Contract Management Trick or Treat!

"Trick or Treat!" It's the phrase that makes Halloween special for all of us. I hope your candy bowls are full and your lights are on for trick or treating later today! I'm sure you'll see plenty of treats. However, there are tricks too... 

A poor contract lifecycle management solution can really pack the tricks, especially when you when you least expect it. So here are a few CLM "tricks" that aren't so nice, and the "treats" a modern CLM solution like Malbek can offer!

Watch out for those tricks!

Whoa, Bob! Is it still mischief night? Because all your CLM has is tricks!  A poor contract management solution can cost you, and we all know that. But there are some sneaky tricks that you might not even notice are a problem till its too late!

One trick, frustration, is a result of a bad user interface and little training. Users who don’t know how to use a CLM solution will quickly get frustrated and resent the system. That leads to his next trick: low user adoption. Without being adopted and used properly, your organization is inviting risk and missed obligations. Inaction is just as, if not more, costly than wrong actions.

Additionally, all this friction and frustration leads to slow deal cycles. Especially when paired with a system that does not offer easy-to-set-up integrations with other key platforms. All you end up with is inefficient teams that don’t know how to – or can’t – share information with one another. Yikes!

Treat yourself (and your organization!)

Now Bek, she has the right idea. Her CLM is only giving out treats.

A CLM that fits just right will only give you pleasant surprises. Instead of a frustrating system that feels more like a necessary evil, a good solution will quickly become a “want to use”. It will empower your users and give them a better grasp on the contracts they touch every day. They’ll have the freedom to build contracts and close deals faster with drop-down clause menus, robust integrations, and an easy-to-use interface.

With all that empowerment, you’ll see contract cycle times reduce significantly. Thank you contract automation and workflows! This means your team will have more time to do the important things and not get hung up on mundane tasks. And as the best treat of all, teams across the business will feel united. Integrations with platforms like Salesforce, Coupa, and Slack keep information free-flowing, easy to share, and easy to access.

If this sounds like the treat your company needs, request a demo today!

Happy Halloween! 🎃👻🕷️