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Managing the knowledge of companies in an increasingly virtual environment is a complicated task, but it becomes a competitive advantage if done with the right tools
Knowledge is key for companies. Even more in an environment that is increasingly digitised and involved in technology. Knowing to manage that knowledge properly makes the difference between effective or inefficient processes. Understanding and implementing the right tools for knowledge management should be one of your priorities for the business, so let's analyse what KM (knowledge management) is, how it relates to CLM (Contract Lifecycle Management) and how its merger will mark the digitisation of companies.
Knowledge is key for companies. Even more in an environment that is increasingly digitised and involved in technology. Knowing to manage that knowledge properly makes the difference between effective or inefficient processes. Understanding and implementing the right tools for knowledge management should be one of your priorities for the business, so let's analyse what KM (knowledge management) is, how it relates to CLM (Contract Lifecycle Management) and how its merger will mark the digitisation of companies.
With an increasingly cloud-centric work environment, new needs are emerging for companies. As Lexsoft, a specialist software vendor providing T3, a knowledge management solution to law firms globally, explains, companies are accelerating this transition towards digitalisation, and it is becoming increasingly urgent for them to implement solutions to ensure the correct management of knowledge.
Why? The agility, security and versatility of the services offered by the cloud are leading to its widespread use. Companies are attracted by it, but it can also give rise to problems, due to the configuration and structure of each company. That is why it is key to choose technologies that help in management. As Lexsoft explains: in a globalised and interconnected world in the cloud, there is a need to create online and organised data repositories for companies in different languages.
The same applies to data search. It must be unified, accessible and easy for business professionals. The volume of documents we work with is massive; large law firms, for example, work with millions of documents. Let's say there are 50,000 of them to organise and reuse. It is a very specific and difficult classification to carry out. This is what we know as knowledge management.
However, technology not only makes this task easier but also much more efficient. In addition to classifying and categorising document clauses, knowledge management provides data analysis and advanced search tools to locate clauses more easily and effectively.
This technology categorises documents into different groups to create a bible that unifies them. All together, they create the unity needed to understand how to approach certain processes from a document perspective: for example, what documents and contracts are needed to buy a company?
CLM completes the cycle
Thanks to knowledge management technology, the documents are ordered either by families or by clauses that are later used in the document creation offered by the CLM. One of the functionalities that generate the most interest is the use of artificial intelligence to extract clauses from contracts and compare them, in order to categorise them and identify the master clauses, the ones that are going to be used the most in the future.
Bigle Legal is a CLM that allows you to take over this knowledge management process and maximise the final result. This CLM solution covers the entire document process and takes advantage of the categorisation of clauses to automate contracts. Thanks to document automation, one of the pillars of this type of solution, the desired clauses are incorporated into a form that makes it possible to create tailor-made documents in a matter of minutes.
Hand in hand with technology, any professional working with contracts and legal documents can forget about manually copying and pasting clauses, searching for the final version of a document among countless files and spending hours and hours manually drafting documents.
The CLM creates a repository of documents in the cloud, to be able to retrieve clauses, data from the parties involved or any information necessary in the future at the click of a button. All this is just one of its functionalities since this tool covers the document process from start to finish: In addition to the creation and storage of the document, it includes collaboration on it, approval processes and advanced electronic signature.
The cloud offers a sea of opportunities, but knowing the best tools is key to learning how to take advantage of them and implement them. It is also necessary to differentiate yourself from the competition and offer the best service to both customers and your own employees. Learn about all the advantages offered by the combination of knowledge management and CLM and make your organisation take the leap!
