3 Ways to Measure CLM Value
Reliable contract lifecycle management plays a central role in every business. It offers important legal insights that allow organizations to operate while minimizing risk.
However, managing contracts can be complicated, and businesses open themselves up to legal liabilities if they are managing their contracts incorrectly. Decision-makers who want to improve their contract lifecycle management (CLM) have access to a plethora of options for improved clarity and simplified processing of their legal agreements.
One such option is a contract lifecycle management solution. A proper CLM solution gives business leaders a framework for creating and executing contracts. With CLM software, companies can eliminate uncertainty and gain control over their contract lifecycles.
The Value of AI-Driven CLM Solutions
For many businesses, their bad contract management practices present added costs, wasted resources, and inefficient practices that limit scalability. By using a CLM solution, organizations can automate their contract lifecycles with modern technologies and build efficiencies into their processes.
Some CLM software features that can drive ROI include:
- Real-time alerts
- Integrated tools and software
- Secure cloud deployments
- Document authoring and distribution
- Data analytics
Proper CLM software is essential for modern businesses that want a unified platform for managing contract lifecycles.
How to Measure CLM Value
The value that CLM brings to a particular business model depends entirely on how the CLM is deployed in the real world. Making sure that the solution is deployed and administered by the people who need it most is key. Having stakeholder buy-in is also a must.
Working with contracts across the lifecycle is easy with a simplified workflow and efficient search functions. With immediate access to contract management, teams everywhere in the business- such as Sales, Legal, Procurement, and more – can save time and money while remotely collaborating across the network.
Consider the following three major benefits:
1. More Time
The process of awarding, renewing, and maintaining contracts takes time and energy. These requirements can dramatically impact a company’s ability to operate if it doesn’t have good lifecycle management capabilities in place.
CLM’s value can be measured in the amount of time it takes to execute contracts from start to finish. With the right services in place, decision-makers can ensure agreements go off without a hitch – every time.
2. Lower Costs
Managing contracts can be expensive, especially when your process is faulty and leads to risk and mistakes. This reality can make the execution of complex agreements tricky, preventing some organizations from seeing them through to the end.
CLM simplifies the contract creation, execution, and analysis process, allowing decision-makers to control spending and eliminate waste. This control is essential for maximizing return on investment and attaining growth.
3. Greater Collaboration
Contracts often require input from multiple stakeholders, which only adds to the amount of time and money required to come to an agreement. Companies that are unable to effectively collaborate across large projects may find it more difficult to properly execute their contracts.
Using CLM to communicate important information over a centralized platform makes it easy to share contracts and make adjustments as needed. With collaborative tools and processes, CLM makes managing contracts with large teams much more efficient.
Improve Your CLM’s Value with Malbek
Do you want to get the most value out of your contracts? At Malbek, we know how to navigate the complexities of CLM, allowing you to close deals and manage an increasing workload.
With Malbek’s CLM software, you’ll be equipped to handle ongoing requests while tracking changes and making approvals in real-time. Our CLM software is easy to configure and use, letting you focus on completing projects.
Discover how Malbek is transforming contract management. Request a demo to find out more today.