Choosing the Right CLM Solution: A Guide to Identifying the Best Fit for Your Present and Future Requirement
A clever workman pushes his/her possibilities to the ultimate level by choosing the right contract lifecycle management (CLM) solution. Here’s a guide for identifying the best fit for your current and future requirements.
Once upon a time, the idea of a CLM or contract lifecycle management was as alien and new as that of a car in a village dotted with horses. But as businesses started to realize the beauty, effectiveness, and quick returns of contract lifecycle management (CLM) software, they soon found themselves at a turn where they could not think of living without a CLM solution.
With good contract lifecycle management (CLM) software armed with expert-driven CLM consulting, businesses could create, manage and renew contracts with staggering speed, productivity, and high performance.
Contract lifecycle management (CLM) already demonstrates ample returns and unprecedented time+cost savings for many organizations. But the ones who excel here are a little different than the ones who only do it superficially. Well, not a little different. A lot different. Here’s what separates CLM champions from also-rans.
- They try to understand their contract management needs – one’s vertical, business size, stage, and ecosystem can differ entirely from another player.
- They assess existing contract management challenges and pain points.
- They clearly define specific requirements and objectives for CLM implementation.
- They ask themselves– are we grappling with performance? Are we looking for better time management?
- They consider scalability and future need for long-term suitability.
- They map out a long-horizon plan.
- They identify key features and functionalities.
And all this can be done by you too. Here’s how.
Go for the Swiss knife
Select the right contract lifecycle management (CLM) solution for effective contract management – it should be equipped with some critical features for streamlined contract creation and management and advanced functionalities for efficient contract negotiation and approval processes. It should also entail fuss-free integrations with other business systems for seamless workflow and data exchange. You must also evaluate vendor reputation and experience – go for reputable CLM vendors and their track records. Read customer reviews and testimonials. Check for industry recognition and awards.
Something like Proen that is packed with:
- World-class CLM expertise that helps you to streamline CLM processes for efficiency and compliance with our specialized paralegals.
- Expertise in understanding your contract management needs, processes, and pain points to develop tailored strategies that align with your goal.
- Tailored solutions or customized CLM services that are adequately aligned with your objectives to unlock the full potential of your processes.
- Proven track record in identifying contract lifecycle stages and streamlined processes to boost efficiency.
- Confidentiality and security- delivered through strict protocols and secure file transfer methods to protect sensitive data.
- Battle-tested experts who can customize templates, workflows, and approvals for optimal contract management.
- Comprehensive training and a smooth transition to the new CLM system.
- Ability to track contract status and compliance and provide ongoing support for continuous improvement.
Last word- don’t forget scalability, customization, and UI
The contract lifecycle management (CLM) solution you choose should be armed with the ability to handle growing contract volumes. Evaluate scalability options for multiple users and expand business needs. Ask and chart out the level of customization available to tailor the CLM solution to specific requirements. Another essential criterion is the CLM solution’s ‘User-Friendliness and Ease of Adoption.’ It would help to consider the intuitiveness and user-friendly interface of the CLM solution you choose. Otherwise, no matter how great or cool, the CLM solution will fizzle out on the real ground. Also, make room for training and support provided by the vendor for smooth adoption. Think in advance about mobile accessibility and compatibility for on-the-go access. Go for a CLM solution that assures you of integration and compatibility with existing systems. For that, some homework from your end will help a lot. Start identifying the systems that must integrate with the CLM solution (e.g., CRM, ERP). Put efforts into verifying compatibility and ease of integration with existing infrastructure. Also, take into consideration data security and privacy aspects in system integration.
Finally, round it off with a solid total cost of ownership (TCO) Analysis. For this, you must understand the pricing models CLM vendors offer. Calculate the upfront costs, ongoing maintenance fees, and potential additional costs. Analyze the TCO over the projected implementation period.
Before breathing a sigh of relief, which will soon happen, also weigh in on the availability, and practical performance, of vendor support and service level agreement (SLA). Assess the quality and availability of vendor support. Review SLA terms, response times, and issue resolution procedures—plan for ongoing updates, maintenance, and system upgrades provided by the vendor.
It’s also advisable to request demos and trial periods. This allows you to explore the CLM solution’s functionalities in-depth and viability-check. It’s better to test the system’s performance and suitability and gather practical feedback from key stakeholders during the trial phase – rather than go ahead with a smug attitude.
In short, while a CLM solution is just the genie you need to be the hero you want to be, it works splendidly only when you make an informed decision, weigh the assessment results and feedback with an objective lens, and consider everything holistically. Consider the overall fit, cost-effectiveness, and alignment with current and future requirements – instead of being reckless and rose-tinted about it. Nothing like prioritizing your needs, and conducting thorough evaluations ensures your CLM’s success.
The long-term benefits of selecting the best-fit contract lifecycle management (CLM) solution for effective contract management – are solid and hard to ignore. Start picking your CLM toolkit like Harry Potter chose his magic wand. Smartly. Honestly. Confidently.
Reach out to our experts for more information on how your organization can benefit from a robust CLM solution.