Connect with us

Politics

Contract Management: How to Improve Your Processes

Published

on

Deanna Ritchie


Contract management is an essential part of most businesses, responsible for helping companies draft arrangements, form partnerships, and more. However, you could lose money without the right tools and processes in your contract management strategy or, worse, face legal trouble. So how do you improve your approach to contract management?

Decide On Your Goals

Before you do anything else, you need to decide your goals. What are you trying to improve when you improve your contract management? Here are a few examples.

Security

Do you need to upgrade the security of your contract software? Likewise, do you feel confident that you can exchange information on your current platforms securely and privately?

Time Savings

Are you more interested in saving time? If your employees are wasting time on inefficient contract management processes, they may not be able to lend their full attention to other, more pressing projects. As a result, streamlining your contract management could give your entire team more time to focus on new developments and higher responsibilities.

Cost Savings

Some businesses are most interested in cutting costs. More competent contract management could save you money in a variety of ways. Likewise, it could lead to fewer legal disputes in the long term and improve productivity and efficiency in the short term. If this is the case, you’ll need to watch your budget carefully as you execute new contract management strategies.

Storage and Accessibility

How easily can you store and access previous contracts? Similarly, can you easily search for what you’re looking for?

Customer Experience

From a customer’s perspective, what is it like to interact with your contracts? Is it relatively easy to review paperwork, sign contracts, and check your signatures? Consequently, the more streamlined this process is for customers, the better it is for your business.

Process Consistency

You may also be interested in process consistency. As a result, you hope that your customers get the same experience. Likewise, you want to ensure that your company is always adhering to rules and regulations.

Which of these areas are you interested in improving? Which of them are your highest priorities? Once you have a better understanding of your goals, you’ll have a much more solid direction for how to reshape your contract management approach. As a result, this framework can also help you make better decisions and provide you with a way to measure whether you were successful objectively.

Audit Your Current Process

How are you currently approaching contracts? The first and most important step you’ll have to take after outlining your goals is auditing your current process:

  • What is your current approach to contract management, and what don’t you like about it?
  • What types of software are you currently using?
  • How many people on your team are involved in contract management?
  • How much are you spending?
  • What are the documented workflows for contract creation?
  • How do you share and collaborate on contracts?
  • What are the most significant pain points for your employees?

There’s a lot of information to consider here, so document your findings thoroughly.

Start With the Right Software

The improvement process starts with the right contract creation software. Your contract management platform will be at the center of all your contract management activities, so it needs to serve your business well. If your contract management software isn’t up to the task, your only real option is to upgrade to a better product. Pay attention to the following:

Contract Creation Tools

What features and tools are available to assist in contract creation? Is it easy for a newcomer to create and review a contract? Can you create templates to use for future contracts? Is it easy to find and call up those contract templates?

Storage and Organization

How easy is it for people to store and organize different contracts? Is there a system of organization and a navigation system that both make sense? Can you set up an internal system of organization that all your employees will be responsible for following?

Overall User Interface

Overall, what is the user interface like? What kind of experience do users have when they try to take advantage of this software? For example, if a person has never seen or used this software before, would they be able to use it effectively after only one or two training sessions? Would they consistently enjoy their experience, or would they become frustrated with repeatedly encountered obstacles?

Security

How much security does this platform offer? Are you worried that your documents could be leaked or stolen?

Sharing and Collaborating

Which tools are available for sharing and collaboration? For example, if you’re writing a contract with another party, is it easy to send changes back and forth and conduct mutual reviews? When it comes time to collect signatures, is it easy for all parties to participate?

Price

You’ll also need to think about the price. A contract management platform may offer all the bells and whistles you need and more, but if you’re paying too much for it, the costs may outweigh the benefits. There are many types of contract management software available, so make sure to shop around for the best fit for your business.

Rely On Templates — But Not Too Much

When improving your contract management approach, consider increasing your reliance on templates. Templates are relatively easy to create and easy to follow, even if you don’t have much experience in contract creation yourself. Once created, they can significantly improve consistency and improve productivity on your team. Just don’t become so reliant on templates that you lock yourself into a losing strategy.

Educate and Train Your Staff

Educated, trained staff will always be more productive and more consistent. That’s why it’s so important to educate and train your staff on your new contract management approach.

1. Provide training in multiple environments.

Consider experimenting with different educational environments. For example, work with employees one on one, teach them as a group, and let them learn independently.

2. Document and provide resources.

Always provide documentation to your employees. This way, if they forget a lesson or need a refresher in the future, they can refer to the documentation you provided them.

3. Get feedback.

Ask your employees if they feel sufficiently educated and trained in contract management. You can revisit your employee education/training program if they don’t.

Automate What You Can

Take advantage of automation. Most modern contract management platforms offer many automation features, from automated reminders to automated contract generation. Automation saves time and improves consistency, so make use of it where you can.

Work with a Consultant

If you’re struggling to improve your contract management system, you could consider working with an outside professional. A contract management consultant will be able to review your current systems and approaches and provide you with direction on how you can further improve them. They may also be able to connect you to the resources you need to be successful.

Employ a System of Continuous Review

Finally, employ a system of continuous review. Contract management improvements shouldn’t be a one-time effort; instead, you should constantly be working to improve your contract management. Here are some ways you can do it:

1. Set a timeframe for auditing and reviewing.

Establish a time frame for your business to review its contract management systems. For example, do you want to audit your management approach on a quarterly basis? What about annually? Stick to regular time intervals if you want to be effective.

2. Designate a point person.

Choose one person to be in charge of contract management review. This way, you’ll have someone accountable for organizing reviews and improvements.

3. Collect feedback.

Always get feedback from employees and customers to learn more about your system’s current weak points.

With better contract management habits in place, your business will save time save, money, and improve consistency. Similarly, the sooner you address the inefficiencies and hiccups in your current processes, the faster you can see these improvements.

Image Credit: Andrea Piacquadio; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.