Companies with intensive CLM activity regularly oversee agreements between their organization and other parties. As such, they need to measure results on an ongoing basis. For this reason, they depend on contract management KPIs to align goals, develop the right metrics, and watch the CLM closely. However, these indicators need to be smart and consistent to keep in check those that are relevant to your operations.
To improve your company’s profitability and performance, there are 5 KPIs to measure for a successful CLM
Contracts are the lifeline of modern business. Without them, there wouldn’t be company partnerships, employment opportunities, or the exchange of goods and services. We already know that contracts play such a critical role in business but Contract lifecycle management (CLM) is the glue that holds the whole process in place.
It is thanks to CLM platforms and systems that you are able to optimize the process without losing sight of what’s important for your company’s growth.
In this article we will examine the ins and outs of Contract lifecycle management.
Contracts are an important aspect of any business. But without a plan in place, the contract management process can become overwhelming and full of risky manual errors.
There is the need to have a plan in mind to set up a smart contract management process to drive efficiency in organisations.
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The business world has deep roots in technical innovation – a rich tradition that now translates into blockchain adoption and the implementation of smart contracts. From a legal operations perspective, success is supported by adopting legal tech in a company. Corporate legal counsels are able to perform at great speeds. They are able to pay close attention to a great many details.
Nevertheless, companies required a significant change to their legal operations. Or to put it differently – the right cost of legal tech is crucial to improving operations. As legal teams become overwhelmed, stressed and understaffed, automating outdated manual processes for contract drafting and contract management is the first step.
So how do you increase productivity and efficiency for your legal teams via smart contracts?
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Contract obligation management and controls with smart legal contracts offer a more secure and streamlined way to achieve an effective and automated contract management system.
Contract management has long been the norm for many industries looking to streamline their supplier and vendor relations. However, the process of managing contract creation, execution, and analysis has historically been plagued by inefficiencies and error due to the manual work involved. That is why we’re seeing a new standard in the form of contract obligation management and control with smart legal contracts.
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Implementing a contract’s balanced scorecards helps organizations address weaknesses and optimize contract management.
To survive in today’s environment, companies must be flexible, service-oriented, and cost-effective. Some organizations may believe they embody these factors but have not truly measured their performance even when they’re implementing contracts. Balanced scorecards are thus necessary to offer a systemic approach to enrich the performance of an organization.
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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!
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