shwetawatts

[shwetawatts]

CLM excellence or long-standing processes: Why not both?

Many clients often wonder whether it is necessary to re-engineer their existing processes before implementing cutting-edge Contract Lifecycle Management (CLM) technologies. They question whether it’s necessary to make extensive changes or if they can simply automate their processes as they are, especially if they already show promise. Interestingly, while consultants and CLM vendors often stress the importance of adhering to ‘best practices’, clients often struggle to follow this advice. They feel compelled to prioritize quick wins to demonstrate early successes to their internal stakeholders and secure further funding for their CLM initiatives. At its core, the recommended best practices or blueprints aim to standardize contract processes across different companies, regardless of their size or structure. This approach does make sense but only for routine tasks that can be easily measured. However, the inherent rigidity fails to accommodate the dynamic thinking and actions of individuals in a knowledge-driven economy. Moreover, hastily abandoning well-established processes also undermines the years of effort invested in perfecting them. The value of long-standing processes Take the case of a large healthtech company that had invested considerable time and effort into harmonizing and optimizing its contracting processes over the years. The company had successfully managed its legal workload, achieved good turnaround times, and fostered a collaborative environment where the sales and legal teams worked together effectively. However, the outbreak of COVID-19 presented a new challenge. Suddenly, the company found itself at the forefront of the battle against the pandemic, as lawmakers sought their assistance. Simultaneously, the company had to transition to remote work to prioritize the health and safety of its employees. While their existing contracting processes were effective, they needed to adapt them to the evolving circumstances using technology. Unfortunately, consultants and CLM vendors insisted on imposing their best practices onto the company. Despite some reservations, the company went along with the recommendations. After a lengthy 1.5-year implementation process and a significant investment in consulting hours, the “urgent” CLM system finally went live. However, the company soon realized that they couldn’t fully function within the confines of the system. Many essential tasks still had to be performed outside the CLM system, leading to inefficiencies and an overstaffed workforce. This client’s experience is not uncommon. While it is true that not all processes are suitable for replication, it is equally important not to hastily abandon well-established processes. Unfortunately, it is often the latter that contributes to the failures of CLM implementations.

[shwetawatts]

smartContract: Streamlining Contract Management with Ease

In today’s fast-paced and competitive business landscape, efficiency and organization are paramount for success. One critical aspect of business operations that often demands meticulous attention is contract management. Companies, regardless of size and industry, enter into a multitude of contracts with suppliers, vendors, clients, and partners. Managing these contracts manually can be a daunting and error-prone task, often leading to missed deadlines, non-compliance, and potential legal risks. Fortunately, technological advancements have paved the way for a more streamlined and effective approach to contract management through the use of contract management software. This article explores the benefits and features of contract management software and how it is revolutionizing the way organizations handle their contractual obligations.

1. Centralized Repository and Easy Accessibility

Contract management software provides a centralized repository where all contracts are stored securely in a digital format. This centralized approach ensures that all stakeholders have easy access to the most up-to-date versions of contracts, eliminating the need for physical file storage and manual searching through various folders. Additionally, cloud-based solutions enable access to contracts from anywhere at any time, empowering employees to collaborate and make informed decisions promptly.

2. Efficient Contract Creation and Collaboration

With contract management software, businesses can streamline the contract creation process. Predefined templates and clauses make it easy to generate new contracts with standardized language, reducing the risk of errors and misinterpretations. Moreover, the software enables seamless collaboration among team members, allowing them to work on contracts simultaneously, track changes, and communicate within the system, fostering greater productivity and cohesion.

3. Automated Alerts and Notifications

One of the most valuable features of contract management software is its ability to automate critical alerts and notifications. The software can be configured to send reminders for contract renewal dates, milestones, or any other crucial events, ensuring that businesses stay compliant and avoid penalties due to missed deadlines. These automated notifications help organizations stay on top of their contractual obligations and maintain healthy business relationships.

4. Enhanced Compliance and Risk Management

Contract management software plays a pivotal role in enhancing compliance and risk management. By storing contracts in a secure digital environment, businesses can implement access controls to limit who can view, edit, and approve contracts. This reduces the risk of unauthorized changes and ensures that only authorized personnel can access sensitive information.Furthermore, the software can track contract milestones and deadlines, alerting users to potential risks and non-compliance issues in real-time. This proactive approach empowers businesses to mitigate risks before they escalate into larger problems, safeguarding the company’s reputation and financial standing.

5. Improved Reporting and Analytics

Data is a valuable asset for any organization, and contract management software provides insightful reporting and analytics capabilities. The software can generate customized reports, such as contract status, performance, and financial metrics, providing valuable insights into contract lifecycles and supplier/vendor performance. These data-driven insights enable better decision-making, foster optimization of processes, and identify areas for improvement.

6. Integration with Other Systems

Contract management software can seamlessly integrate with other business systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) software. This integration streamlines data flow, eliminating the need for duplicate data entry and reducing the risk of data discrepancies. As a result, organizations can enhance their overall operational efficiency and gain a holistic view of their business processes.

Conclusion

In conclusion, contract management software is a powerful tool that empowers businesses to streamline their contractual processes, improve compliance, mitigate risks, and enhance overall operational efficiency. By providing a centralized repository, automated alerts, and seamless collaboration, this software simplifies contract management and liberates valuable resources, allowing businesses to focus on their core competencies and achieve long-term success.As technology continues to evolve, we can expect contract management software to become even more sophisticated, offering new features and capabilities to further optimize contract management and enable businesses to stay ahead in an ever-changing marketplace. Embracing contract management software is not just a choice for modern organizations; it’s an essential step toward unlocking their true potential and gaining a competitive edge in today’s dynamic business world.

[shwetawatts]

Impact First: Navigating the complexities of modern CLM

The Contract Lifecycle Management (CLM) landscape has undergone rapid and transformative changes, significantly altering the legal technology industry in recent years. These advancements have enabled legal teams to automate tasks, simplify contract reviews, and access real-time contract data, leading to increased efficiency and cost savings. However, with the increasing complexity of CLM solutions, organizations often find it challenging to determine the right path and lay the groundwork for successful implementation.

Addressing these challenges, the Impact First methodology by smartContract offers a dynamic and innovative approach to CLM implementation and sustained optimization. This methodology provides remarkable flexibility, allowing clients to begin their CLM journey at a pace that aligns with their unique process maturity and evolve gradually as their requirements grow. Unlike a one-size-fits-all approach, smartContract collaborates closely with each client to deliver tailored solutions that address their specific challenges and goals. The focus is on delivering quick wins and adaptable solutions that can accommodate the client’s changing needs.

For companies seeking to leverage technology but lack the time or knowledge to establish a solid foundation for CLM implementation, the Impact First methodology proves highly beneficial. It enables organizations to quickly gain value from the system functionality and build upon it as they mature and adopt technology.

To illustrate the methodology’s effectiveness, consider a satellite television company facing challenges in managing complex contracts across the country. The approval process was slow, contract management was siloed, and supply chain transparency was lacking. Turning to smartContract CLM, they embarked on a partnership to design a solution tailored to their needs.

The implementation team started with a thorough analysis of the company’s contract management process, identifying pain points and areas for improvement. They then divided the solution into stages, with each stage acting as a stepping stone, gradually expanding from simple use cases to more complex ones. The initial implementation included a flexible contract repository for real-time visibility and accessibility of all contract types, along with automating the approval process for low-complexity, high-volume buy-side contracts.

This initial implementation delivered swift and substantial impact, providing quick wins for the company. Supplier relationships improved, and the company was able to respond faster to market changes, bolstering the credibility of the transformation efforts. In the following months, the team continued to drive improvement by standardizing contract management processes and optimizing the supply chain for better operational efficiency and cost savings. The streamlined contract renewal process further strengthened supplier relationships, reduced risk, and improved cost management.

The success of the CLM rollout with smartContract’s Impact First methodology was evident in the significant improvements achieved in the contract management processes, along with ongoing value delivery. The collaborative approach between smartContract and the satellite television company made the entire process seamless, allowing the organization to focus on its core business while experts handled the transformation.

In conclusion, the evolution of Contract Lifecycle Management solutions has been transformative, enabling legal teams to enhance efficiency and cost-effectiveness. However, the increasing complexity of these solutions presents challenges for organizations seeking to implement CLM effectively. The Impact First methodology by smartContract offers a flexible and innovative approach, allowing clients to start small and scale as they mature and adopt technology. By collaborating closely with clients and delivering tailored solutions, the methodology ensures quick wins and adaptability to changing needs. The success story of the satellite television company exemplifies the effectiveness of this approach, driving significant improvements in contract management processes and delivering ongoing value.

[shwetawatts]

CLM excellence or long-standing processes: Why not both?

Many clients frequently ponder whether they need to re-engineer their existing processes prior to integrating state-of-the-art Contract Lifecycle Management (CLM) technologies. They are uncertain about the necessity of extensive changes and wonder if they can simply automate their current processes, especially if those processes have already shown promise. Interestingly, while consultants and CLM vendors emphasize the importance of adhering to ‘best practices,’ clients often struggle to follow this advice. They feel compelled to prioritize quick wins to demonstrate early successes to their internal stakeholders and secure additional funding for their CLM initiatives.

At its core, the recommended best practices or blueprints aim to standardize contract processes across different companies, regardless of their size or structure. This approach makes sense for routine tasks that can be easily measured. However, it fails to accommodate the dynamic thinking and actions of individuals in a knowledge-driven economy. Furthermore, hastily abandoning well-established processes also undermines the years of effort invested in perfecting them.

The Value of Long-standing Processes: Consider the case of a large healthtech company that had invested significant time and effort into harmonizing and optimizing its contracting processes over the years. The company successfully managed its legal workload, achieved efficient turnaround times, and fostered a collaborative environment where the sales and legal teams worked together effectively. However, the outbreak of COVID-19 presented a new challenge.

Suddenly, the company found itself at the forefront of the battle against the pandemic, as lawmakers sought their assistance. Simultaneously, the company had to transition to remote work to prioritize the health and safety of its employees. While their existing contracting processes were effective, they needed to adapt them to the evolving circumstances using technology.

Unfortunately, consultants and CLM vendors insisted on imposing their best practices onto the company. Despite some reservations, the company went along with the recommendations. After a lengthy 1.5-year implementation process and a significant investment in consulting hours, the “urgent” CLM system finally went live. However, the company soon realized that they couldn’t fully function within the confines of the system. Many essential tasks still had to be performed outside the CLM system, leading to inefficiencies and an overstaffed workforce.

This client’s experience is not uncommon. While it is true that not all processes are suitable for replication, it is equally important not to hastily abandon well-established processes. Unfortunately, it is often the latter that contributes to the failures of CLM implementations.

Navigating Pitfalls: As demonstrated in the above case, it is crucial to understand the trade-offs when rethinking processes and evaluate how well the CLM vendor’s vision aligns with your own. This can be overwhelming, which brings us back to our initial goal of achieving quick wins.

Starting small and focusing on quick wins not only allows you to showcase early successes to stakeholders but also minimizes risks and enhances effectiveness. Taking an incremental approach ensures steady progress without overwhelming your organization or sacrificing long-term objectives. It also facilitates continuous learning that can be applied as you progress to new phases, making your journey smarter and faster.

But what if a full-scale rollout is more suitable for your organization? In that case, it’s essential to fully understand the impact a CLM system will have. Work closely with vendors to gain a detailed understanding of what the future will look like in practical terms and thoroughly analyze your existing processes.

Choosing the Right Partners: This process will help you choose the right partners. Your CLM vendor should not merely focus on selling a product. They should be committed to your long-term success, supporting you throughout your entire digital transformation journey. Look for vendors with deep expertise in contracting and a proven track record of successful enterprise-wide implementations.

It’s crucial to recognize that CLM failures don’t necessarily stem from a failure to adapt or transform processes. Instead, they often result from a fundamental mismatch between your organization’s needs and the capabilities of the chosen CLM technology. Getting the fundamental alignment right will bring benefits beyond contract management.

Conclusion: By navigating the potential pitfalls, understanding the impact, and making informed choices, companies can maximize the success of their CLM implementation. Balancing the power of CLM technologies with the value of their established processes sets the stage for a transformative journey towards greater efficiency, improved outcomes, and long-term success in contract management.

[shwetawatts]

How smartContract CLM works for Sales department

Sales teams operate within a complex network of systems and engage with various stakeholders to undergo legal reviews of sales agreements and secure signatures to finalize their deals. Unfortunately, without a meticulously crafted process that fosters transparency and seamless collaboration, this entire procedure frequently becomes a hindrance for sales teams. Several pain points arise, including

[shwetawatts]

smartContract CLM- Become a CLM Partner

As organizations seek to address the challenges of inefficient contracting, they are increasingly embracing technology as a solution. However, to ensure the success of their initiatives, they must depend on the expertise of consultants, service providers, and technology experts. The smartContractCLM partner program is designed to empower these potential partners to offer clients a seamless and comprehensive experience in their journey towards transforming their contracting function.

Are you ready to embark on this journey? Let’s begin!

[shwetawatts]

CLM excellence or long-standing processes: Why not both?

Many clients often wonder whether it is necessary to re-engineer their existing processes before implementing cutting-edge Contract Lifecycle Management (CLM) technologies. They question whether it’s necessary to make extensive changes or if they can simply automate their processes as they are, especially if they already show promise. Interestingly, while consultants and CLM vendors often stress the importance of adhering to ‘best practices’, clients often struggle to follow this advice. They feel compelled to prioritize quick wins to demonstrate early successes to their internal stakeholders and secure further funding for their CLM initiatives.

At its core, the recommended best practices or blueprints aim to standardize contract processes across different companies, regardless of their size or structure. This approach does make sense but only for routine tasks that can be easily measured. However, the inherent rigidity fails to accommodate the dynamic thinking and actions of individuals in a knowledge-driven economy. Moreover, hastily abandoning well-established processes also undermines the years of effort invested in perfecting them.

The value of long-standing processes

Take the case of a large healthtech company that had invested considerable time and effort into harmonizing and optimizing its contracting processes over the years. The company had successfully managed its legal workload, achieved good turnaround times, and fostered a collaborative environment where the sales and legal teams worked together effectively. However, the outbreak of COVID-19 presented a new challenge.

Suddenly, the company found itself at the forefront of the battle against the pandemic, as lawmakers sought their assistance. Simultaneously, the company had to transition to remote work to prioritize the health and safety of its employees. While their existing contracting processes were effective, they needed to adapt them to the evolving circumstances using technology.

Unfortunately, consultants and CLM vendors insisted on imposing their best practices onto the company. Despite some reservations, the company went along with the recommendations. After a lengthy 1.5-year implementation process and a significant investment in consulting hours, the “urgent” CLM system finally went live. However, the company soon realized that they couldn’t fully function within the confines of the system. Many essential tasks still had to be performed outside the CLM system, leading to inefficiencies and an overstaffed workforce.

This client’s experience is not uncommon. While it is true that not all processes are suitable for replication, it is equally important not to hastily abandon well-established processes. Unfortunately, it is often the latter that contributes to the failures of CLM implementations.

Navigating pitfalls

As evident in the case above, it’s crucial to understand the tradeoffs when rethinking processes and evaluate how well the CLM vendor’s vision aligns with your own. It can be overwhelming, which brings us back to our initial goal of achieving quick wins.

Starting small and focusing on quick wins not only allows you to showcase early successes to stakeholders but also minimizes risks and enhances effectiveness. Taking an incremental approach ensures that you make steady progress without overwhelming your organization or sacrificing long-term objectives. It also facilitates continuous learning that can be applied as you progress to new phases, making your journey smarter and faster.

But what if a full-scale rollout is more suitable for your organization? In that case, it’s important to fully understand the impact a CLM system will have. Work closely with vendors to get a detailed understanding of what the future will look like in practical terms and thoroughly analyze your existing processes.

This process will help you choose the right partners. Your CLM vendor should not merely be focused on selling a product. They should be committed to your long-term success, supporting you throughout your entire digital transformation journey. Look for vendors with deep expertise in contracting and a proven track record of successful enterprise-wide implementations.

It’s crucial to recognize that CLM failures don’t necessarily stem from a failure to adapt or transform processes. Instead, they often result from a fundamental mismatch between your organization’s needs and the capabilities of the chosen CLM technology. Getting the fundamental alignment right will bring benefits beyond contract management.

By navigating the potential pitfalls, understanding the impact, and making informed choices, companies can maximize the success of their CLM implementation. Balancing the power of CLM technologies with the value of their established processes sets the stage for a transformative journey towards greater efficiency, improved outcomes, and long-term success in contract management.