Some useful words and phrases to know when buying IT.

Application Programming Interface/ API A way to allow a system to be accessed by other systems and transfer data between the two
Artificial Intelligence/AI A problem-solving application that makes decisions based on complex rules or if/ then logic
Chatbot A way of interacting with a program through a messaging service
Client portal A website for use by clients to give them secure access to documents and other information
Cloud computing The delivery of computing services such as servers, storage, databases, networking and software over the internet (“the cloud”) rather than storing these on your premises
Contract lifecycle management/CLM A term for systems that seek to cover all stages of the contracting process (from intake through to contract management)
Contract management system/CMS A system to help companies manage their contracts after signature. Typical systems will hold a copy of the contract as well as metadata about the contract such as parties and renewal dates
Cyber security Cyber security is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks
Dashboard A live summary, normally presented as a web page with charts, that allows a user to see the status of processes and other key data
Digital/Electronic signature Electronic data is used by a person to sign or otherwise signify agreement or consent
Document automation A system for generating a tailored contract or other document based on the answers to questions
Document management system A system for storing documents so that they can be accessed by other members of the team. Some document management systems can also store emails associated with a matter
E-discovery A search system for large volumes of emails and documents
Smart contract A program that typically is tied to a blockchain and “self-executes” a transaction, e.g., change a registry or perform another act if certain conditions are satisfied
Virtual private network/VPN A protected network connection when using public networks. VPNs encrypt your internet traffic and disguise your online identity making it more difficult for third parties to track your activities online and steal data
Wiki A system for allowing teams to share knowledge, with users being able to edit and create pages
Workflow A system for automatically tracking and directing the flow of a process

IT Procurement Guide

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