And for firms, this means that the time to cash is huge – a massive problem for start-ups, in particular, as younger firms may not have large reserves in the bank to fall back on.Īt the heart of Summize’s contract management lifecycle (CML) solution is the so-called contract analysis engine, which provides a number of functions, including summarizing key elements of the documents that have been loaded onto the system. Dunlop points out that in the absence of automation, 50% of the length of the contract cycle can be stuck in the legal phase. The impact of contract bottlenecks on companies can be huge. Companies need to hire more staff, negotiate supply agreements, and manage a greater number of sales contracts. Increased business activity generates more contracts. One thing that those firms had in common is that they were scaling fast.
“If every single step of that process is manual, it’s a problem.” Dunlop trained as a lawyer and worked as a member of the in-house legal team at a number of technology businesses.
“Contracts touch everyone in the business and can span a long timeframe,” Tom Dunlop – CEO and co-founder of Summize – told TechHQ. Simply making legal front door operations more efficient and making contracts knowledge more accessible across organizations could bring major improvements to businesses of all kinds.
And there’s a good chance that contracts negotiation and management will be high on the list. But before going ahead with costly business changes, companies could benefit from double-checking where the biggest bottlenecks lie. Supply chain issues have been a big talking point, as firms ponder whether to diversify suppliers, reshore, friendshore or modularize their product designs – to list just a few possible scenarios. The logo images appearing on Logo.wine website are not associated with or sponsored by the copyright and/or trademark holder.When it comes to improving company operations, business leaders have a range of options. Logo.wine does not warrant that any of the materials on its website are accurate, complete or current. For any usage of Slack Technologies logo and brand elements, please contact Slack Technologies directly to request a licensing agreement.īy downloading the Slack Technologies logo from Logo.wine you hereby acknowledge that you agree to these Terms of Use and that the artwork you download could include technical, typographical, or photographic errors. The content of this site is provided on an “as-is” and “as available” basis, and it is intended for non-commercial, informational purposes only, to educate and inform its website visitors about the Slack Technologies logo.Ī third party person or company should never use the Slack Technologies logo without the written permission of the copyright and/or trademark holder.
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