Contract Lifecycle Management solutions are becoming mainstream and right now there are too many options in the market. A lack of the right CLM Solution can make it difficult to optimize spend, reduce manual tasks, manage inventory, and gain traction. A good CLM solution will ensure the best business outcomes and will also keep your customers happy in the process.
It is a prerequisite to be extra careful when choosing and investing in CLM software. Here are our top tips:
Identify Your Stakeholders
Identify the key stakeholders in your company and talk to them. Discuss your ideas with them and collect feedback to find areas of improvement. Your stakeholders will give insights into how new CLM implementation will affect various enterprise-wide agreements and departments.
It is important to identify individuals from each department learn how they will be using the CLM and note their inputs on the selection and implementation processes. Ultimately, they are the end user and the CLM implementation should streamline business workflows and make everyone’s jobs easier.
If you need this step to be done by the experts who will ensure that the right questions are asked to the relevant stakeholders and all important information is gathered and analyzed, you can turn towards Talent-as-a-Service (TaaS) solutions.
Identify the Right CLM Vendor
This is the step where you test the list of features and make sure that your desired CLM solution matches your business requirements. A good CLM vendor will offer various features that are scalable and reliable such as – AI capabilities, workflow automation, contract analytics, licensing and change management support, etc
You should also evaluate the ease of implementation, legacy migration, and CLM training modules, as well as see whether the software offers live support when it comes to user adoption.
Cacti Global can help you find the right vendors for your business through Managed Services and help you with end-to-end CLM implementation through their team of seasoned professionals.
Centralized and Searchable Repositories
Locating your contracts should be easy considering tracking down agreements manually consumes a lot of time. Your CLM software should provide searchable, safe, and secure repositories for effective contract management, which you can access readily anytime.
Good CLM solutions are equipped with the right document storage services and let you sort contracts according to dates, clauses, and other search criteria.
AI, Automation, and Compliance
A CLM solution that continuously innovates and enables single-point contract management services will yield superior results. It will evolve with industry changes and adapt to the latest trends. AI and automation capabilities can enhance organizational performance, reduce redundancies, and streamline contract management workflows.
Good CLM solutions will ensure compliance with the latest industry standards as well as state laws and regulations. This will help you avoid lawsuits and potential financial losses stemming from unforeseen breaches in legal rules or clauses.
To learn more about our CLM solutions and implementation, connect with us.