Review your content’s performance and reach.
Become your target audience’s go-to resource for today’s hottest topics.
Understand your clients’ strategies and the most pressing issues they are facing.
Keep a step ahead of your key competitors and benchmark against them.
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Today, legal digital transformation is happening at a fast clip, supporting a growing number of legal work tasks. It goes a long way to maximizing operational performance, while helping to lower overall business risk. So, it is only a matter of time before the majority of organizations go through some form of digital transformation or another.
Gartner, in fact, predicted that legal technology budgets will grow three times — to support an increase in digital transformation projects — by 2025. And many companies will move toward adopting end-to-end, AI-based contract management solutions. To legal and other departments, such systems offer not only operational and analytical value, but also full strategic benefits. For instance, they simplify contract storage, search, and access; automate workflows and speed up contract turnaround times; as well as vastly improve reporting on agreements. They help legal and other professionals reduce their manual work, while increasing their higher-value efforts.
Of course, searching for the right solution and vendor may feel daunting at the outset. The legal technology industry is rapidly growing and is filled with a plethora of products and players. Legal and other teams do not have a great deal of experience leading digital transformation projects either. However, they must look hard at — and think deeply about — the current contract management landscape and their own enterprises. In fact, they need to consider the following, in particular:
*Individual use cases (e.g. legal, sales, or procurement, etc.) and anticipated customer value (e.g. operational, analytical, and strategic)
*Product functionality and implementation, as well as vendors’ value delivery, customer retention, and funding and history.
*Existing contract management system needs (e.g. contract digitization, contract generation, obligation management, workflow and approvals, collaboration and redlining, contract review, contract searchability, and analytics and reporting), according to industry, business size, geographic footprint, and business growth trajectory.
Do you need to improve the efficiency and effectiveness of your contracting? Want to find a solution that supports end-to-end contract management, helps manage overall risk, and delivers increasingly valuable data and insights? Download our white paper, How to Choose a Contract Management Solution. It is a free resource that shows you how to look at the entire market landscape, how to assess various solutions and vendors, and now how to define your individual contracting needs. It also includes a handy Contract Management Solution Checklist, Contract Management Readiness Scorecard, and free Request for Proposal (RFP) template.
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