WHY THIS, NOT THAT™ CONTRACTS | Leading Change

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
Interested in learning more about this topic? Join the convo on LinkedIn

About the Author

More Articles

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

WHY THIS, NOT THAT™ CONTRACTS | Contract Ops Manager

You may think that someone on your team can manage a CLM system, but the recommended practice is

WHY THIS, NOT THAT™ CONTRACTS | Contract Training

There's more to contracts that you already know or learned in law school, which is why ongoing contract

WHY THIS, NOT THAT™ CONTRACTS | Contract Playbook

Having a contract playbook will help streamline negotiations, especially if you have a high volume of contracts to

WHY THIS, NOT THAT™ CONTRACTS | Rejecting Clauses

You can and should reject clauses that don't add clarity to a contract, including redundant terms or unhelpful

Most Recent

How to Draft Better SOW Requirements to Improve Contract Performance

Even though SOW requirements are usually drafted and approved by business folks, legal teams can add value.

A Negotiation Playbook for SaaS Agreements: Preferred Terms for Vendors vs Customers

Top 15 issues in SaaS agreement negotiations from the vendor side vs. the customer side.

Payment Terms in SaaS Agreements

The more certainty that a SaaS Agreement provides on payment terms, the less likely the parties will have

Seven Tips to Draft a Balanced Contract that Speeds Up Deals

If you want to speed up deals, there’s one thing to keep in mind above all else: business

Contract Nerds Logo

Download PDF

[download id='9545']
Search
Generic filters