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It’s likely that your organization is going digital because it is necessary for its survival. Unfortunately, the one big mistake that many companies make is assuming that digital transformation is just another ‘add on’ to existing operations. In fact, it’s more about leveraging digital technology to make strategic improvements across an organisation.1 So it’s important that you understand why digital transformation is relevant for your entire enterprise and that you know how to leverage it. This article describes the author’s own experiences - what worked and what didn’t.

technology DIGITIZED CONTRACTING DIGITAL TRANSFORMATION

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This post originally appeared on AACSB Insights - January 5, 2021.

In the title of his 2018 landmark article in Harvard Business Review, Sydney Finkelstein of Dartmouth College notes that “the best leaders are great teachers.” He takes this idea one step further, concluding that “if you're not teaching, you’re not really leading.”

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No doubt you’ve heard the phrase, “garbage in, garbage out.” It applies to creating a contract: inferior inputs and faulty processes hinder the timely creation of agreements, and those contracts that you do create may prove unenforceable.

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We know that specialized forums for dispute resolution have been around for quite some time. Maritime disputes, disputes involving energy and natural resources, sports-related disputes, securities and other financial disputes – all have set up their own special forums for alternative dispute resolution.

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Don’t assume the role of the in-house attorney is shrinking just because legal technology (legal tech) is here.  In fact, legal wisdom and expertise is needed more than ever!

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If you hesitate to pilot new contracting technologies and hope to stick to tradition, you’re not alone. But ready or not, many automations are upon us, including block chain, process automation, Artificial Intelligence (AI), and digitization.

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Deadline is May 25, 2018 for meeting compliance standards set by the General Data Protection Regulation (GDPR). With penalties for non-compliance set at up to 4% of annual revenue, it’s a clear area for focus – but are you ready? 

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Are you using your contracting processes to drive quality and efficiency or to embed inefficiency?

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If you know about artificial intelligence (AI), but are doing everything manually, you’re not alone. Although Contract Management (CM) systems and other digital technologies have made CM more efficient, you and many others might be performing time-consuming, error-prone manual processes without realizing it’s costing you time and money.

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Interview with Piotr Powazka, Internal Control Manager at Xerox Poland 

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