Top Ways Contract Management Software Helps to Mitigate Contract Risk

Published on: 22 October 2021 Last Updated on: 17 January 2025

Companies often have to deal with more contracts as they grow. This is a sign of a growth plan, but it can also be a problem if it doesn’t manage its contracts. Additional contracts can be a sign of weaknesses in the company’s contract management system.

While some issues may be minor incontinences, others can lead to major problems. It can take a crisis to make executives realize the dangers of not having a contract management system. Failure to comply, missing deadlines, ineffective reports, poor access control, and inefficient approval workflows could have devastating consequences. Substandard CLM can also cause a gradual but steady decline in profitability.

By implementing good contract management practices and online contract management software, a company can be more secure through better risk management.

With Alerts and Notifications, You Can Eliminate Missed Milestones and Obligations

Financial consequences can be severe if you miss automatic renewals or activate conditions by meeting certain milestones. The CLM software makes it easy to avoid them. To stay on top, you can set up automated alerts, tasks, and reminders linked to your contract data record.

This is a great example of how contract management software can help mitigate risk. You no longer need to track dates manually. Besides, you have the benefit that you can keep an archived history for audit purposes.

Automated CLM Workflows

You increase the likelihood of discrepancies and inaccuracies by not knowing where a contract is at any point in its lifecycle. Small mistakes can have a significant impact on your business and reputation. You can provide superior products and services to your clients if you are aware of all contract processes.

Automated contract lifecycle workflows allow for transparency, visibility, control, and accountability. Automated workflow automation makes it easy to keep all parties informed with contract risk management tools. This provides for handoffs, action steps, and collaboration.

Use Encryption to Protect Your Contract Data

Encrypting all documents is another way to protect your contracts against unauthorized access, especially from outsiders. The best contract management software uses the most recent encryption standards to encrypt information in transit and at rest.

Any data stored in your contract management software is considered data at rest. Data in transit is any data sent from or from your contract management software to another application or user.

Filtered and Customizable Search Features

It is crucial to have a searchable and organized contract repository to reduce risk. Functional search tools can be used to locate the information you need so that you can make sure your company is compliant with all contracts. This helps reduce and mitigate contract risk.

You can use your contract repository to refer to past contracts to help you draft and select terms for new contracts. You can use an easy-to-use search feature to perform filtered searches and find similar contracts and documents. This will help you in drafting new relevant contracts. You can lower risk by having more resources for contract building.

Increase Compliance with Clause and Template Libraries

Non-compliance is one of the greatest contract risk factors. One of the main reasons for non-compliance is the use of incorrect language in contracts. Contract management software allows you to create clause and template libraries, ensuring that everyone who is creating contracts uses the most current preapproved language from the legal team.

This reduces the risk of contract infringement if language isn’t properly vetted. It is also possible to use your business rules to determine which clauses or templates you should use in specific situations, such as when to include a cyber security clause.

It Is Possible to Increase Collaboration While Managing Risk

You can automate workflows to improve communication during both the approval and negotiation steps. The integration of various features such as redlining, “@,” mentions, Email Integration, and many others in one place can make it easy for multiple parties or people to collaborate.

This makes it much easier and faster to navigate through the various stages of the contract lifecycle. Automated workflows make it easier for cross-department collaboration and communication. Risk mitigation is made more accessible by the technology’s ability to offer real-time versions of documents with the latest iterations.

Secure Approvals with E-Signatures

Electronic signatures allow documents to be signed quicker and more securely than paper signatures. The 2002 ESIGN Act has made them legally binding for more than 16 years. E-signatures provide a digital record of who, when, and where a document is signed.

This helps to verify authentication and aid in audit trails. E-signatures reduce contract risk by prohibiting tampering in contract approvals. They also prevent the possibility that a contract’s hard copy might be lost. E-signatures also make contract approval easier by allowing for mobility. Contracts can be signed from anywhere, on any device.

Final Words

The three critical steps to contract risk management are: assess, identify, and mitigate. Contract management software can help but also play a significant role in this effort. There are always risks associated with any contract. This is why it is crucial to have good contract management practices as a cornerstone in any risk management program.

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5 Cool Antique Cotton Harvester

Cotton plants have been an integral part of the United States and American history since the first days of colonization. Along with tobacco and the gold and silver mines of South America, cotton was one of the most valuable exports which created an immediate demand in Europe, resulting in many investors funding some of the first communities to profit from cotton production. Cotton is a labor-intensive difficult crop to grow and harvest, unfortunately, slave labor was sued for much of the hardest aspects of the job. With that said, people are inclined to always “build a better mousetrap” and also have tried more efficient means of harvesting cotton. Although modern technology has made for much more efficient cotton machinery with an expected use for industrial farming, the simplicity and beauty of antique equipment can make for a fun hobby to restore and use on a smaller scale than what is required of commercial farms. Some have been designed as an attachment to be used with a regular tractor, essentially running the tractor in reverse with the large wheels to the front instead of the rear, others were made as independent designs specific for the single use of picking cotton and transporting it back to the barn to be cleaned by a cotton gin and baled as a separate process. Over the years, there have been some exceptionally cool ideas about how to pick cotton without the extensive labor required when people have to harvest by hand. 1820's: Trained Monkeys Nobody can argue how cool an idea it was when a Louisiana farmer had the idea in 1820 to purchase a group of money and train them to pick cotton. This almost sounds like a joke from a comedy movie, but the guy actually thought it might work. Spoiler alert, it didn't. He was able to teach them to pick cotton while in captivity, but when he released them into the fields to actually conduct the harvest, they quickly became distracted and ran off into the surrounding woods. Okay, the proof is in the pudding and maybe that wasn't a “great” idea, but such idiocy certainly brings a few giggles to nearly everyone when they hear the story. Patent Number 7,631, Subclass 48 Invented in 1850 by Samuel S. Rembert and Jedediah Prescott of Memphis, TN., the first cotton picking machine used cylinders and disks to pick cotton. The interesting aspect of the invention was it's being designed to add more units capable of harvesting more than one row at a time, a concept still used by modern harvesters. It didn't work well in terms of reliability because it required the operator to constantly stop and clean off the cotton oils as they jammed up the operating mechanisms, but it did prove such a machine was possible but needed some further development and improvement. 1930's: John Daniel Rust Rust invented one of the first usable cotton pickers in 1933, which didn't become commercially popular until 1938. It attached to the rear of a tractor and picked cotton without stripping it. Pictures show the tractor driver often holding the steering wheel to maintain a straight line while looking over their shoulder to evaluate how the harvest was proceeding. This was the machine that made mechanical cotton pickers an integral aspect of cotton farms, as they could produce as much cotton in an hour as had previously been expected after a day's worth of labor. The patent was sold in the 1940s and used by different companies before becoming an outdated machine, even though some of the most basic concepts it used are still part of modern cotton pickers, with a few upgrades and improvements to details of the harvest process. 1940's International Harvester Model 114A The I.H. Model 114A was one of the first cotton picking specific machines, and set a new standard for cotton farmers when it came out in 1943. The problem with previous mechanical harvesting was it didn't always clean the cotton efficiently enough to go straight to the cotton gin for separation. The 114A resolved that problem and reliably picked cotton while removing unopened bolls and other debris which would clog a gin. By doing so, the amount of labor required during a cotton harvest was immensely lowered while increasing production rates. With a growing demand for cotton worldwide both as a fabric and for other uses such as in cooking oil or rubber products, such an invention had become an absolute necessity toward a farm's continued success in the cotton industry. 1950 I.H. M120 Cotton Picker The I.H. M120 basically added a cotton picker to a tractor in a means which would turn the tractor into a specialized piece of machinery used only to pick cotton. It essentially turned the tractor around to drive with the large wheels in the front behind the spindles which harvested cotton one row at a time. The steering wheel and seat were moved to face what is generally considered the rear of the tractor, and the basket was mounted over the engine hood. Although modern cotton pickers operate much the same way with rear-wheel steering, they do more than just picking the cotton but also strip and bale the crop. It's interesting to see how that design began and how it has evolved over time. Certi-Pik USA Parts and Equipment If you're fortunate enough to find an antique cotton picker, it's likely going to be in a condition that requires restoration, and that's going to require parts. At Certi-Pik, we provide certified aftermarket OEM parts for modern and older cotton machinery according to your needs; we're specifically certified by John Deere and Case/IH. Although we also sell parts for many other makes of cotton picker and tractor equipment. Our staff is trained and understands both the mechanical needs of your equipment and the importance of getting it fixed as quickly as possible to avoid downtime in the field. We can provide advice if you have questions about which part will best fix any problem your equipment may be having. Contact us for all your aftermarket parts needs so we can help you achieve your goals of producing a successful and profitable cotton crop each year. Read Also: How Does Modern Technology Propel The Success of Your Business? Ten Ways Technology is Impacting Modern Education How Cutting Edge Technology is Helping Dubai Improve its Healthcare Services

Direct Mail: 7 Reasons Why It Isn’t Dead

In an age dominated by digital marketing, you might be forgiven for thinking that traditional advertising methods like direct mail are obsolete. However, contrary to popular belief, direct mail is still alive. This article will explore why direct mail remains a valuable and relevant marketing tool in the 21st century. It has a lot of valuable information to impart. Hence, if you are looking forward to direct mail marketing, this comprehensive guide is your ultimate destination. So, let’s get started… What Is The Concept Of Direct Mail Marketing? Direct mail refers to an advertising form where you have to send physical mail elements straight away to consumers. It can be a postcard, letter, catalog, or brochure. This category of outbound marketing lets businesses target a larger audience group and personalize their marketing messages. The goal of shooting direct mail is to generate responses from the recipients. While direct mail includes sending down physical mail pieces, an email is quite different. The latter is an electronic marketing form where you have to send emails to a number of prospects. Furthermore, email has the same purpose as direct mail, such as lead generation, consumer loyalty, and retention programs. Reasons Why Direct Mail Marketing Is Not Dead Despite the rise of digital marketing and the internet, direct mail marketing is not dead, and it continues to be a viable strategy for many businesses. Here are several reasons why direct mail marketing remains relevant: Tangibility and Engagement One of the primary reasons direct mail persists as an effective marketing strategy is its tangibility. A physical mail piece, whether a postcard, catalog, or personalized letter, offers a tactile experience that digital marketing cannot replicate. This tangible connection enables potential customers to engage with your brand more deeply. People tend to spend more time reading and exploring physical mail, and they are more likely to retain it for future reference, thus extending the lifespan of your marketing message. Targeted Marketing Direct mail allows for highly targeted marketing campaigns. With access to data and analytics, businesses can pinpoint specific demographics, geographic areas, and consumer behaviors with remarkable precision. This allows you to reach the right audience with tailored messages and offers. The result is a higher conversion rate and a more cost-effective marketing campaign. High Open Rates In a world where inboxes are overflowing with emails and online ads, direct mail, and leaflet distribution companies stand out. Research consistently shows that physical mail has higher open rates compared to emails. The physicality of mail triggers curiosity, and recipients are more likely to open a well-designed and attractive mail piece. Your message will reach its intended recipient when it arrives in their mailbox, increasing visibility and brand recognition. Creativity and Personalization Direct mail offers a vast canvas for creativity and personalization that digital marketing can't always match. You can design eye-catching postcards, brochures, and catalogs that capture attention. Personalization can be taken to the next level with custom offers and messages that resonate with each recipient. Using variable data printing, you can address recipients by their name, include tailored product recommendations, and even provide unique discount codes, significantly enhancing the personal touch and increasing the likelihood of conversion. Multichannel Integration The most successful marketing campaigns often involve a combination of strategies. Direct mail can easily be integrated into a broader multichannel approach. For example, a direct mail piece can lead recipients to a website, social media channels, or an app, enhancing your online presence and reinforcing your message. By coordinating your direct mail with other marketing efforts, you can create a consistent brand experience across various channels, boosting customer engagement and brand loyalty. Measurable Results Direct mail campaigns provide measurable results. By using tracking and analytics tools, you can determine the effectiveness of your campaign, from open rates to response rates and conversions. This data-driven approach allows for continuous improvement. It also provides valuable insights into your audience's preferences and behaviors, helping you tailor future campaigns for even better results. This tangible data-driven approach can lead to a higher return on investment, which is essential in any marketing strategy. Trust and Credibility In an era marked by concerns over privacy, cyber security, and the authenticity of digital communications, direct mail stands out as a trusted and credible form of marketing. People tend to trust physical mail more than online communications. A well-designed and professionally printed mail piece carries an air of legitimacy and authenticity that can be difficult to replicate digitally. Leveraging this trust and credibility can significantly enhance your brand's reputation and establish a stronger connection with your audience. Bonus Points About Direct Mail Marketing You Need To Remember Now that you know why direct mail advertising is the best for you, here are a few bonus points. Do not forget to consider them as well because all leads to your success: Direct Mail Offers Higher ROI We have discussed how direct mail is highly open in comparison to emails, but that’s not all! It also provides more return on investment. Research says that direct mail marketing provides a 29% median ROI. If that doesn’t seem too high, think this way. When you take paid search as a way of getting 23% ROI and 16% online display, this number will look more attractive. It Works Good With Digital Marketing Strategies No brand today can sustain itself without performing digital marketing. And what’s better than incorporating a direct mail marketing strategy? After all, both of them go hand in hand. Blending direct mail with technological digital marketing strategies boosts the personal touch of an email. Conclusion Direct mail has evolved and remains a viable marketing strategy for numerous reasons. Its tangibility, high open rates, precision in targeting, personalization, and integration with other marketing channels make it a valuable asset in any marketing toolkit. Direct mail can yield impressive results when executed correctly, providing a unique and effective way to reach your audience in an increasingly digital world. So, don't be quick to dismiss direct mail – it's far from dead and continues to play a vital role in the marketing landscape. Its unique advantages make it an essential component of a well-rounded marketing strategy. Read Also: Using Direct Mail To Build Trust With Real Estate Prospects The 7 Most Common Email Marketing Mistakes Identify Malicious Emailers With Online Tools

How To Measure Distance Between Two Addresses?

Measuring the distance between two addresses is important for business and personal use. Several methods are available for measuring the distance between two addresses, whether you're trying to plan a delivery route, determine how far apart two properties are, or estimate your estimated arrival time for brunch. However, with an overwhelming amount of options, the next logical question is, "which method is best for your situation?" To determine this, you will need to answer some preliminary questions, including, "Am I measuring the driving distance between two addresses or a straight line distance?" and "Am I using exact addresses, coordinates, or city names?" This article will compare the different ways of calculating the distance between two addresses. Here Are 3 Prime Steps To Measure The Distance Between Two Addresses 1. Using GPS The first and most basic method is GPS, which provides a great way to get a general idea of distance and travel time. GPS devices use satellite technology to determine your location and the location of other points and can provide highly accurate distance measurements. Searchers can use GPS by entering the two addresses into the device and selecting "enter" or "go." The result will give the inquirer the distance between the two points and the estimated travel time. However, this method can be limited in accuracy, especially if the addresses are remote or the roads are not well-mapped. 2. Google Maps Google Maps is a convenient tool for measuring the distance between two addresses. To measure the driving distance, simply enter the addresses into the search bar and click on the "Directions" icon. Select the "Driving" option and "Get Directions" to display the route and total distance on the map. Using this method can be helpful when planning a road trip or estimating travel time. However, the driving distance displayed may differ from the actual mileage due to factors such as traffic and construction. Despite this, it can still be useful for measuring the driving distance between two points. 3. GIS Software GIS (Geographic Information Systems) software is a tool that allows users to analyze and visualize geographic data. GIS software typically includes a variety of tools for data management, spatial analysis, and mapping. GIS software can measure the distance between two locations in various ways, depending on the specific software and the available data. Some of these ways are: Measuring the straight-line distance between two points is often the most straightforward method, allowing users to use the "Measure Distance" or "Distance" tool, typically found in the toolbar or menu. Measuring the shortest path distance between two points can be used when the data includes information about the terrain or other features that affect the distance between two locations. Measuring the distance along a specific route can be used when the data includes information about roads or other transportation networks and can help determine the length along a particular way, such as the distance between two addresses on a map. The only caveat is that GIS software does not consider the terrain or other features that can affect the distance between two locations. Making Your Choice Before deciding, it is important to consider the type of distance measurement you need (driving or straight line) and the accuracy required before choosing a method. Weighing the pros and cons will help ensure that you are making the best decision for what you are hoping to achieve. Read Also: Pacman Google Maps – How To Play Pacman On Google Maps? 6 Essential Tips For Long-Distance Train Travel Tools Used in Building Surveying

Top Ways Contract Management Software Helps to Mitigate Contract Risk

With Alerts and Notifications, You Can Eliminate Missed Milestones and Obligations

Automated CLM Workflows

Use Encryption to Protect Your Contract Data

Filtered and Customizable Search Features

Increase Compliance with Clause and Template Libraries

It Is Possible to Increase Collaboration While Managing Risk

Secure Approvals with E-Signatures

Final Words

How U.S.-Based Appointment Reminders Can Help Customers Keep Track of Their Schedule

Pros & Cons Of IoT

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

5 Cool Antique Cotton Harvester

Direct Mail: 7 Reasons Why It Isn’t Dead

How To Measure Distance Between Two Addresses?

Top Ways Contract Management Software Helps to Mitigate Contract Risk

With Alerts and Notifications, You Can Eliminate Missed Milestones and Obligations

Automated CLM Workflows

Use Encryption to Protect Your Contract Data

Filtered and Customizable Search Features

Increase Compliance with Clause and Template Libraries

It Is Possible to Increase Collaboration While Managing Risk

Secure Approvals with E-Signatures

Final Words

Share this Article

How U.S.-Based Appointment Reminders Can Help Customers Keep Track of Their Schedule

Pros & Cons Of IoT

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related