizations are still drowning in paper documents and come up with a variety of reasons and excuses not to use an adequate contract management solution. To make a step forward, companies need to understand where they are now and identify their problems. The process of understanding contract management problems can be divided into 4 stages, let’s consider them.

You don’t know that you have problems with contract management

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Contract Approvers, How Many Are You?

Intercompany relationship is impossible without contracting. Signing agreements ensures obligation performance and provides legal safety to all parties. Not long ago firms had to carry out the process of creating and approving contracts manually (small companies still can afford it). Now businesses automate the process to make it more efficient, transparent, and controllable.

Purchasing software is a serious step that may imply considerable expenses. When shopping for contract lifecycle management software, be sure to take into account the number of employees that can participate in the process. This information is crucial for estimating how many software licenses you need. We hope this blog post will help you understand how the process is conducted and who may take part in it, so that you could better assess your requirements.

Contract Management Approvers

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Big Data in ECM

Big Data: Definition and Features

What is Big Data from the perspective of modern corporate systems and information technologies? Big Data is a series of approaches, instruments and methods used to process structured and unstructured data characterized by huge volumes, vast variety and constant growth. The purpose of Big Data processing lies in finding relevant information and representing it in human-understandable format, so that it could further be used for defining important trends in various spheres of life and for taking decisions based on these trends.

The definition of Big Data is articulated as the three V’s: volume, velocity and variety. Huge amounts of data obtained, unprecedented speed of data streaming and many various types of data formats are the main characteristics and the greatest challenges of Big Data.

Big Data in Day-to-Day Life

There are a lot of examples of applying Big Data methods in various spheres of life.

Mass media, for example, use Big Data techniques to estimate users’ interests and preferences, monitor social media activity and automatically prepare news-sheets or news bulletins.

In healthcare Big Data is accumulated from electronic medical records, body sensors, hospital medical devices. By analyzing such Big Data scientists can predict epidemics.

In science Big Data approaches are widely used in metrology, geology, meteorology, astronomy, etc.

Sport management is all about Big Data that helps games organizers forecast ticket sales and enables bookmakers calculate betting rates.

Big Data in Corporate Systems and ECM

We have mentioned examples from day-to-day life. Let’s have a closer look at the level of corporate systems, particularly enterprise content management systems.

We have analyzed a real company’s 20-year operation in the ECM system. The data gained from the analysis will be used for illustrative purposes.

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iPhone 6 and Invoice Management

Mobile content management trend is up like never before! A lot of businesses prefer to supply employees with mobility and ubiquitous access to corporate content. Indeed, using smart devices in professional life is a good opportunity to keep track of business issues and act faster on any changes. Invoice and expense report management are the business processes that brook no delays. Approving invoices on the go considerably reduces time spent on accounts payable processing and improves invoice management efficiency.


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4 Elements of Ideal Accounts Payable Software

What do accounts payable professionals consider ideal invoice management software? The one that provides automatic processing of invoices and related documents involving no human efforts? Or should such software streamline the whole process and make it more transparent for each participant? What is ideal accounts payable automation software for CFOs? We examined the topic from different perspectives and tried to formulate the main components of accounts payable software having divided them into 4 categories or basic elements.

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