How can I benefit from CLM?

Contract Lifecycle Management (CLM) can correct inefficient processes, leading to greater growth and stability, long-term viability and immediate improvements to the bottom line. CLM helps organizations perform more efficiently and with fewer risks:

 

1.       Assessing and mitigating internal and external risks. Pre-emptive alerts to important milestones, such as renewals, amendments and compliance obligations, can prevent overlooking required actions.
2.       Complying with statutory and reporting requirements. What are the consequences when required reporting is not performed? Does your organization have evidence of compliance where legal requirements exist?
3.       Establishing a centralized repository. A primary objective of CLM is that all contract data and documents exist in one central repository to enhance visibility. Can your organization quickly locate a specific contract or a term within a contract?
4.       Handling complexities such as rule-based pricing and rebate management. Is your organization electronically capturing and tracking rebates, discounts and incentives to ensure all are honoured? Are pricing rules easily implemented, or are they performed manually?
5.       Standardizing, automating and reducing cycle time. What is the organization’s typical contract cycle time? Can each step’s time be tracked? Can delays be pinpointed? What cost savings could be realized if cycle time were reduced by half?
6.       Streamlining the procurement and sales process. Can contract metrics be compared and analysed to identify high performers and best practices? Have sales terms (discounts, rebates) been standardized for ease-of-use?
7.       Enhancing supplier relationship management (SRM) and customer relationship management (CRM) Is your organization considered to be valuable, reliable and credible by customers and suppliers?