The Rise of CLM Success in Today’s Business Landscape

The prospects and relevance of contract lifecycle management (CLM) have risen to an explosive level in this decade. Fuelled by the necessity of lockdown-induced disruptions and the many supply chain challenges – the need for a robust and reliable contract lifecycle management (CLM) solution has become more compelling than ever.

According to Future Market Insights, this space was valued at $936.4 Million in 2021 and is projected to touch $2,413.9 Million by 2029. Furthermore, from the lens of Precedence Research, we can infer that the global contract lifecycle management (CLM) size can hit $5.8 billion by the end of 2030.

Drive CLM Success with Enhanced Compliance and Risk Management

A contract lifecycle management (CLM) system helps to track every part of a contract for proper compliance, performance, timeliness, costs, and effectiveness. These solutions help an enterprise reduce risks, achieve stress-free compliance, create a more robust framework for regulatory needs, and elevate the customer experience.

The need for good contract lifecycle management (CLM) solutions has been heightened with the advent of self-service contract writing, management of templates, pre-approved provisions, and real-time collaboration that help with a fast contract turnaround. When an enterprise is armed with a robust contract lifecycle management (CLM) system, it can reduce a lot of ambiguity, uncertainty, and fraud from the entire chain of vendors, partners, and projects it invests in.

Many CLM systems enable all this with features like automated contract approval processes, intelligent monitoring, configuration management, easy contract visibility and comparison capabilities. In addition, carefully crafted contract lifecycle management (CLM) systems help manage contracts in real time and add much-needed visibility, choice, and control over any project’s Cloud, electronic repository, and other infrastructure areas.

Maximizing CLM Success Through Strategic Change Management

The entire impact, and sustainability, of any CLM software rests on the ability of an enterprise to deploy, integrate, execute, and maintain its contract lifecycle management in a very proactive, deep, well-streamlined, and effortless manner. This can be effectively achieved through some essential change management practices:

1. Plan and map the exact areas of the need for a CLM
2. Undertake business process configuration and re-engineering wherever required
3. Take out redundant and complicated areas from the process framework
4. Remove organizational siloes and minimize fragmentation as much as possible
5. Identify a CLM that is scalable, contextual and specific to your organization
6. Have a phased approach to its testing and implementation
7. Find change champions and garner stakeholder involvement to simplify the adoption process of CLM
8. Use feedback and incorporate suggestions to deepen user acceptance
9. Try to find CLM solutions that are strong in capabilities like Cloud, Automation, and Vertical-Diversity to make it all easy for your business users
10. Deploy, monitor, maintain, and review the journey in a consistent, and on-ground way to expedite results and preserve a positive impact

All of this becomes simple and swift when you choose a solution that is not just driven by technology experts but also brings the added advantage of over 20 consultants, seven legal specialists, and successful projects. That means a solution with a proven track record of ensuring CLM success from strategizing to building roll-outs.

A good solution is complemented strongly with analytics, support service, and product engineering capabilities. Reliable and A-level solutions come packed with proficiency in all areas – from contract storage to Cloud to compliance to automation. Like the Proen CLM consulting solution, which will help you build a simple and robust central repository for every contract. It helps project managers to cover every contract phase – from initiation to renewal. 

For more, you can refer to this:

1. Achieving a Successful CLM Go-Live
2. Navigating the CLM Journey: Three Ways to Ensure a Successful CLM Implementation

Conclusion 

When executed correctly by specialists, project managers can enhance compliance, reduce leakages, and maximize value from third-party relationships. This investment yields significant returns, achieved earlier when CLM is fully accepted and understood across relevant business functions. User acceptance, CLM literacy, and training are crucial for the success and longevity of CLM software.

A good contract lifecycle management (CLM) consulting service is the foundation of an enterprise’s excellence in data management, document management, project management, and compliance. Let this foundation have strong roots. They start with solid change management practices, and the fruits emerge strong and for a long time.