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 Easy Ways of Improving Internet Access with Speed Tests

Speed tests are a very handy tool to have around. Most people just use them sporadically when experiencing internet issues. At most, they want to check what speeds they’re getting with their internet plans. Speed tests, as the name suggests, give you information on the upload and download speeds you’re getting with your internet connection. But did you know you can actually use that information to improve your internet access? This blog explores five ways you can use speed tests for a better internet experience. Improving Internet Access with Speed Tests Speed tests usually test the upload and download speeds as well as the ping on your internet connections. These days, when everyone is connected to the internet, almost every household experiences internet issues of some sort. People use speed tests at times like these to check their broadband, Wi-Fi and cellular speeds. But there’s actually a lot more than you can do with an accurate speed testing application like Ookla. Here are 5 easy ways you can use a speed test to improve your internet experience: Find the Fastest Internet Service, Provider Identify and Fix Dead Spots Around the House Confirming You Are Getting the Advertised Speeds Finding Places with the Best Internet Service Isolating Problems with Your Router or ISP Below follows more on these simple uses for a speed test you probably never thought of. Find the Fastest Internet Service, Provider Speed check is a great way to find the fastest internet service provider in your area. You will need the help of a few friends and family members with different service providers in your area. Get each person to run an Ookla speed test. Everyone should run the test on their internet connections at exactly the same time. Ask everyone to make sure their Wi-Fi is switched off when they run the tests. Share the test results with each other and compare them to figure out the fastest ISP in your area. After that, it is a simple matter of switching from your current provider to the fastest one. Identify and Fix Dead Spots Around the House A dead spot is a spot inside your home where Wi-Fi signals are patchy at best or dead at worst. Dead spots can be really annoying when you try to use the internet near them. Streaming, gaming, even working may face disruptions in Wi-Fi dead spots. Luckily, speed tests can help you identify and fix dead spots inside your home. Run a speed test in the areas you experience patchy network signals. This will tell you if you’re working in a dead spot or if your router is placed in one. Often enough, moving the router can fix most dead spots. However, if that is not a possibility, then look into Google WiFi or similar mesh systems for a better signal around the house. Confirming You Are Getting the Advertised Speeds Speed tests are a great way to test your internet connection to check if you are getting the speeds you paid for. Simply use an Ethernet cable to connect your computer directly to the router. Then run a speed test and see what speeds you get with a wired connection. Most internet service providers advertise speeds based on a wired connection to the gateway. This means the speeds you get over Wi-Fi may vary. But if you’re getting slower speeds on a wired connection, you should get in touch with your ISP right away. Use the speed test results as proof of not getting the speeds you are paying for. Finding Places with the Best Internet Service Let’s say you decide to work from home one day but your service is on the fritz. So you go to the nearest coffee shop only to find the Wi-Fi there isn’t working well either. Nightmare situation, isn’t it? You can’t miss your deadlines, so what should you do? Use speed tests at different places with free internet. This will help you locate a place that has the best internet service. Of course, public Wi-Fi speeds also vary according to the time of day. During crowded times like weekends, holidays or even lunch hours, there are more people connected to the same network. The more people use the same network, the more bandwidth splits and the slower the connection gets for everyone. Isolating Problems with Your Router or ISP When there’s a slow Wi-Fi connection, the problem could be with your ISP or with your router. 2 Speed tests can help you identify where the problem lies. For the first one, connect your computer directly to your router via Ethernet and run a speed test. Then disconnect your computer from the cable and run another test while connected to Wi-Fi. Bear in mind that Wi-Fi will always be slower than a wired connection. But if the difference in speeds is significant, you may need a new router. Most providers offer their own equipment. So it's better to call customer service, if your router is outdated or not working. Hopefully, this blog will have helped you with useful information to improve your internet experience at home. Let us know if you found this blog helpful. Read Also: Unlimited High-Speed Internet Plans Of Charter Spectrum In The USA Quick Ways To Instantly Speed Up Your Home PC Network

Save Time And Money With Backup And Storage Of Data

There are many companies today offering backup and storage of data. In order to determine which one is best suited for your company's needs, you need to be familiar with the backup process itself and how it works. Because when you want to save time and money, this backup and data storage is the most effective way. Many companies use the same type of backup strategy to save time and money: file and document backup. However, many companies use three different cloud storage strategies: their own in-house data backup software application, third-party software solutions, and Amazon's cloud storage service. 4 Advantages Of Taking The Data Backup Most of the corporate companies are willing to pay a thousand for data backups.AS in the digital world the data are the most precious thing for every company. When you lose important data, you will face security issues because every company has many unique, valuable customer data. These data are not only the critical data on this data your company reputations are also added with. Here are four advantages to taking the backups to save time and money. 1. Protection Against Data Loss: A data backup system is designed to protect against data loss from hardware or software failures. The best cloud backup software typically stores copies of everything on your network: email, files, data, and even operating systems. This means that if your server crashes, the backup system will keep your data safe. This type of system is usually easy to install and maintain on its own, and it saves time and money for data losses. 2. Remote Server: Software solutions are designed to store data on a remote server. This solution is more difficult and requires more maintenance than backup systems. When you go with a computing resource that offers cloud computing, you are getting additional computing power that is not necessarily available on-site. Cloud computing saves time and money because it allows you to save money on data storage costs, but you also have no maintenance costs like you would with a local computing resource. 3. Backup Schedule: Documents and data are divided into several categories based on how they are stored. These include images, PDFs, videos, audio files, and documents. All data is stored on servers that must be protected from accidental deletion or damage. These backups can be built-in, or you can also purchase services that are based on your needs. You can select an automatic backup schedule, or you can select a time-based schedule to save time and money. 4. Data Loss Prevention: One of the best solutions available today is data loss prevention software. This is a software solution that is built into your PC. This data loss prevention software will monitor activity on your computer and will provide a backup if your PC becomes infected with viruses. In addition, it will monitor changes in your saved data so that you know what to do in the event of data loss. How To Email Backup Services? With cloud service, you can also get email backup services. This type of backup service sends email copies of all your emails to the company cloud. When you have an online backup program, there is no need to install any software on the computer where you are putting the backup. The online backup system usually comes with a 30-day trial period. You can also download any updates for free. The cloud backup and storage services allow you to make as many backup copies as you want. You can do it once a day, once a week or when you get some free time which is going to save time and money during your working hours. Conclusion: When you use external hard drives, you can organize the data in any way you like. You can tag each folder or document to make it easy to locate at a later date. These four tips save time and money for your organization. The data backups and the data organizations are pretty costly processes( though free softwares are available), as well as quite complicated to choose the best ones, but these are the one-shot solutions. Read Also: Wearable devices and data security: maximize the likelihood of success

8 Reasons Why Your Company Should Get a Vendor Management Software

Vendor Management Software is a tool that companies can utilize to track vendors, in this case, third-party service or good providers. This includes onboarding, performance monitoring and review, risk management and implementation advice. The goal of Vendor Management is to ensure that a company runs smoothly, minimise risks and maximise the Return on Investment (ROI). As your company matures and grows, you can’t avoid outsourcing or relying on outside help for some of the company services. It simply is one of the tricks of the trade and is unavoidable. However, managing these third-party providers (or vendors for brevity) can prove to be a major headache. Spreadsheets and notepads are not enough to consolidate their information nor is it recommended for growing businesses. Simply put, it would be too messy. For most companies, a staff or technology is dedicated to managing the vendors’ information. Vendor Management Software has become a must-have tool that will gear your company towards success. Reasons You Should Have A Vendor Management Software 1. Consolidate Information A Vendor Management Software organizes all your vendors’ information while keeping it in an online system that you can customize to suit your business structure. This tool can allow its users to rate their vendors regarding their performance. Having this feature makes way for quick decision-making and lets you pinpoint who is performing poorly. Vendor Management Software provides an efficient way of storing, collecting, and analyzing vendor’s data. This reduces documentation errors which may lead to major mishaps. 2. Performance Review: By determining those who are delivering perfectly and those that are not, you can take appropriate measures that can maximise your Return on Investment (ROI). This could lead to renegotiation, renewal or end of contracts. The ability to identify problems, even before it becomes one, and opportunities, is one aspect that vendor management software has an advantage of as compared to having a staff dedicated to the job. This also ensures that all your vendors are meeting the agreed-upon Key Performance Indicators (KPI), which can boost vendor performance. 3. Reduce Risks and Compliance Costs: A Vendor Management Software guarantees that you reduce your company’s compliance cost. By having an internal management structure, you can pick off unnecessary expenditures while also having an automated checklist that ensures that your company does not run any risk of noncompliance or malpractice. It also has a comprehensive Third-Party Risk Management (TPRM) system which allows you to reduce your inherent and residual risks. 4. Implement a Vendor Strategy: The ability to control your company’s costs can be a dream come true. A Vendor Management Software creates clear and effective Spend Management Reports that will help you make an informed decision regarding your vendors. Through the information collected by the software, you can devise a clear vendor strategy that can vastly reduce your expenses. This provides you an objective point-of-view on which vendors should you keep, and which ones should you let go of. 5. Simple, Quick, and Easy to learn: Despite being complex software, the user interface is easy to learn and provides all users a pleasant experience. No need to take a crash course. It may sound complicated and tedious but, it is not. There are ready-made templates that you can use for easy consolidation of data. 6. Improve Vendor Communication: You can directly communicate with your vendors through the Vendor Management Software. This ensures that all communications run through only one channel and does not become a messy ordeal. As it stores all communication with vendors, it also minimizes the risk of who said what should a problem arise. Having a direct communication channel can also improve your vendor relations. 7. Automated Reminders: A calendar that reminds you of deadlines, tasks, and renewals might sound like a small task, but it is not. By reminding you of your and your vendors’ responsibilities, you can reduce the number of missed deadlines and lapsed contracts. This will prove to be helpful especially during chaotic times when you don’t know which task to prioritize. The application of vendor management software can make things work for you in all aspects. 8. Data Storage: A Vendor Management Software allows users to store and organize documents making it easier to locate contracts and files should you need them. While it may seem rubbish or unnecessary now, there is a high chance that having an unorganized system may greatly affect your operations in the future. Read Also: How To Choose A Practice Management Software For Your Law Firm How To Enhance Stakeholder Management In Projects With Agile Integration Redmine Demo Vs. Trello Demo: Choosing The Right Project Management Tool

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 Easy Ways of Improving Internet Access with Speed Tests

Save Time And Money With Backup And Storage Of Data

8 Reasons Why Your Company Should Get a Vendor Management Software

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