Harness the Power of Cloud in Contract Management
The essence of any effective contract lifecycle management (CLM) initiative lies in the ultra-fast speed and visibility that contract workflows can embrace. The entire purpose of contract lifecycle management (CLM) is to inject agility, transparency, efficiency, and uninterrupted movement into all facets of the contract management area. Whether it is documentation, approvals, or precise tracking of contract updates, speed and real-time alerts are of the utmost importance. So is the need to integrate all vendors and relevant people/teams on a single page. This any-time, any-where, any-function fluency cannot be achieved without Cloud under a CLM’s hood.
CLM without Cloud, a glue that does not stick
Through Cloud, any contract lifecycle management investment can deliver the results the enterprise aims for! According to Adroit Market Research, this space could touch $5.8 billion by 2030 and is witnessing new levers like AI, automation, analytics, and machine learning. According to Gartner’s research in this area, manual contracting processes can be inefficient and time-consuming- and they often create barriers to collaboration across departments and lack auditability. Also worth noting is how prolonged periods of market disruption and changing regulations heighten the pressure on organizations to improve efficiency and scalability in their contracting processes. That’s why advanced contract lifecycle management (CLM) features, such as automated contract review, online negotiation, and obligation management, can empower organizations to increase efficiency. And hence, the need for the cloud as a cornerstone of contract lifecycle management (CLM).
Cloud is like a magic pill that suddenly and intensely transforms the entire contract lifecycle management (CLM) landscape. This happens because Cloud brings in:
- Consistent and accurate updates on data without geographical constraints
- Visibility across the CLM expanse – irrespective of where the data is situated
- Elasticity for any process, number of users, and vertical usage
- Scalability – scale-up, scale-down, scale-in, and scale-out capabilities
- Robust control over data sharing and security
- Usage-based expense that cuts down unnecessary capex and sunk costs
- Ability to stay in sync with what the world is using- especially with cloud-native vendors
Stick together with CLM impact- with the right solution
With world-class consultants, the best legal experts, developers, and domain specialists, Proen is at the forefront of enabling clients with the power of the cloud in CLM. It comes with inherent product engineering, roll-out, and support capabilities that are made to fit well with the modern world of cloud computing and digital accelerators. For many happy clients, Proen is helping to shape Cloud-driven CLM to improve risk and compliance, cut-down leakages, and maximize value from third-party relationships. With the boundaryless, automated, and agile strengths of the cloud, Proen has helped companies to strengthen and sharpen all CLM areas, from the initial stages to post-contract execution:
Getting ready stage:
- Manage contractual obligations and SLAs.
- Lock in clauses to ensure they can’t be changed or edited, create a tamper-proof contract.
- Systematically manage clause, contract, and organizational-level contractual risk.
- Assign and oversee work to comply with contractual obligations and risks.
- Create contract execution workflows governed by policy and based on contract value, type, and risk.
- Manage role-based access rights for both internal and third-party users.
- Save document changes with editing party details for complete transparency
- Multi-channel mailroom process to collate contracts across locations and in multiple formats.
- Simplify drafting by using templates and clauses from the library to construct the contract.
- Negotiate clauses or suggest revisions in real-time.
- Enable a consistent legal language and process.
- Add simplicity, speed, and real-time traction during several rounds of discussions and collaboration.
- Effectively reduce time to author contracts with contract authoring custom add-ons, clause, and template libraries.
- Enable the parties to e-sign without getting the documents physically transported.
- Also, facilitate the signing of bulk contracts and save significantly in time and costs while reducing risk.
- Increase savings through enhanced contract compliance and contract coverage
- Set up timely alerts and notifications to reduce administrative, dispute, and operational expenses
- Identify revenue opportunities through improved contract management and data analysis
- Improve contract efficiency through lower contract cycle times, improved internal collaboration, and policy-driven contract authoring
- Standardize contractual processes (including contract clauses and templates) to conform to established policies, best practices, and the industry/regulatory environment
- Automated contract approvals under predefined conditions like contract value and type.
- Track and manage contractual obligations and SLAs – expiration dates, renewals, and other vital details
- Notify concerned parties when a contract expires and is up for renewal.
The concluding stage:
- Enjoy a centralized, secure repository for contracts and related documents, including old and new contracts
- Tap comprehensive yet, flexible contract summary or abstract for quick information retrieval
- Experience the ease and speed of Electronic signatures in the CLM process
- Get real-time performance insights for solid and precise audits or compliance needs
- Manage in a new way with data quality and technology usage audits, including contract management system inspections for completeness and correctness.
- Use periodic mini-diagnoses and audits, including reporting of non-compliant conduct and recommendation for corrective actions
When an enterprise taps the contract management-as-a-service model, it reaps all the advantages- impressively-less time, high returns, great UI, superb collaboration, and attractive profitability.
If you are also considering contract lifecycle management (CLM), think of it from the lens of a cloud. It will be a new perspective—a wholly different world of power, speed, and impact. For more information, talk to our experts today.