Aavenir Pulse: August'24 Edition
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Company Spotlight
Aavenir is Platinum Sponsor at ServiceNow World Forum - Dallas
Join Aavenir at the ServiceNow World Forum 2024 in Dallas on October 8, 2024, at the Irving Convention Center. Visit the Aavenir booth and meet the industry experts for insights on maximizing your ServiceNow investments with one of the most advanced AI-powered contract management software - Aavenir Contractflow, to achieve operational excellence and reduce business risk.
Aavenir Wins GCC Workplace Awards
Aavenir wins the GCC Workplace Awards 2024 for the Top 6 from Emerging Cities. The GCC Workplace Awards is an initiative by Zyoin Group in association with LinkedIn and Alyve Health. Aavenir's Director of HR and Operations, Sneha Sata, received the prestigious recognition in Bengaluru, India.
This recognition celebrates the outstanding achievements, innovative practices, and vibrant culture that have shaped a remarkable workplace in emerging cities.
A BIG thanks to all our employees - the very enterprising A-Team, for their unwavering support, trust, and commitment to innovation and excellence as Aavenir strides ahead as one of the most-desired workplaces in the B2B SaaS ecosystem.
Product Spotlight: Aavenir Obligationflow
You've done a hard job drafting, negotiating, reviewing, and signing off contracts. However, obligation management is necessary to get the full value out of your contracts.
Aavenir Obligationflow, the advanced AI-enabled Contract Obligations Tracking and Compliance Management solution built on the powerful ServiceNow platform, streamlines collaboration and ensures timely fulfillment of all your obligations with:
☑ Effortless Collaboration: Assign tasks, track progress, and communicate seamlessly with stakeholders for all obligation types – ESG, IT, SLAs, and more.
☑ Enhanced Compliance: Reduce risk and ensure regulatory, financial, and reporting requirements adherence.
☑ Improved Visibility: Gain real-time insights into obligation fulfillment across the organization with intuitive dashboards.
Download the datasheet to explore how Aavenir Obligationflow can auto-discover key contract obligations and help you fulfill them on time using a digital workflow.
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StraightTalk: Obligation Compliance Tracking
Following the massive popularity of his film” American Graffiti”, George Lucas was negotiating with 20th Century Fox for a sequel. Lucas envisioned a space opera with characters like aliens, speaking robots, and sequences of aliens fighting with weapons like lightsabers, etc.
When Lucas directed American Graffiti, he only earned $150,000 (($50K to write, $50K to produce, and another $50K to direct). Fox Studios offered Lucas a salary bump of $500,000 to direct Star Wars plus 40% profit margins. Lucas could have negotiated a pay bump to $500,000 or even $1 million. However, he chose a different path, one that would shape the future of the film industry.
Instead of negotiating for a higher directing salary or other points (basically a higher percentage of profits), Lucas opted for greater control: Control over how the film was made and its ancillary rights. He turned down this salary bump to keep his salary at $150,000. This is how he insisted on tracking two contract obligations and managing compliance for the movie franchise.
In his two obligations/clauses, Lucas wanted complete control over franchise direction and rights to licensing and merchandise for the movie franchise.
The movie franchise in the discussion was Star Wars, and the rest is history. The clause on merchandising had made Lucas richer by almost $100 million in 1978.
Want to know how contractual obligation management can minimize business risk and even change the fortune of your business? We will be happy to help.
Open Mic with Aavenir
Are you worried about the steep penalties, loss of reputation, and regulatory blacklisting owing to breach of Contracts? The consequences of missing contractual obligations can indeed be severe and, many times, irreparable.
It will not be an exaggeration to say that 'every single contract obligation you miss is putting your business at risk'.
Watch this exclusive on-demand webinar on Obligation and Compliance Management featuring industry experts Sunil Masand and Russell Seifert, who share the best practices for the success of post-award contract obligation management and how AI enables obligation management solutions in multiple ways.
If you are in Legal, Procurement, IT, Risk and Contract Compliance Teams, you may be looking to understand:
Also, standby for a LIVE demonstration of Aavenir Obligationflow, the #1 AI-powered Contract Obligation Management solution built on the ServiceNow platform.
Aavenir Knowledge Hub
Effective contract governance extends beyond the pre-execution steps of drafting, review, and collaboration. It's crucial to measure the contracting parties' performance against agreed terms. This ensures that all parties deliver and fulfill their obligations, a task made easier with AI-enabled contract and obligation management tools.
AI-enabled contract and obligation management tools help you set realistic expectations with your vendors based on tracking obligations, frequently negotiated clauses, repeatedly breached areas, extracting complex metadata, etc. In short, AI alleviates the pains and headaches of the legal and contract management team to a considerable extent.
Aavenir's AI engine is trained on tens of thousands of data points with intent-based natural language understanding that precisely helps identify and track hidden obligations from the contracts. It is the best fit for enterprises with voluminous contracts.
Aavenir Pulse is a monthly newsletter published by Aavenir Inc. for knowledge-sharing and information purposes only. Stay tuned and updated with the latest industry insights. For any inquiries, write to us at info(at)aavenir(dot)com. To learn more about Aavenir, visit aavenir.com
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