How to Choose a Contract Management Solution
GET TO KNOW THE CLM MARKET LANDSCAPE, EVALUATE VARIOUS SOLUTIONS, AND DEFINE YOUR INDIVIDUAL NEEDS
Legal digital transformation is taking hold rather quickly. Fairly soon, more than half of all legal tasks will be supported by some form of legal technology. This will alleviate manual work, freeing lawyers up to focus on higher-value, strategic tasks. As a matter of fact, legal tech is a rapidly-growing industry – one supported by demand from in-house corporate legal, procurement, and sales teams. They need help streamlining their everyday contract management process to alleviate workloads and reduce turnaround times. They need help maximizing operational performance while managing overall business risk.
For many, that means acquiring a reliable, end-to-end platform in the form of an AI-driven contract lifecycle management (CLM) solution. No matter the core use case, such systems facilitate contract storage and access, workflow automation, and advanced reporting. They, in turn, offer full operational, analytical, and strategic value to legal departments and companies.
Evaluating Contract Management Solutions Is Not Easy
To be sure, a CLM vendor search may feel overwhelming in the beginning. After all, the legal tech industry is relatively nascent – filled with many digital players. That makes it difficult to find providers and evaluate systems in any real, structured way. Most legal teams have yet to take the lead on such digital transformation projects, too. And this makes it even more difficult to assess vendors and software for their companies.
Nevertheless, they must carefully look at – and think deeply about – today’s market landscape. In fact, they would do well to keep top-of-mind both individual use cases and total customer value. Product functionality is crucial, indeed. So is a vendor’s implementation support during system deployment, legacy contract migration, legal AI engineering, and enterprise software integration. Given the nascency of the CLM space, legal departments and companies should also consider vendors’ value delivery, customer retention, and business history.
Knowing the Contract Management Fundamentals
Our comprehensive white paper offers some tactical frameworks and helpful recommendations for teams interested in choosing a contract management solution. Readers who are leading their company’s search for a CLM system currently — or who are deciding on a solution, themselves — may find this document especially valuable.
In How to Choose a Contract Management Solution, you will learn:
- How to perceive today’s CLM market landscape (via core use case versus customer value)
- How to properly assess contract management solutions and vendors along five dimensions (e.g. product functionality, implementation, value delivery, customer retention, and funding and history.)
- How to completely define your individual CLM needs (e.g. contract digitization, contract generation, obligation management, workflow and approvals, collaboration and redlining, contract review, contract searchability, and analytics and reporting)
Also, download the white paper to receive a:
- Handy Contract Management Solution Checklist
- Contract Management Readiness Scorecard
- Free Request for Proposal (RFP) template
Beginning Your Legal Digital Transformation
Without question, the adoption and implementation of legal technology is a growing trend. More and more companies will undergo a legal digital transformation in the coming years. It requires consolidating and managing contracts and related documents, which are in different formats and in different parts of organizations. It involves digitizing and organizing agreements in a single platform. What’s more, it means supporting legal teams well beyond their contracting workload. This is expected to be an even greater trend in the near future.
Of course, the first step of digitally transforming legal departments is as crucial as it is challenging. But with the right vendor, it is a wholly-supported process and an incredibly manageable task. And the process only gets easier and delivers increasingly higher business returns over time. As our white paper highlights, the most common stages of legal digital transformation can be mapped according to the ease of implementation and the total value — or return on investment (ROI) — to customers.
Remaining Ready for Anything
During these times, legal has to be ready for just about anything. It needs to be able to lead under pressure — completely agile and responsive in its decisions and actions. So, do you want to improve the efficiency and effectiveness of your everyday contracting? Are you looking for a solution that supports end-to-end contract management, helps manage overall risk, and delivers valuable data and insights — when time is tight?
Get your free copy of How to Choose a Contract Management Solution today.