Ring in the New Year With Some of Onit’s Favorite Blogs From 2017! By Onit January 5, 2018 Business Process Management 5 Minute Read A lot has happened in the life of Onit during the past year. We hit our strategic milestone objectives, put even more incredible success stories under our belt, hired a lot of new talent, and continued our thought leadership role in this field. To ring in 2018, we’d like to offer a compilation of some of our favorite solution-related blogs from the past year. Here they are, starting with most recent: Listen to Onit’s Podcast on Contract Lifecycle Management Onit is excited to announce the premiere of episode 2 of our new podcast series! In this episode, Reagan Haisler discusses Onit’s Contract Lifecycle Management (CLM) solution. Starting with the unveiling of Onit’s new CLM solution at the ACC Annual Meeting in October, Reagan goes on to offer an overview of CLM. He also talks about what sets Onit apart from other CLM providers, as well as why automation is necessary to an organization. With the assurance that automation shouldn’t be a “scary” proposition at all, Reagan also reveals how a cutting-edge CLM solution allows knowledge workers to get about the business of doing what they do best – the “real” knowledge work. Six Features of the Best Contract Management Solutions Contract management. If there are two words that can make you cringe, it has to be those two. But contract management is part of life, and it’s crucial that organizations have better visibility into where a contract is, how long it’s been there, and when it’s expected to be completed. That’s especially true now that financial reporting is required to improve contract compliance and enhance operational efficiency. Businesses that implement a transparent contract management process compress their time to revenue; mitigate risks by having fewer contractual exceptions, and increase customer satisfaction. Six Features of the Top Enterprise Legal Management Solutions When shopping for an enterprise legal management (ELM) solution, you need to ensure that it can be built around the way your teams work. After all, you’re trying to streamline your operations and avoid the old standards of relying on email and spreadsheets to get the job done. In today’s fast-paced legal settings, lawyers need to be able to work faster, smarter and more efficiently, and the best way to do it is by automating law department processes. Five Must-Have Features of a Contract Lifecycle Management Solution Contracts directly impact your ability to meet sales goals and execute on corporate initiatives. But managing the lifecycle of a contract — from review to approval to execution to renewal — involves a lot of departments, and those departments often don’t have access to the same systems. Businesses that implement a transparent contract management process compress their time to revenue; mitigate risks by having fewer contractual exceptions, and increase customer satisfaction. Five Must-Have Features of an Evolving Business Process Platform Every organization needs a business process platform that can grow beyond the legal department and automate all of your enterprise process needs. While it’s okay to acquire traditional, individual enterprise process solutions as you need them, there is much to be said for platforms that are built with change in mind and designed to evolve your processes. Paradigm Shifts Shouldn’t Be Ignored: The Case for ELM For quite a few years, enterprise legal management (ELM) has focused on matter management and spend management. It’s fair to say that effective ELM platforms were, and still are, good at what they do best – only matter and spend management. But many of these platforms were designed solely for storage and access of data; not a whole lot more than that. This is the problem, and these systems need to be laid to rest. Six Features of Focused Contract Management Solutions Traditional “all-in-one” contract management (CM) software solutions can be astonishingly expensive, cumbersome, and don’t always work well in legal departments. User experience can be sub-par, and such a system is hard to change when it needs to support a new business initiative. CM should be visible to many areas of an organization, and that data should be both easy to find and logically stored. Legal needs to be able to work together with procurement, sales and others to function at full capacity. Additionally, the contract review process needs structure to avoid miscommunication and missed opportunities. Is your organization lacking in one of these areas? The New Generation of Process Automation: Collaborative Capability Fuels Success Business process automation has been around for decades and is now considered old news. Someone pushes a button and the automated “system of record” process starts. But nowadays more is needed than simply tracking the data. Daily interactions that occur between groups and departments require tools that clearly define, track, and report on who is responsible at each step and who is taking over. In short, built-in, collaborative processes are desperately needed. Game Changing Features of Leading ELM Solutions There have been some pretty momentous game changers in the world of enterprise legal management (ELM) solutions in recent years. I’ll take it a step further and tell you there has also been an evolutionary paradigm shift in ELM (but we’ll save that for another story). Avoid the Black Hole at all Costs: Revive Your Ailing Contract Management Process Contracts are the lifeblood of all business agreements — whether it’s buying or selling products, services or consulting agreements. As part of this process, someone must create a contract, negotiate the terms and ultimately store it where it can be accessed by other team members. Today's Popular Resources Infographic Enterprise Legal Report Infographic – UK Read More Case Study Transforming Service Delivery Case Study Read More Case Study Back to Basics ELM Case Study Read More Subscribe Today Sign up for updates on new posts from our blog. 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