Let’s say you missed a delivery deadline, or an early settlement discount, or an opportunity for a bonus – all of which were specified in the contract.  Any of these errors could hurt the bottom line in business.  Could you justify leaving money on the table, because someone in the organization was not aware of a contract clause?   Of course not!

What can Artificial Intelligence (AI) do for contract management and what will it require?  Our author proves that AI is already pushing contract management processes toward faster and smarter results.  Chances are you will want to be in on it.  

In this article, author Julien Nadaud tells how one word – influence -- can empower procurement strategies to literally put top value into the outcomes all parties seek.  He cites three case studies that prove his point. 

No doubt, stakeholders can impose risks on your contracting processes, but preventing them from becoming problematic is easier than you might think, especially if you use Dr. David Hillson’s robust and proven framework for dealing with risky stakeholders and follow his recommended strategies for managing them. It’s all about exploiting uncertainty to create value. 

The following article, reprinted by permission from the author, originally published Sep 7, 2018 on the Elevate Services’ website.  What follows surrounds why Craig Conte makes this critical point:  

A recent Delaware supreme court holding might motivate contract drafters to define the term for themselves

If your client is going to contractually commit to using "commercially rea­son­able ef­forts" to do something — but expects that obligation to require some­thing less than “all reasonable efforts” — then you’ll want to make the client's expectation clear in the contract language itself. Otherwise, if a court were to follow a recent trend in Delaware case law, the court might judge your client's performance against an all-reasonable-efforts standard.

Think about the last time you were a customer in your personal life.  Did you expect to be treated a certain way?  Did you expect certain standards to be met?  Chances are that you did and, if so, you were probably right.  The same is true when negotiating contracts for your company. 

A major finding of a recent McKinsey¹research paper Contracting for Performance – unlocking additional value reveals that most contracts lack basic elements that could enable better vendor performance and cost savings.

Financial Technology, better known these days by its blended name ‘FinTech,’ describes innovative technology in the financial sector. Many FinTech companies are disrupters in the consumer area (think PayPal or Venmo), but recently, an array of FinTechs focused on business-to-business (B2B) transactions have emerged.¹

Imagine seeking key data in your legacy contracts, but you lack technology solutions to pull out information you need to make best decisions, find revenue, reduce risk, and ensure compliance.