DO THIS
Encourage your internal partners to work with you to build a business case to support the purchase of a Contract Lifecycle Management (CLM) solution will “improve operational efficiencies, reduce risk, and optimize profits throughout the contract lifecycle.”
NOT THAT
Wait until you find money in your budget to invest in a CLM solution.
WHY?
As Wolters Kluwer suggests manual systems are inefficient and contribute to:
- Extended cycle times slowing revenue flow
- Lack of audit trail necessary for compliance evidence
- Disorganized storage of executed contracts making it difficulty to find contracts and ensure compliance
CLM tools offer:
- Integrated clause library in line with business rules ensuring use of preapproved language.
- Configurable, rule-based workflow engine automating compliance policy
- Automated capture of contract metadata
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