30th April 2020
30th April 2020
By Charles Dimov, VP of Marketing at ContractPodAi
Contract management systems (CMS) have a poor reputation for taking a rather long time to implement. In fact, implementation projects that take as many as 12 months are not all that rare. And those for an enterprise CMS are a lengthy 12- to 24-month process. Yikes!
Fortunately, though, there is another way with quick deploy contract management.
Can legal departments afford to wait one or two years before they can use a contract lifecycle management (CLM) system, in particular? Naturally, this is a rhetorical question. The answer is a resounding, "no." If you happen to need a contract management solution, then you need it right now.
Today, more than ever before, there is a need for business processes and CLM systems that support legal teams that are working remotely. Our own research, which was published recently, showed that only 38 percent of large- and enterprise-sized organizations have contract management software. That means that most legal teams are left with contract management processes that are not helping them in real-time.
So what do you do when the CEO needs to understand the indemnities in the agreement between ACME Inc. and your company? If you are lucky, it is not stored on an inaccessible corporate hard drive. Luckier still if it is not a printed, wet signed contract filed in a cabinet on the 16th floor in your office.
But if you are not this lucky, and are not fortunate enough to have a full CLM and solid contracting process, what are you to do?
If you are among the unlucky legal teams that still manage contracts manually, do take heart. There is still hope.
Sure, software implementations can take a long time to complete, as stated above. Sometimes, additional hardware is needed. Often, the implementation process, itself, is complex. This is especially true when customized coding is required.
But even in situations like the current COVID-19-related lockdown, now taking place around the world, your legal team can employ a more user-friendly enterprise CMS right out of the box. And the idea of a quickly-deployed, AI-powered system helping to make your team more efficient and effective is not some pipe dream either.
So if you want to make your legal team for more productive while WFH, and you do not already have a contract management solution, you are not out of the running. And you certainly do not have to wait for the coronavirus crisis to end before starting your own implementation project.
It is possible to implement a quick deploy contract management system with ContractPodAi.
Just imagine having a CLM system up and operational within 10 business days. Naturally, though, such a quick implementation would not include copious project customizations.
ContractPodAi's quick deploy contract management system includes all that you need to put agreement details in the hands of your legal team. Within two weeks, critical agreements and related documents will be at their fingertips, regardless of their location.
Certainly, this is a question deserving a blog post of its own. But again, the short answer is, "yes." As an example, before the COVID-19 pandemic, IPsoft was more than ready. It was able to dispatch its legal staff to work from home (WFH) early on - to avoid putting their employees in harm's way. You can read more about IPsoft's experience here: General Counsel Leadership in Action: IPsoft.
To find out if quick deploy contract management is the right option for you, connect with us at ContractPodAi. There is neither any harm nor pressure in having a short chat about how it will help your legal team.
VP of Marketing
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