By the time you're ready for a contract management product demo, your expectations are probably pretty high. You can't wait to see all the possibilities that await you. Unfortunately, the demo process is not always as straightforward as you might think. You could even walk away shaking your head, thinking: "That vendor didn't talk about anything that impacts my life with contracts or addresses our challenges with contracting." We want to help you avoid that kind of experience.
The 4th webinar in our series "Pulling Back the Curtain on Contract Lifecycle Management" focuses on this very issue. Our panel of contract management experts, Teju Desphande of Oya Solutions, Stephanie Corey of UpLevel Ops, and Malbek's Matt Patel, provide their 4 recommendations for how to get the most out of your contract management demo.
Be sure to compare apples to apples
In this clip from the webinar, Matt Patel, who has done hundreds of demos over the course of his career talks about the kind of information that should be provided to a CLM vendor prior to the demo so that what you see is relevant to your needs. Make sure that the person demoing the product understands the challenges your organization faces and what you are hoping to get out of a CLM solution. This will also make it easier as you compare between vendors to have a true side-by-side view.
Be clear on what is a necessity
Everyone will have their own functionality wishlist, but agreeing together ahead of time on what is critical versus a bonus will make it easier to decide which vendor you want to go with. Not every delightful feature will improve your contract management processes. Figure out what you can't live without and keep that in mind as you evaluate the product in the demo.
Develop a scorecard and fill it out immediately
The must-have features should become part of a product scorecard that you use during contract management demos. Eliminating individual and company names can help promote greater authenticity and unbiased feedback. This kind of anonymity can also make it easier to fairly evaluate the various options before you. And have everyone complete their scorecard immediately after the demo so that the information is captured while it is fresh.
Check what's under the hood
Keep in mind that choosing a CLM solution is not just about the day-to-day features and functions. It is also about how the system is set up and maintained. Be sure to ask questions about how the product is configured, administered, and maintained. You don't want any surprises with regard to ramp up and ongoing maintenance because no one thought to ask about what's under the hood.
The webinar is just 20 minutes long, the ideal length for some educational multi-tasking during lunch. You can access it here. And be sure to stay tuned for installment 5, "Selecting Your CLM Solution and Implementation Partner".
