What does your contract lifecycle look like is one of the first questions every CLM solution supplier will ask you. Map out the processes of a typical contract lifecycle for your company in advance. Although those who are in charge of the creation, editing, and/or management of contracts will be primarily responsible for the task, it is preferable to involve employees from other departments.
Where do I begin? This may be a question you have if you're considering deploying contract lifecycle management (CLM) technology in your company. Although you might be tempted to start the implementation right away, CLM preparedness is essential for a successful implementation and future platform acceptance.
Organisations may encounter the following difficulties while implementing a CLM solution:
What does your contract lifecycle look like is one of the first questions every CLM solution supplier will ask you. Map out the processes of a typical contract lifecycle for your company in advance. Although those who are in charge of the creation, editing, and/or management of contracts will be primarily responsible for the task, it is preferable to involve employees from other departments.
Ask your company’s representatives to examine the contract lifecycle, identify circumstances in which they ought to be involved, and provide recommendations for further actions. For instance, the accounting department might want to participate anytime a contract is up for renewal or the representative from the legal department might want to attend the post-mortem assessment. Use this chance to get knowledge of the complex contract processes used by your company and to make processes that could be automated more visible.
To sort better, map out the following questions;
Get on top of your Contracts
Manucontract has discovered that businesses which embrace a new CLM solution in "baby stages" as opposed to trying to accelerate from 0 to 60 kmph immediately are the most effective. It's recommended that you start by concentrating on the core components of any CLM software: centralising and securing agreements and setting up notifications to assist you and to keep track of all the crucial connected dates.
A smart place to start with contract administration is by setting up a central location where you can safely store, monitor, and track all of your contract information. It solves a number of significant customer concerns from throughout the company and positions the company for success with regard to the upcoming CLM solution features.
Never go for merely a cloud-based storage solution, or something that’s fully featured with all the bells and whistles. Once you've identified the relevant parties involved, it's crucial to agree on the implementation's objectives and scope. Faster rollouts or sprints can be enabled by starting with a phased strategy. Any firm, regardless of size, will struggle to succeed without a solid strategy and solution for contract administration. Plump for a streamlined and automated method for digitally converting your contract lifecycle management as soon as possible. The elements listed below would characterise an express solution of the appropriate size:
These four criteria serve as a strong set of must-have requirements that would allow you to quickly eliminate inadequate CLM solutions and recognise nice-to-have criteria that could be used as a tiebreaker when dealing with extremely similar solutions. They are the perfect size for an initial set of requirements.
Even if a CLM solution is completely turnkey, you could still have concerns. Therefore, taking into account the level of customer service while making a choice can help a contract management company stand out from the competitors. Enquire about your CLM’s onboarding support when organising discovery calls with various CLM software vendors to ascertain which one is the best fit for your company.
For instance, Manucontract's express solution can be onboarded in just one hour, facilitating your designated internal administrator to meet your organization's specific needs, such as developing page layouts, fields, drop-down values, and requirements, as well as how to define alert rules by record type and import your contract data that is currently stored in excel spreadsheets. Your end users will be functional in an hour if you do it this manner.
It’s a wrap!
It's possible that reading through the best practices mentioned above overwhelmed you. But with our assistance, you may successfully deal with the problems your current CLM system is having. Although using a CLM system can help your business, the procedure involves much more than just handing over a check. Automating your contract management process using CLM software is a significant decision. A CLM Solution implementation needs a significant investment of time and expense. It takes proper planning to minimize the disruption and ensure that the CLM solution addresses your pain points. Manucontract’s team of CLM solution experts have created a readiness assessment checklist to help you to evaluate current CLM process maturity. To avail, TAKE THE DEMO TODAY!
