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AI in contract management system
AI is a programming code, or a series of codes, within an enormous program (code base). Imagine how your town is part of your country. AI is not artificial. It is not futuristic or from outer space. AI is a programmed “to do” list, based on circumstances predicted during the programming process. For example, if the user visits a car dealership website to buy a car, like www.honda.com, the user’s IP address is recorded in a database. If the user revisits the same car site x-number of times in the next y-number of days or weeks, then the IP address triggers advertisements from Honda-related car dealerships on the left and right margins of the internet browser, until the same IP address visits a different search topic or site x-number of times in the next y-number of days or weeks. This is how AI works.
Simple AI in CMS
AI in a CMS is similar to the Honda car search algorithm. contract management system programmers code certain actions to occur when specific triggers occur. As a simple example, 30 days before the expiry date of a contract, an alert email notification is sent from the CMS to all parties in the contract. No human action is necessary for the alert email to be sent, other than entering the expiry date of the contract into the CMS.
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Importance of Contract Management Software
Every company has to go through contract management process. There will inevitably be a time where your business has to manage a written agreement with another business. Whether this is a partnership, a purchase, or the solicitation of a vendor, you will have to have a contract agreement. Most people think of the contract management process as simply writing up an agreement and signing it, but that's not the case.
The contract management process is a series of actions that will guide you through each stage as you develop an effective way to handle each company agreement and see them through to their conclusion. It's important that you understand each stage of the contract management process so you can know what to expect and ensure optimal contract management. Businesses often make use of the advanced features of a contract management software to stream line their processes.
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Know your contract renewal management software
Knowing the contract renewal management software suitable for your business objectives is foundational to everything else. Tracking, identifying, and analyzing the metadata associated with the contracts in your contract management system is obligatory. It is also easier to set a judicious KPI (key performance indicator) by identifying the challenges and breaches of your current contract renewal management process. A centralized contract repository is an add-on that can help you to effortlessly tag, report, draft, and negotiate the contracts instantaneously. In this way, understanding better the existing contract renewal management system may help you to easily adapt, change and digitalize the entire contract process.
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What is Effective Contract Management?
To put it in simple terms, contract management is the process of managing contract agreements from their creation to the execution and finally till the expiry of the contract that is made with customers, partners, vendors, or employees. This thereby helps to increase the operational and financial performance of an organization giving importance to risk management.
The management of a contract always starts exactly at the time when two parties legally sign a contract agreement. This process lasts till the completion of the legal time allowed for both parties in the contract. That is the drive why many organizations are recommended investing in an automated contract management system, as contract management proves to be a very time-consuming factor in the business world.
It is highly recommended to take up the benefit of contract risk management tools because it eases the work of contract managers by focusing more on vital contract treaties by cutting repetitive tasks thereby cutting down costs and heightening the business profits.
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The Importance of Contract Management
The term "contract lifecycle" refers to a contract as it moves through the different stages of the contract management process. It's important that your business be able to effectively move contracts through the contract lifecycle. Companies that exhibit poor contract management risk losing 9.2% of revenue each year. Conversely, companies that show effective contract management show a 20% higher lead conversion rate. Basically, your company can't afford not to look for ways to improve contract management. There are tons of ways to improve the contract management process, but the best way is to implement a Contract management system.
A SharePoint contract management solution is a great tool for automating your contracts and making the contract management process more efficient. A recent study by Aberdeen Research found that the administrative costs of contracts are reduced by 25-30% when using an automated contract management system. However, there are more benefits that a SharePoint contract management system offers than just reduced prices.
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Safety Management System
A system that is designed solely for the purpose that is, to manage safety risk at the workplace. It should reduce the risk to a level that is as low as is reasonably practical or ALARP, thereby preventing harm to people. The system should be able to identify, assess and control hazards to all people involved, employees and the public. There is a substantial body of evidence that an efficient safety management system can reduce any financial exposure or damage to the reputation of the company by bringing down the number of accidents.
Every employer has a moral obligation placed upon them to ensure that the working conditions and environments are safe. There are also requirements by the law on how this safety is to be achieved.
An ideal safety management system should have the following modules:
Define the risk management strategies of the organization.
Implement suitable measures by identifying workplace risks.
Effective communication across organization.
Strategies to correct non-conformity and non-compliance issues.
A recursive improvement process implemented.
Efficient risk management should be the foundation to your safety management system.
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Contract Management: Role in Managing relationships
In addition to building relationships between colleagues, the system also helps improve relationships between your organization and the contracting party. You may ask how this is done. Since you and the counterpart are working off the same software, negotiating a contract and once the contract is signed ensuring compliance with that contract, etc. can be made easy. Furthermore, the Contract management system minimizes the chances of any miscommunication between both parties and ensures that everyone is on the same page. All these contribute towards building trust between both organizations and odds are, you will do business together in the foreseeable future.
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SharePoint Contract Management Benefits
SharePoint is a widely used enterprise solutions by organizations all over the world. The reasons behind this high acceptance of SharePoint is its flexibility, its security etc. SharePoint can be molded into any solution that your organization needs.
Credit Unions can make use of this SharePoint feature to customize themselves an enterprise solution, like a contract management software. Contract management is an important process in banking sector. Banks and credit unions deal with several contracts on a daily basis. It is important to manage these contracts, so that you can stay out of any messy litigation or law suits. Also in a banking institution it is important to ensure the safety of documents. This is where the adoption of a SharePoint based solution benefits the credit unions and banks. With SharePoint solution you can not only ensure the safety of the documents but also achieve simple and centralized management. Some useful features of contract management solution for banking include, comprehensive dashboard, customer and vendor contract storage, custom workflows, e-signature integration, detailed reporting and enhanced search capabilities.
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How Contract management Reduces Errors
Think about it, what could be a critical mistake that could occur in managing contracts? Yes! you thought it right. The worst thing that could go wrong while manually managing contracts is, missing a deadline. Such a blunder will effectively jeopardize the performance of your organization in a contract or renewing a lucrative contract. But, in a contract management system, you are very unlikely to make such a trivial mistake. With the automated notifications on important milestones like renewal or expiry, you can be sure that the organization is not missing any important updates. In contrast to the paper-based system that you might be using, you are likely miss an update in the paper works anytime. With a user-friendly CMS, you can ensure that the organization is following its obligations under the contract and avoid any breach of contract. There are very few chances of you and your team miss a deadline or fail to comply with contractual terms in a contract management system.
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Manage your Intranet Efficiently
SharePoint is a great tool for keeping your organization fluid and effective. By building a corporate intranet on SharePoint, you can ensure that your organization is agile and connected. Here are some pointers on how to manage your SharePoint intranet efficiently.
Create a Content Strategy: Just like with any other corporate undertaking, you need to have a plan. Just throwing things at the wall and hoping they'll stick won't work.
Maintain Consistent Branding: It might seem odd, but how your SharePoint intranet is branded can have a huge impact on engagement. You probably already understand the value of external branding, but internal branding is just as important. A fully branded SharePoint intranet can help your employees feel more in touch with your corporate culture.
Assign Community Managers: One way to improve the quality of your SharePoint intranet is to entrust certain users with the title of community manager. What is a community manager? A SharePoint community manager is an employee responsible for updating news feeds, building event pages, and gathering user feedback.
Monitor Implementation: This more applies if your company is first getting started using SharePoint intranet. The first few months of adoption can be a bit rough. Trying to get users to learn and use a new system is difficult.
Use Metadata: Moving more to the back-end side of things, using metadata for your files can make managing your SharePoint environment super easy. Metadata allows you to add tags to your files that signify different things.
Collect Feedback: This is one of the most important things to do when managing your SharePoint intranet. You should constantly be collecting feedback from your users. You're not just setting up SharePoint intranet in a vacuum.
Make sure to put in these ideas to your intranet portal management strategy to get better results.
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A digital learning management system to streamline your internal training processes. It's important for companies to focus on employee training to stay competitive in their industries.
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it's time to start thinking about the tools you're using. For instance, is your Help Desk software doing everything you want it to do? If not, now might be the time to start looking for a new solution. Take a look at these 11 must-have features to look for in a new Help Desk software in 2021.
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Intuitive Dashboard on a Help Desk Software
We're a little over two months away from the new year. With how hectic things have been, it's almost a little surprising that 2021 is so close. That said, as the year closes out, it's time to start thinking about the tools you're using. For instance, is your Help Desk software doing everything you want it to do? If not, now might be the time to start looking for a new solution. Take a look at these 11 must-have features to look for in a new Help Desk software in 2021.
Intuitive Dashboard
If there's one thing your Help Desk system needs in 2021 it's a user-friendly interface. The system your using can have a ton of bells and whistles, but if it isn't easy to use why are you using it? Any solution you use needs to have an intuitive dashboard that makes navigation a breeze. Your team should be able to log into the platform and know what to do and where to go. Otherwise, your users are wasting their time attempting to navigate a clunky system when they could be resolving customer tickets.
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Importance of a Help Desk software
There are several reasons for companies to be using a help desk software. Help Desk software helps streamline the company's internal IT ticketing processes and it could also become the solution for their customer service. Without proper management of customer service tickets, companies stand the risk of losing reputation and goodwill. When your customer is properly and reliably dealt with and assisted by, you can be sure that there will be more business coming your way.
One of the biggest obstacle you could face in a manual ticket resolving system is, the conventional way of managing tickets, it would become difficult to generate and manage all the tickets manually. There are even chances of tickets going missing in the process. An unresolved ticket could result in a bad rep for the company. An effective help desk software bypasses that by using workflows to automatically create tickets based off of the information that your customers provide. This allows you to skip a lot of the menial aspects of customer service and get straight to helping your customers with their problem.
Managing tickets mean that you have to be notified about the status of the ticket at all the steps of the process from creating a ticket to resolving it. Help desk software you choose needs to have a system that automatically notifies your customer support team whenever a new ticket is created. This way, they can jump at the request and make sure that it is handled in a way that leaves customers satisfied.
A software needs to be user friendly and easily adaptable at an organization, similarly a help desk software with a very user friendly interface and a dashboard that can provide the whole status of all the processes if a user at one look. With a customized dashboard, your team can modify their help desk software to match their daily requirements and operate and peak efficiency. This way, you can ensure that there is nothing standing in the way of your team providing excellent customer service.
In an organization the tickets that come in might be assigned to someone or more than one persons, the help desk software should be able to track these individual tasks efficiently. And of course the safety and security of the data stored in the system. Data security is a huge issue these days. A 2019 study found that 48% of respondents indicated that they had switched companies or provider in the past our of concerns over data privacy and security. That's why it's important that your help desk software have secure data storage. That way, you will be able to promise your customers that you're doing everything you can to keep their data safe.
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Increase Employee Engagement
Satisfaction vs. Engagement
Employee engagement is the extent to which employees are engaged with the work they are doing. This features things such as how closely are they paying attention, how quickly they’re working, how much they care about the organization’s goals, etc. Employee engagement plays a crucial role in boosting productivity at work. An engaged employee is going to be more likely to perform their tasks efficiently and effectively.
Create Room For Initiative
While there are advantages to a tightly run ship, that might be contributing to any lack of employee engagement. While it can help ensure that tasks get done, it takes out any room for initiative and can potentially lead to your employees not feeling invested in the company’s growth and productivity outside of them just getting their work done.
Be Attentive
Always be on the lookout for ways that you can engage with your employees. Acts like organizing social events at your office, recognizing birthdays, or throwing celebration for a project’s success are great things you can do to bring everyone together and show them that the company cares.
Empower Them to Do Their Best Work
It is imperative that all the employees have all the tools they need to be successful in their role. It is one of the most important factors in employee engagement. “An organization's infrastructure includes tools and processes people use to complete their work and the organizational capabilities they have at their disposal,” says Don MacPherson a partner in the employee engagement practice at Aon in Minneapolis. An intranet portal software could empower your employees to do their best work.
Focus on Teamwork
Teamwork is essential in building employee engagement at your organization. An engaged team of employees will be more likely to have a higher output and be more productive. Make sure that everyone on your team has clearly defined roles and expectations. Ensure that everyone is communicating clearly and that everyone is completing their tasks on time.
Look to Your Competition
While this is true in most aspects of business, it is a good practice to look to your competitors and other successful organizations and check what they are doing to improve their employee engagement. While their specific strategy might not work at your organization, you can always adapt what they are doing for your organization.
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Benefits of Building Your Intranet in SharePoint
The benefits of using a corporate intranet are more than obvious. So what now? Well, any old intranet isn't going to fit your needs. The best option for building proper corporate collaboration is a SharePoint intranet portal software. Let's take a look at the benefits of adopting SharePoint intranet.
Easy to Use
An intranet portal won't do your company any good if it's hard to use. Thankfully, SharePoint is extremely easy to learn and simple to use.
Offers a Ton of Options
One of the major selling points of SharePoint is how flexible it is. No two SharePoint intranets will look the same. Custom SharePoint intranet software can be fully modified to fit whatever you need it to do.
Makes Employee Recognition Easy
SharePoint's ever-evolving social functions make it easy to connect and recognize employees for the work they do. With everything passing through the intranet, no one's work goes unnoticed. You can track everything they're doing and respond accordingly.
Office 365 and Microsoft Tool Integration
Office 365 is incredibly useful. Word, Excel, PowerPoint, etc - your team likely uses any or all of these on a daily basis. That's why it's great that SharePoint is able to integrate the full array of tools offered in your Office 365 subscription.
Makes it Easy to Share and Manage Documents
If there is one thing SharePoint is good for, it's document management. SharePoint's robust document library capabilities make it easy to share and distribute documents within your organization.
Makes External Sharing Easy
Trying to share documents with people outside of your organization can be a pain. There are a ton of hoops that you have to jump through in order to do so safely. Frankly, external document sharing can be incredibly time-consuming.
Highly Secure
One of the best parts about SharePoint is how secure it is. All of the information you put into you intranet will be stored in Microsoft's cloud servers. These are some of the most secure servers you can find.
Ongoing Development
Microsoft is constantly working on and investing in SharePoint. The last several years have seen Microsoft introduce huge changes as it makes the platform more powerful and user-friendly.
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