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Contract Lifecycle Management adoption Trakti Photo by Severin Höin on Unsplash

Contract Lifecycle Management adoption: instructions for use

on June 14, 2021

Photo by Severin Höin on Unsplash

Contract Lifecycle Management is not just about technology, even though it is fundamental to choose the best tool to solve your company’s need. On the contrary, CLM adoption is a collective process, in which the procurement organization, the IT department, and the legal team work together, sharing knowledge seamlessly.

The challenge is to identify the tool that better meets your company’s needs. Let’s see how to find it!

The COVID-19 pandemic has put on the test companies’ skills to meet the latest flexible and fast-changing work scenario. In a world where sofas are becoming the new office chairs and meeting rooms are being replaced by video conferencing platforms, CEOs and team managers have to reinvent the onboarding process and keep tabs on their current employers and customer portfolio. In such a context, the Contract Lifecycle Management (CLM) adoption is rapidly gaining prominence.

That’s why in this article we are going to deepen and shed light on CLM software adoption, a process that requires new technology, but also a different and more efficient workflow, and close cooperation among the working teams. Let’s see.

Contract Lifecycle Management adoption: selection, implementation, management

The lack of these three elements is the reason why CLM implementation fails.

Deloitte’s cited article underlines that Contract Lifecycle Management is not just about technology, even though it is fundamental to choose the best tool to solve your company’s need.

Moreover, the consulting firm talks about CLM adoption as a collective process, in which the procurement organization, the IT department, and the legal team work together, sharing knowledge seamlessly.

So, what are you looking for? That is the question to answer when selecting the right CLM software. By just doing a quick Google search, thousands of tools that seem perfect for your business will be returned to you. But is it? Are CLM softwares all the same?

The challenge is to identify the tool that better meets your company’s needs:

  • optimizing the authoring process,
  • streamlining the IT ecosystem,
  • connecting lawyer and business teams,
  • or all of those things!

Of course, the more needs the software fills the most efficient your CLM will be.

Choose to have everything

We believe that an effective sharp platform should optimize the whole Contract Lifecycle Management, signature and payments included.

Trakti is a CLM software designed to give your contract managers and operational leaders an online collaboration tool, by which they can share the negotiation strategy and the objectives of the contracts, and activate a new deal. In this way, they can also monitor the development of the agreement from day one, store important documents and data, and communicate easily without sending emails. 

Trakti does not only cover the authoring process of a contract, giving your line manager the possibility to create, edit, and mark-up custom templates, but also involves the legal representative. They are both asked to approve the deal before it gets advertised and counterparts are notified. That’s why we talk about smart legal contacts, namely legally compliant contracts registered in the blockchain and using smart contract code to automate provisions and manage obligations.

Furthermore, Trakti supports you during the negotiation phase. That is an essential feature for your procurement and sales managers, who will exchange the deal’s specifications and files, and communicate with the counterpart through simple direct messages. At the end of the process, both parts could sign inside the platform, thanks to Trakti eSignature module.

Last but not least, Trakti is the first contract negotiation and management platform integrated into the blockchain. That makes it much more secure, from sensitive data storage and transmission to payments.

Can you imagine a better way to maintain remote full control on all aspects of the deal? If the answer is negative, activate a trial period for free!

Dennis BuonfiglioContract Lifecycle Management adoption: instructions for use

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