No matter how big or small your business is, you will eventually have to deal with contracts. There are many contracts a small business has to deal with, ranging from employment agreements with their staff to supply agreements with suppliers and even tenders with clients. With your business growing, you are also likely to handle more contracts, and at some point, you will need to develop a more sustainable way of managing the contracts.
Buying an AI-based contract management software provides a reliable, end-to-end platform. These systems facilitate contract storage, workflow automation, and advanced reporting, irrespective of their core use case. Their value to legal departments and companies is fully operational, analytical, and strategic.
Contract Management Solutions Are Hard to Evaluate
There is no doubt that a CLM vendor search can seem overwhelming at first. There are many players in the legal tech industry, which is relatively nascent. Therefore, finding providers and evaluating systems becomes difficult. Too few law firms are taking the lead on digital transformation projects. It makes evaluating vendors and software for their companies much more difficult.
However, they must carefully examine the current market landscape and reflect deeply on it. Both individual use cases and total customer value should be at the forefront of their minds. It goes without saying. The vendor’s support during enterprise software integration, legacy contract migration, and AI engineering is equally important. Aside from vendor value delivery, customer retention, and business history, legal departments and companies should also consider the newness of the CLM market.
Understanding the Contract Management Fundamentals
We offer some tactical frameworks and helpful suggestions in our comprehensive white paper for teams looking for contract management solutions.
This document may be particularly useful to readers who are leading their company’s search for a CLM system or deciding on one themselves. Here are some tips on how to choose a contract management solution:
- How to understand today’s CLM market landscape (via core use case and customer value)
- A five-dimensional assessment of contract management (product functionality, implementation, value delivery, customer retention, and funding.)
- What your individual CLM needs are (e.g., contract digitization, contract generation, obligation management, workflow and approvals, collaboration, contract review, contract searchability, and analytics and reporting)
You will also receive:
- Checklist for Contract Management
- CMRA scores
- RFP template for free
Starting Your Legal Digital Transformation
A growing trend in legal technology is the adoption and implementation of legal technology. Over the coming few years, more and more companies will undergo a legal digital transformation. Documents and contracts must be consolidated and managed in different formats and locations. The organization of agreements requires digitization and a centralized platform. In addition, it means supporting legal teams far beyond the contracting process. Shortly, we can expect this trend to grow even more.
As crucial as challenging, the first step in digitally transforming legal departments is fundamental. With the right vendor, it can be a hassle-free, fully-supported process. Moreover, the process only gets more accessible and more effective over time. We identify the stages of legal digital transformation by mapping the ease of implementation and return on investment (ROI) to customers outlined in our white paper.
Maintaining a state of readiness
It is imperative that legal is prepared for anything during these times. Under pressure, it needs to be completely agile and responsive in its decisions and actions. You want contracting to be more efficient and effective, right? Do you need an end-to-end contract management solution that helps manage overall risk, provides valuable data, and provides insights right?