If you’re reading this, you already know the importance of contracts to your organization. Every business transaction, supplier, partner, customer involves some sort of contract, so it’s critical to get them right. Here are three reminders of how to use CLM to work smarter, collaborate better, seize opportunities faster, mitigate risk and be better empowered to make intelligent business decisions and ensure compliance.
Be quick on the draw
With a CLM / contract management solution, you can automate a vast number of time-consuming (often tedious) actions such as contract requests, approvals, alerts and renewals. Leveraging features like a single source of shared Master Data and metadata, e-signatures, templates, clause libraries and self-service dynamic workflows make the contract process not only as seamless and simple as possible, but consistent and compliant.
Cloud-based CLM solutions are especially effective at working with you, enabling the contract process end to end and boosting efficiency – and productivity – by allowing teams and users to focus on the strategy instead of getting bogged down in the minutiae. When you take advantage of configurability options and automation instead of relying on manual processes, you avoid the chance for human error that results in lost opportunity and quite possibly increased risk. The advantage of being cloud based is getting everyone, everywhere on every device on the same page, collaborating and maintaining momentum.
Make your contracts work for you, across the enterprise
Contract management, especially when it is integrated with other solutions across your enterprise – like supplier management, sourcing and procurement, creates a multiplier effect. You not only achieve the benefits of efficiency and streamlining, incorporating contract data into things like sourcing events, supplier onboarding, and procurement spend management gives you exponentially greater control and insights in all areas.
Choosing a CLM system that integrates with what you already have running – ERP, financial systems and whatever other business intelligence tools you use – will increase opportunities for enterprise-wide adoption and collaboration. Contract lifecycle management provides the tools to easily access the information you need, making your contract processes more effective and much more of an asset to your business.
Get proactive with better insights
When all your contracts are in one accessible system, it’s easier to gain insight into your overall business operations, risk, spend, savings and see where improvements are possible. Using metadata and analytics enables you to optimize existing contract terms, eliminate maverick spend, and identify areas of the enterprise that are operating less efficiently than competitors.
Procurement, sales, legal, finance, AP – all these departments benefit from better business insights through CLM. It’s estimated that contract compliance errors account for 2% of the annual costs of a business – and most of those are actually human errors. That waste is easily avoidable with a secure, searchable database of your company’s contracts. This ability allows everyone to better identify and mitigate risk and compliance issues, and focus on more strategic company goals.
Learn how to become more proactive with contracts while also working smarter and faster — schedule a personalized demonstration of contract management on the Determine Cloud Platform.