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The Importance of Contract Lifecycle Management (CLM) in 2023: Uncovering ROI with the Impact First Methodology

The Importance of Contract Lifecycle Management (CLM) in 2023: Uncovering ROI with the Impact First Methodology.

Contract Lifecycle Management (CLM) has become a hot topic among in-house legal professionals in 2022, with many organizations realizing the value of efficient contract management processes. CLM encompasses the end-to-end management of contracts, from their initiation and negotiation to execution, performance, and renewal. With the increasing complexity and volume of contracts in today's business landscape, organizations are realizing the need for robust CLM solutions to streamline their contract processes, reduce risk, and ensure compliance.

While discussions around CLM have gained momentum in recent years, organizations often face challenges in implementing CLM solutions and demonstrating the return on investment (ROI) to their leadership. This is where the Impact First methodology comes into play. Embraced by smartContract, the Impact First methodology aims to help organizations identify the value in their contracts and achieve maximum ROI throughout their CLM journey by aligning CLM implementation milestones with their specific business problems.

The Need for ROI in CLM Implementations

Implementing a CLM solution can be a significant transformation project that requires time, effort, and resources. As such, organizations need to justify the investment to their leadership and stakeholders by demonstrating the ROI of the CLM implementation. However, ROI can often be challenging to measure in the context of CLM, as it involves various qualitative and quantitative factors, including increased efficiency, reduced risk, improved compliance, and enhanced contract visibility.

In many cases, organizations may find it challenging to convince their leadership to commit to a CLM solution based solely on qualitative arguments or a leap of faith. This is where the Impact First methodology comes in, providing a framework for organizations to align their CLM implementation with their specific business problems and measure the ROI based on tangible and measurable outcomes.

Introducing the Impact First Methodology

The Impact First methodology is a customer-centric approach that smartContract has adopted to help organizations maximize the ROI of their CLM journey. It involves working closely with customers to plan and deliver quick wins and define discrete milestones that are relevant to their unique business needs. Instead of applying a "one-size-fits-all" approach based on generic best practices, the Impact First methodology offers flexibility and customization to consider the variables that are familiar to the organization, and turn them into measurable key performance indicators (KPIs) that can be prioritized by value.

This customer-centric approach allows organizations to align their CLM implementation with their specific business challenges and goals, making it easier to measure the impact and demonstrate ROI. For example, a retail industry client with over 10,000 employees in 13 countries may choose to start their CLM implementation by focusing on migrating legacy paper documents to a digital contract repository and automating a couple of agreement types. This phased approach allows users to gradually adopt the system, build their knowledge of CLM, and demonstrate quick wins, gaining support from leadership and further engagement in the CLM project.

Why Impact First Works

The Impact First methodology offers several advantages to organizations implementing CLM solutions:

Quick Wins and Tangible ROI: By aligning CLM implementation with specific business problems and delivering quick wins, organizations can demonstrate tangible ROI to their leadership and stakeholders. These quick wins could include improved contract visibility, reduced contract cycle times, increased compliance, and enhanced risk management. These outcomes can be measured and quantified, making it easier to justify the investment in CLM to the leadership.

Customization and Flexibility: The Impact First methodology allows organizations to customize their CLM implementation based on their unique business needs and challenges. This flexibility ensures that the CLM solution is relevant and aligned with the organization's specific requirements, making it more likely to succeed. It also allows organizations to adapt the roadmap based on changes

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smartContract CLM partners with Cygnet Infotech

The strategic partnership between smartContract CLM and Cygnet Infotech is aimed at enhancing the contracting experience for joint customers by offering seamless integration with Cygnet's digital signing tool, Cygnature. This partnership is expected to increase compliance with legal requirements and the most stringent security standards while reducing the losses incurred by organizations due to poor contract management practices.

smartContract CLM is a Contract Lifecycle Management solution that prioritizes simplicity while packing cutting-edge technology under the hood. Its advanced features include AI-powered My Contract Assistant, robust obligation management, Word Add-In, and Email Add-In. This flexibility allows it to be configured to meet unique business challenges.

Cygnet Infotech is a leading digital engineering services company that delivers end-to-end solutions for clients' most pressing business needs. Their suite of accelerators and products includes E-signing, RPA, Test Automation, Tax Technology, and Fintech.

The collaboration between smartContract CLM and Cygnet Infotech is expected to offer unique CLM solutions for organizations' business challenges, unlocking even more efficiencies for businesses and strengthening Cygnature's position as a preferred digital contract signing and management solution.

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CLM Technology: How to Accelerate Contract Execution

Contracts are essential, but they should not impede business deals. Business teams work hard on deals, and it can be frustrating when contract execution holds up revenue or other benefits. Every business recognizes the need for fast and efficient contract execution. But how can this be achieved?

The answer lies in Contract Lifecycle Management (CLM) technology. Recent market reports show that companies using an end-to-end contract management system like smartContract can cut contract execution time by up to 42%.

In this post, we explore three specific ideas to accelerate contract execution using a CLM system:

Self-Service Contract Creation

In many organizations, when a business team needs a contract, they send an email to the legal department. The legal department goes back and forth with business, asks questions, and determines the terms and provisions to include in the contract.

A CLM system can automate this process. For common contracts, business users can go online, fill in the details of the deal, and answer a set of questions. The CLM system can determine the best template to use and automatically generate the first draft. The business user can send this draft to the counterparty for negotiation. The legal department can only be involved if there are significant changes suggested by the counterparty.

This self-service model speeds up the contracting process, reduces the burden on the legal department, and allows them to focus on more critical negotiations and legal matters.

Workflow for Contract Approval

A contract may require review and approval from multiple stakeholders. This is probably the biggest bottleneck in contract execution.

A CLM system's workflow capabilities can significantly cut contract cycle time with rules-based review and approval matrices. The system can identify the right stakeholders and create review tasks for them. The system can enforce timely review by setting expected turnaround times and using reminders, notifications, and escalation mechanisms.

Playbook-based Contract Negotiation

A playbook describes a company's negotiation strategies, standard clauses, negotiation boundaries, and non-negotiable positions.

A CLM system's machine learning capabilities can analyze existing contracts and extract the company's agreed positions. This information can be used to develop the playbook.

Once the playbook is ready, the CLM system can make it readily available to all stakeholders in the contracting process. This alignment among internal stakeholders can help in faster decision-making on conflicting terms proposed by the counterparty. It eliminates bottlenecks and speeds up negotiation and contract closure.

A CLM system can enable fast and efficient contract execution, allowing business teams to reap deal benefits without delays. When implemented correctly, a CLM system can transform every stage of the contracting process, allowing more accurate and consistent contracts, reducing risks, and ensuring greater compliance.

To discover more about CLM technology and its benefits, connect with a smartContract consultant today.

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Contracting with data: The need to measure

In the field of law, measuring student learning outcomes is crucial for effective legal education. A school that fails to measure student learning outcomes, by not conducting exams or tests, may fail to produce competent lawyers. In contrast, a school that effectively measures learning outcomes using the latest data about student performance can provide a better legal education, enabling teachers to identify areas where students need improvement and take corrective action. In the world of business, measuring performance is vital for effective management. However, one area of business that has traditionally been overlooked is contract management, which is critical for the success of any business. Poor contract management can lead to revenue leakage, missed opportunities, and uninformed decision-making. Companies that fail to measure their contract management process can lose up to 9% of their annual revenue. By collecting robust data and insights into contracts, companies can identify opportunities, prevent revenue leakage, and make informed decisions. Additionally, an efficient contract lifecycle management (CLM) solution can streamline the contracting process, providing easy access to contract data and improving visibility, transparency, automation, and accountability. CLM solutions can identify what is broken in the contracting process and provide specific data about the contract cycle to help organizations make better business decisions. Companies that use an advanced CLM solution like smartContract can prevent revenue leakage by identifying if a non-standard clause was used to specify product performance. With CLM technology, finding force majeure clauses in contracts and determining their legal validity in the context of a pandemic becomes an effortless task.

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How to mitigate non-compliance risks in Contract Management

Contract compliance is crucial for internal operations as well as external relationships but can be a challenge for any organization as the number of contracts grows consistently along with shifting priorities and changes in personnel.

A typical contract describes the activities that each party is required to perform or refrain from doing. These obligations are the heart of any contract but are often overlooked when organizations define their contract management process.

While signing a contract, each party makes a legally binding commitment to follow through on their obligations. The scope and number of these obligations depend on the size and nature of the contract. There can be contracts with a large number of standard or common obligations, and contracts with a small number of complex or non-standard obligations, or a mix of both.

However, complying with these obligations isn’t as straightforward, especially in organizations that manage their contracts manually. Terms, conditions, commitments, obligations, and entitlements of contracts may not be easily accessible if the contract management process of an organization is not well-structured.

Contract compliance is crucial for internal operations as well as external relationships but can be a challenge for any organization as the number of contracts grows consistently along with shifting priorities and changes in personnel. For example, a newly-hired procurement manager might miss a non-standard payment obligation because he didn’t get the chance to manually go through every contract being managed by his predecessor.

Consequences of lapses in Contract Compliance

Such failures in contract compliance can result in serious consequences. Depending on who the other party is and the nature of a contract, failure to comply with contractual obligations may lead to some very expensive penalties and other damages. There is a good chance that a lawsuit can also be brought to rectify the wrongdoing.

Loss of reputation and goodwill is another issue that arises when contract compliance issues of an organization become public. Companies that fail to adhere to compliance mandates and protocols may also get blacklisted in some networks.

Failure to comply with contractual obligations can also result in complications in business relationships which can hit both operations and revenues. It can also lead to missed opportunities and can impact things as crucial as the renewal of contracts.

Whereas, a robust compliance process or system will help an organization save money, lower risk, and build better operational relationships with business partners. On the other hand, employees will also be more satisfied and perform more efficiently when they are equipped with the right tools and skills.

How a CLM solution can help

An automated, integrated Contract Lifecycle Management (CLM) solution can efficiently minimize non-compliance risks and improve profitability.

CLM solutions are equipped with a structured obligation management framework that can help assess the criticality of obligations and establish accountability to improve operational compliance. Even in contracts with complex obligations involving multiple departments, smart systems can help assign responsibilities to ensure fool-proof, fully compliant contracts.

For example, multiple teams at an IT services firm might be required to disclose the scope and purpose of processing a client’s data on a quarterly basis. A centralized CLM solution here can help bring these teams up to speed about their responsibilities to fulfill the obligations of the contract without giving them access to the full contract.

During the post-award stage, a CLM solution also helps in tracking the fulfillment of obligations and reporting any inconsistencies in contract performance through pre-configured benchmarks. Comparing these metrics with actual performance, it gives visibility into the day-to-day execution of contracts and alerts stakeholders in case of any deviations or delays. Such features help decision-makers get a clear picture of the risks and take steps to address any internal or external operational lapses while ensuring requisite compliance with desired performance obligations.

Compliance management is getting more complex by the day, especially with the rise of remote working where traditionally or manually stored contracts are not easily accessible. This has made it a necessity to be equipped with a smart, digitized contract management solution. Investing in an AI-powered CLM solution like smartContract can help you ensure maximum compliance with your obligations and minimize risks.

smartContract offers extensive yet digestible insights into your contract documents which enables you to quickly scan through relevant information about contract performance and compliance. It is a complete contract lifecycle management solution to create, execute, understand, and manage contracts. If you are interested in discovering more about CLM technology and the benefits it offers, please connect with a smartContract consultant today.

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smartContract+ Cygnature

By combining smartContract CLM with Cygnature, enterprises can elevate contract generation, review and execution experience for every business function while increasing compliance with the broadest range of legal requirements and following the most stringent security standards.

Leverage our combined expertise

All in one place?: With the seamless integration of smartContract CLM and Cygnature, you can access contract templates, audit trail, related contracts and past signatures at the click of a few buttons. Save time and resources in getting your contracts signed and executed with everything you need for contract lifecycle management in one place.

Reduce cycle time: With Cygnature’s e-signing process seamlessly integrated with smartContract CLM, you can further accelerate your workflow with a digital form submission, and then track the progress of signatures within smartContract. You can also assign signatories, send reminders to the recipients, and use notifications to stay ahead of deadlines.

Reduces Contracting Cost: Apart from the obvious costs of material and logistics, automated e-signing process integrated closely with an end-to-end CLM can drastically reduce the financial impact of human error like version mixups, and instead increase efficiency in taking a contract from initial request to execution and beyond.

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Contract Management Software- smartContractCLM

Contract Management Software (CLM) is a software solution that streamlines and automates the entire contract management process, from the creation of a contract to its final execution and ongoing management. The purpose of CLM is to simplify contract management, ensure compliance, mitigate risks, and improve operational efficiency.

smartContract CLM software provides a central repository for all contracts, making it easy to manage, track, and report on all contractual obligations. This software can handle a wide range of contracts, including sales contracts, employment contracts, purchase agreements, and more.

The software automates many of the tasks involved in contract management, such as creating and editing contracts, tracking contract approvals, and notifying stakeholders about upcoming renewal dates. It also provides a collaborative environment for contract negotiation, enabling multiple parties to work together on a contract simultaneously.

Some of the key features of CLM software include:

Contract creation and editing: CLM software allows users to create and edit contracts from predefined templates or from scratch, ensuring that all contracts adhere to company standards and are legally compliant.

Contract approvals: The software automates the approval process, ensuring that all stakeholders are notified and that approvals are obtained in a timely manner.

Contract tracking: The software tracks all contracts in a central repository, making it easy to access and monitor contracts, as well as set reminders for renewal dates.

Compliance management: CLM software ensures that all contracts comply with regulatory requirements and that they are properly filed and maintained.

Reporting: The software generates reports on contract status, compliance, and performance, making it easy to analyze contract data and identify areas for improvement.

Overall, CLM software provides organizations with an efficient and effective way to manage their contracts, reducing risk, ensuring compliance, and improving operational efficiency.

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Contract Management Software(CLM) for Telecom  Providers

smartContract Contract management software (CLM) can greatly benefit telecom providers in several ways:

Improved Contract Visibility: smartContract CLM software provides a centralized location for storing and accessing contracts, which helps telecom providers keep track of their contracts with vendors, partners, and customers. It provides visibility into important contract details such as expiration dates, renewal options, pricing terms, and performance metrics.

Efficient Contract Creation and Approval: smartContract CLM software streamlines the contract creation and approval process, reducing the time it takes to draft, review, and approve contracts. It also provides a standard template for creating contracts, ensuring that they are consistent and meet the telecom provider's legal and business requirements.

Enhanced Contract Compliance: smartContract CLM software helps telecom providers ensure that their contracts are compliant with regulatory and legal requirements. It provides alerts and notifications for key contract dates, milestones, and obligations, ensuring that telecom providers stay on top of their contractual commitments.

Better Contract Negotiation: smartContract CLM software provides telecom providers with a comprehensive view of their contract portfolio, which helps them negotiate better terms with vendors, partners, and customers. They can leverage data and analytics to identify trends, benchmark performance, and negotiate more favorable terms.

Reduced Risk and Cost: smartContract CLM software helps telecom providers mitigate risks and reduce costs associated with contract management. By automating manual processes and improving contract visibility, they can minimize errors, avoid penalties, and reduce the need for legal intervention.

Overall, smartContract contract management software can help telecom providers improve their contract management processes, reduce risks, and enhance their operational efficiency. To know more information, download our ebook. 

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Contract Management Software(CLM) for financial Industry

Financial institutions across the globe have displayed remarkable resilience and adaptability during the pandemic, helping people, organizations, and governments get back on their feet. But as the world continues to change rapidly with a shifting global order and increased regulatory tightening, uncertainty has become the new normal. Banking, financial services and insurance (BFSI) organizations are now urgently seeking ways to chart a path through the current fog of uncertainty and reposition for a brighter future.

Contract management software (CLM) is essential for the financial industry as it helps manage and organize contracts, reduce risk, and improve compliance. Here are some features that are important for CLM software for the financial industry:

Customizable templates: CLM software should have customizable templates that can be used to create contracts specific to the financial industry. These templates should be pre-populated with relevant clauses and language to ensure that contracts are comprehensive and accurate.

Security: As the financial industry deals with sensitive information, it's crucial that the CLM software has strong security measures in place. This includes data encryption, access controls, and audit trails.

Integration with other systems: CLM software should integrate with other systems, such as accounting and customer relationship management (CRM) software. This integration helps ensure that contracts are up-to-date and accurate across all systems.

Compliance management: CLM software should have compliance management features that ensure contracts comply with industry regulations, such as GDPR and HIPAA.

Workflow automation: CLM software should automate workflows to ensure that contracts are processed quickly and efficiently. This includes features such as automated approvals, notifications, and reminders.

Reporting and analytics: CLM software should have reporting and analytics features that provide insights into contract performance and compliance. These features help organizations make informed decisions about contract management.

Contract monitoring: CLM software should have features that allow organizations to monitor contracts throughout their lifecycle. This includes alerts for key dates such as contract renewal and termination dates.

Mobile access: CLM software should be accessible on mobile devices, allowing users to manage contracts while on-the-go.

User-friendly interface: CLM software should have a user-friendly interface that is easy to navigate and understand, allowing users to quickly find the information they need.

Overall, CLM software is essential for the financial industry as it helps manage contracts, reduce risk, and improve compliance. When selecting CLM software, it's important to consider features such as customizable templates, security, compliance management, workflow automation, reporting and analytics, contract monitoring, mobile access, and a user-friendly interface.

To know more download our e-book from smartContract CLM for financial institutions: Navigating the new economic order

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Impact First: Navigating the complexities of modern CLM

Contract lifecycle management (CLM) has become increasingly complex in recent years, with the rise of digital technologies, evolving regulations, and global business operations. To navigate these complexities, organizations must adopt an "impact first" approach to CLM.

This means focusing on the key business outcomes that contract management is intended to achieve, such as reducing risk, improving efficiency, and increasing revenue. By starting with the desired impact, organizations can better identify the specific tools, processes, and strategies needed to achieve those outcomes.

An impact-first approach also requires a collaborative, cross-functional approach to CLM, involving stakeholders from legal, procurement, finance, and other departments. This ensures that all parties have a clear understanding of the organization's goals and can work together to achieve them.

Additionally, organizations must stay up-to-date on the latest technology and regulatory developments, and continuously evaluate and improve their CLM processes. By embracing an impact-first approach, organizations can navigate the complexities of modern CLM and achieve the outcomes they need to succeed in today's business environment.

Read our complete Impact First series on https://smartcontractclm.com/impact-first-navigating-the-complexities-of-modern-clm/

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How smartContract CLM helps Finance department-Download ebook

The volatile business environment has reinforced the importance of contracts to finance departments, as these documents govern every dollar in and out of a company. But despite a strong understanding of what the company needs, finance departments aren’t able to accumulate the necessary information from the contracts to inform their company’s decisions.

Finance without smartContract CLM

Insufficient control over cashflow, partial visibility

Download e-book

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Practical CLM 2023: Building digital maturity

The Practical CLM 2023 conference focuses on the theme of building digital maturity. The conference brings together experts and leaders in the field to discuss the latest trends, best practices, and technological advancements in the area of customer lifecycle management. The goal of the conference is to help attendees understand the importance of digital maturity in modern business and to provide them with the tools and insights they need to successfully implement digital strategies in their organizations.

This article is a part of smartContract’s Practical Contracting 2023 series wherein each chapter will focus on the most prominent challenges with CLM solutions today and how we’ve been able to overcome them for our clients. Watch this space for upcoming articles or drop an email to [email protected] with the subject “PC23” to be notified.

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Practical CLM 2023: Breaking the change management impasse

Impressed by the flashy demos and marketing teasers of a CLM vendor, the General Counsel of a well-known conglomerate tried to impose the CLM on the company by a mandate. The expectation was that the tool will completely revolutionize their contracting process. But instead, chaos ensued. Why? Employees weren’t ready to change the processes and technology they have been using for years. None of the significantly affected groups like sales and procurement were represented in the implementation stakeholders’ team, which meant that the day-to-day challenges of many end users weren’t addressed. The project failed quite spectacularly with less than 25% adoption rate throughout its lifetime.

The lesson? Technology is not enough to drive effective transformation on its own, people should be at the heart of change and innovation.

But that’s not exactly news. Experts have been saying this for years now. What’s news is that the journey to successful change management, especially for solutions as complex as CLM, starts at vendor selection as most vendors are unable to offer the much-needed flexibility, which leads to irreversible problems down the road.

Introducing Impact First methodology

To break the change management impasse that is paralyzing CLM implementations, we have embraced the Impact First methodology at smartContract, which gives our clients the flexibility to phase out their CLM implementation path both horizontally and vertically to maximize impact.

It means we will work with our customers in small, iterative cycles to explore and solve challenges from the perspective of multiple stakeholders other than just legal. This enables us to not only deliver quick wins but also drive horizontal impact to get on board diverse CLM champions from across the organization. For example, we might start by first streamlining the contract request intake process – a pain point that affects multiple teams within an organization. Many companies still rely on emails to generate contract requests and legal often complains of being unable to properly manage and document these requests or having to chase the requestor for complete information. At the same time, business users like sales or procurement teams are also irked because there’s often no defined format to provide information for complex contracts.

With smartContract CLM, the contract request intake process can be standardized according to agreement type and the system can even generate the first contract draft if that agreement can be based on a standard template, delighting not only legal but also increasing efficiency for the requestor.

Consequently, we will work with our customers in multiple similar cycles to discover problems and create meaningful impact that compounds to powerful results over the course of implementation.

Why Impact First works

The goal of any internal digital transformation initiative, including a CLM implementation, should not be just to improve employee efficiency but also to empower them with the right tools that make them better at their job. For this, any effort must be preceded by a diagnostic phase and followed through with in-depth input from diverse employees. To digitize or automate specific parts of contracting processes, you can rely on the input of employees who have intimate knowledge about what works and what doesn’t in their day-to-day while navigating through the lifecycles of different contracts.

This is important because certain decisions to improve the overall contract lifecycle might not be part of a legal leader’s comfort zone. Integrations are a great example of this, legal might not know the customer lifecycle well enough to guide the CLM integration with a CRM in a way that’s practical for the sales team.

Under our Impact First methodology, the smartContract CLM solution is adapted to the needs of your organization by creating opportunities for two-way conversations to collect and incorporate input from different stakeholders who have intimate knowledge about what works and what doesn’t for their use cases.

Ultimately, this approach gives stakeholders more control over how the digital transformation will unfold and frames a CLM solution that empowers employees to become even better at what they were already great at doing.

This article is a part of smartContract’s Practical CLM 2023 series wherein each chapter will focus on the most prominent challenges with CLM solutions today and how we’ve been able to overcome them for our clients. 

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smartContract : THE NEW AGE CONTRACT LIFECYCLE MANAGEMENT SOLUTION!

Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Every day a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best. Contract Lifecycle Management comes to the rescue by systematically & efficiently managing the contract creation, negotiation, execution, and analysis for maximizing operational and financial performance.

According to a recent survey, this need for streamlining workflows is expected to expand from $1086 million to $3167 million in the industry — more than tripling in value — within the next six years. The compound annual growth rate for the contract management solutions industry is predicted to be a healthy 16.65%.

We present to you smartContract — the complete CLM solution! It is an intuitive Contract Lifecycle Management Solution from SR Tekbox, which helps you automate your contract management processes. smartContract enables organizations to create, store, edit and manage any type of business to ensure transaction compliance for the terms agreed to in those contracts.

To know more, please visit : https://smartcontractclm.com/

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smartContract CLM for IT Services Industries

The IT services industry is in the midst of economic headwinds with some of their biggest clients poised to cut budgets at a time when the talent market is increasingly tight. This comes on top of broader changes in the industry that has seen the non-tech companies fortifying their IT functions to better understand and improve how they buy IT services.

Efficient contract management is key to sail through and beyond the headwinds as tracking these legal agreements enable IT companies to unblock bottlenecks, identify where revenue is being eroded and maximize value from their business relationships. 

To download e-book please click on-https://smartcontractclm.com/smartcontract-clm-for-it-services-2/

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smartContract CLM : A CLM as unique as your processes

smartContract CLM is a Contract Lifecycle Management solution to deliver enterprise-wide value with smarter contracting supported by faster negotiations, greater compliance, robust automation and AI-powered business insights. By prioritizing simplicity while being powered by cutting-edge technology, the system has become a leading CLM system trusted by some of the largest organizations. smartContract CLM has been developed with an understanding that every organization faces different contracting challenges, and thus, it offers the flexibility to be configured to meet unique business needs.

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Best-of-breed vs single suite: The debate heats up

The latest procurement technology landscape report by Procurement Leaders shows that 59% of organizations could choose... Read more