Contracting is essential for every organization including many departments. Legal, procurement, sales, operations, finance and others are all struggling with today’s new normal. No longer can you quickly huddle with your stakeholders, drop off agreements for signature or even reach other parties on the phone.
For those who don’t have a Contract Lifecycle Management (CLM) solution, the new normal is unsustainable. You must automate - negotiate better and faster, manage your obligations, maintain compliance and stay competitive. Even for those who have a contract management system in place, last year’s model may not be passing the CLM New Normal Test.
What is the CLM New Normal Test?
The CLM New Normal Test is simply a checklist of criteria which will enable your organization contract efficiently and effectively in the new normal. There are some basics which most commercial solutions offer such as repository, workflow, e-signature, authoring and others which we won’t spend time on here. But here are the essential criteria for Contract Lifecycle Management in the New Normal.
Critical Criteria for the CLM solution includes:
- Enable real-time collaboration and negotiation? Emailing back and forth is inefficient, time consuming with miscommunication as a frequent obstacle. Get on the same page quickly with immediate online collaboration.
- Easily integrate with all your other enterprise systems? ERP, P2P, CRM, Legal and many others contain important data and obligations which need to be accounted for.
- Support any type of contract? We’re not necessarily suggesting to throw out your specialized buy side or sell side system, but you also need CLM for the rest of the organization.
- Have robust workflows including parallel processes? Automated workflows with parallel processing can continue to move in spite of delays in other parts of the workflow.
- Have a “quick launch” implementation package to quickly get you up and running within 30-60 days? Best practices suggest that a big bang approach is not effective and slows user adoption. Get going fast and pick up various departments and templates along the way.
If you cannot answer 'yes' to all of these questions, you should consider a CLM solution designed for the "New Normal". Contact sales@contractroom for a complete checklist of critical criteria for CLM New Normal solutions.