One of our Favorite Top 10 Lists

Top 10 Excuses For Not Considering Document Management This Year is a great article by AIIM.  While Mumboe doesn’t fall into the document management category we do reside in that same space of information management and run into very similar situations with our prospects.

Our most heard excuse is #1 on the list and is “If we need to, we can usually find it …” Often times the main reason a prospect has started looking for a product like Mumboe is because they want to find a centralized repository where they can store all of their agreements and allow controlled access to their co-workers in an effort to save time.  However, that reason is not always translated well to those in management that do not deal with the day-to-day requests/fire-drills looking for the executed version of an agreement.

My personal favorite is # 9 about change being expensive.  Too often we see a small team or department trying to implement a solution to relieve some daily headaches and make a process more efficient.  Then IT and/or management get involved and decide that the best course of action is to implement a fully integrated solution across an enterprise.  That sounds great, but what typically ends up happening is the organization falls into a case of analysis paralysis due to the daunting task/cost associated with planning/changing businesses processes that will work with the new ‘solution’.  In the end the project runs significantly over budget or sometimes is never completed.  Meanwhile, the department that was trying to solve one major problem is still stuck without a solution.

Of course the above example is not always the case, but I’m sure you can tell us about a similar story in your organization.

Add comment July 1st, 2009 Author: Bill

Mumboe Introduces Unlimited Storage

Mumboe is excited to announce a new update to our pricing structure! Starting today, customers that sign up for the full version of the application, Mumboe Pro, will be able to manage hundreds and even thousands of legal documents online, without paying more for additional storage. (Of course, our existing customers are also included in this offer).

Mumboe’s unlimited storage offer is included in Mumboe Pro at the existing price of $24/User/Month. Read-Only Users can also be added for $6/User/Month.

Add comment June 18th, 2009 Author: rebecca

Inc. Magazine Invites Austin CEOs to Talk About Startup Funding

I was invited by Inc. magazine senior editor Rod Kurtz to participate in the magazine’s Knowledge Series panel last night in Austin. The event, titled “Growth, Guts and Glory” was part of a four-city series being hosted by Inc. The topic was raising capital. I was on the panel along with Joel Trammell, CEO of NetQoS; Larry Warnock, CEO of Phurnace Software; and Patrick Durbin, CEO of Planview.

There were a group of local entrepreneurs with a wide variety of questions concerning the details of raising capital including the appropriate time, source and amount. There are no easy answers to these questions, since most scenarios have to be analyzed on a case by case basis. Some common concerns that were discussed were current low valuations amid the turbulent economic conditions. The consensus was that start ups must not lose focus on their product or services during their efforts to get capital. A strong product or service, including revenues and enthusiastic customers, will only help a company’s position when trying to raise capital.

Ultimately it would be optimum if a company does not need capital and can fund growth organically, but this is not the usual scenario. A lot of these decisions are dictated by the business model, the market conditions, and the effective implementation of the desired capital. Obviously there is a tremendous amount of market research and planning required to closely estimate your burn rate, runway and needed capital. Even if you decide not to raise capital, that’s a worthwhile exercise. And lastly, partnering with the right investors, whether angels or VC’s, can be a make or break decision, so choose wisely.

Add comment June 17th, 2009 Author: Bill

New Mumboe Web Site Debuts

After months of work and a lot of input from customers, partners and our own internal team, the new Mumboe web site made its debut this week. Why the change? We are always striving to make both our site and the Mumboe application simpler and easier to use, while incorporating the key information and features our customers want.

We undertook this update with two goals in mind:

1. Make the the web site’s design more in line with the application for a more seamless experience;
2. Add more interactive features and content to help potential customers, press and other visitors to the site quickly understand what we do and how they can benefit.

As part of the design, we also created a new About Mumboe video. It’s not your usual “corporate video,” so be sure to check it out!

Kudos to the Mumboe design team for keeping the emphasis on clarity and usability, while giving the site a fresh look and feel. Check out the new design, and tell us what you think!

Add comment June 16th, 2009 Author: rebecca

Don’t Let Your Contracts Come Back to Bite You

Most businesses deal with contracts primarily during the negotiating phase, when you are hammering out the details and fine points of an agreement. If you’re the party selling a product or service, and getting those details right means closing the sale, you are likely to be paying close attention during this phase. If you’re the customer, the focus in on ensuring the contract contains the key provisions that matter to your business.

But what happens to a contract after it is executed?

For most businesses, once the contract is signed it gets filed away, either electronically or literally in a filing cabinet. And there it stays, soon forgotten in the more pressing day-to-day activities of finding new business and serving customers. Yet inside the pages of those contracts are important milestones that can have a significant impact on your company’s financial picture. For example:

A sales contract might include a requirement to hit key performance milestones by a certain date in order for you to continue to collect revenue payments.

A services contract might include an automatic renewal date, with a 30-day written notice required prior to that date to terminate the agreement.

A non-disclosure agreement might expire before you’ve finished doing business with the company or person that signed it.

Missing these critical milestones can not only cost you money, it can put your business at risk. For example, one of our recent posts found that inaccurate contract management recently cost the state of Maryland more than $10 million in potential overpayments and undisclosed rebates. 

Yet with up to 80% of all business transactions governed by contracts, those milestones can quickly multiply, overwhelming your staff’s attempts to keep track. Many businesses use a combination of spreadsheets and calendar applications to track contract details, including milestones. However, keeping these documents updated as the business grows and relationships change can be challenging, especially during difficult economic times when companies are trimming resources and employees are taking on more work.

That’s why Mumboe’s contract management application allows you to set automatic alerts and reminders for agreement milestones. Every time you upload an agreement into Mumboe (or at anytime afterward), you can automatically extract the milestones you want to track, and create reminders for yourself and other users. So not only can the legal department see when a milestone is coming due, you can make sure that sales or service staff, or the HR department, are alerted when an agreement needs to be renewed, terminated or  renegotiated.

Create automatic milestone alerts in Mumboe.

It’s just one example of a simple but powerful feature that can save your company time (no more updating complicated spreadsheets) and money (no more missed deadlines).

To see a video demonstration of Mumboe milestones, click here.

Add comment May 19th, 2009 Author: rebecca

Gartner Predicts SaaS Revenue to Grow 22% in 2009

A new report from Gartner says the market for software as a service (SaaS) applications will reach $9.6 billion in 2009, a 21.9 percent increase from 2008 revenue of $6.6 billion. According to Sharon Mertz, research director at Gartner, “Initial concerns about security response time and service availability have diminished for many organizations. As SaaS business and computing models have matured, adoption has become more widespread.”

The report found that “growth remains most significant in areas characterized by horizontal applications with common processes, among distributed virtual workforce teams, and within Web 2.0 initiatives.” The largest markets for enterprise SaaS applications identified in the report, in terms of revenue, are content, communications and collaboration applications; and customer relationship management (CRM) software.

Worldwide Software Revenue for SaaS Delivery Within the Enterprise Application Software Markets (Millions of Dollars)

Source: Gartner (May 2009)

For details and to download the entire report, click here.

Add comment May 14th, 2009 Author: rebecca

Corporate Legal Spending Outlook Improves

A recent survey by BTI Consulting Group finds that corporate legal spending is set to increase nearly 5% during the second half of 2009, after a 7% decline last year. The firm, which provides strategic research to law firms and general counsel clients, is basing its conclusion on more than 1,200 interviews with corporate counsels at the world’s largest companies.

According to the report, the spending will be focused on regulatory compliance, employment, securities and bankruptcy/corporate restructuring law.

Corporate legal spending priorities for 2009.

While the survey did not include an outlook for technology spending, the overall trend is a positive sign that organizations are renewing their commitment to tackling the challenges of business accountability.

For clients interested in the full details of the report, BTI will discuss its findings in a webinar on May 28th at 12:00 EST. Cost is $300 per connection, sign up here.

Add comment May 12th, 2009 Author: rebecca

Stolen Hardware Leading Cause of Corporate Security Breaches

There was a time when concerns about security kept many companies from embracing software as a service (SaaS) applications to solve their business needs. That mindset is rapidly changing with SaaS security vendors offering services that often exceed the capabilities of any corporate data center.

However, we still often field questions from prospective customers about the security of SaaS versus inhouse or on-premise systems. These customers are rightly concerned about the safety of their sensitive business documents, and protecting those documents and the data they contain from theft or loss is still a high priority.

An article in the May issue of Inside Counsel magazine that outlines the most common security breaches companies face might surprise those who automatically think “in-house is safer.” According to the article, a study released in March analyzing breaches by industry sector found the following causes top the list:

Stolen hardware: Data compromises occur most often through lost or stolen hardware such as laptop computers or PDAs. The health care industry has the highest percentage of breaches from lost hardware. The costs can be high: a laptop stolen from an employee of the Department of Verterans Affairs resulted in a $20 million settlement in just one of several class action lawsuits filed as a result of the theft.

Employee theft: One of the most common types of theft, this can also be one of the hardest to prevent, say the article’s authors. Incidents involving employees form the largest percentage of breaches in the financial sector. 

Peeping: A growing area of concern is casual theft, referred to by the article as “peeping”. These incidents occur when people are able to access files they don’t really have permission to view. Peter Swire, a law professor at The Ohio State University and senior fellow with the Center for American Progress, recommends implementing an audit system that provides a history of anyone who has accessed a file.

In addition to providing a full audit trail, Mumboe provides industry-leading security measures to protect the security and privacy of our customers’ data.

You can limit user access to specific folders in Mumboe.

These include:

256-byt encryption: We utilize 256-bit Equifax SSL Certification and 1024-bit RSA public keys to ensure security of data during transmission.

Password protection: Only users with a valid user name and password can access Mumboe.

Permission-based access: Mumboe account admins control what these users can see and do in Mumboe, including which folders and documents they can access.

Web site security: The Mumboe web site has been certified by GeoTrust for SSL certification, McAfee for website security certification, and carries the TRUSTe privacy seal.

For more details on Mumboe security click here.

Add comment May 5th, 2009 Author: rebecca

Contract Lapse Lands Attorney General in Hot Water

More proof this week that ignoring those pesky details buried in contracts can get you into trouble. A recent Wall Street Journal editorial about New Mexico Attorney General Gary King is investigating a story about the ties between the AG’s office, a law firm, campaign contributions and a lapsed contract.

It seems a law firm was hired by the state to sue a pharmaceutical company. Of course, King denies any suggestion that the $50,000 in campaign contributions his office received from a lawyer at the firm had anything to do with that decision.

What is interesting is that the contract with the hired firm, Bailey Perrin, had actually expired on June 30, 2008 and wasn’t renewed until November 24, 2008. However, the lawsuit against the pharmaceutical company was initiated in July 2008. According to the WSJ:

“So we asked Mr. King about this five-month gap in which a private law firm was apparently representing the state without any legal authority to do so. “This is what I believe happened,” said Mr. King. “My contracts people didn’t notice that that contract had expired.” He added: “I have to talk to my lawyers about what happens when a contract expires in the middle of a lawsuit and somebody continues on [litigating]. But I think our laws probably cover that.”

The WSJ points out that the pharmaceutical company’s lawyers might see it differently. It will be interesting to see how the threads of this one get untangled. And whether a little lapse in a contract could be the thing that upsets the apple cart in the state’s case.

Add comment April 30th, 2009 Author: rebecca

Mumboe Introduces Facebook-Like News Feeds

In a move designed to give companies even better visibility into their business agreements, Mumboe released an update to our on-demand contract management application today. The latest release, available today, includes a news feed, similar to those found in social media applications such as Facebook and Twitter, as well as new agreement tracking features. Together, these new capabilities give users the ability to see at a glance any activity related to specific business agreements, tasks, milestones and other items stored in the Mumboe system.

Specifically, the new features include:

Activity news feed - allows users to view a stream of recent activity on their Mumboe dashboard, or home screen. The news feed can include any activity in the system, such as changes to an agreements status, new milestones created, tasks completed and more. The feature gives our customers the ability to stay informed of updates and changes to their business relationships, much as you keep up with friends on Facebook. You can configure the news feed to show only the information you want to see, such as new documents uploaded or tasks completed. The news feed can also be delivered in an email digest.

The new Mumboe dashboard features a Facebook-like news feed.

Agreement Tracking - With a single click, you can choose to track a specific agreement, ensuring that any activity related to that agreement is included in your news feed. This eliminates the often time-consuming process of manually tracking changes, revisions, updates and status changes to an agreement.

You can choose to track an agreement with a single click.

Agreement State - a new menu lets you see at a glance what stage of the contract lifecycle an agreement is currently in, such as “preparing”, “active” or “concluded”. The change came as a result of your requests for better visibility into each stage of the contract lifecycle, and makes it even easier for you to proactively manage your business agreements.

To read the full press release click here.

Add comment April 21st, 2009 Author: rebecca