Where does a business derive its speed and value from? From many places, people, and resources. But a large part comes from being confident that the equipment, material, and services you need to deliver to market- are available when promised and as promised. All this is painstakingly and rigorously captured in a contract. A contract is, therefore, much more than a piece of paper. It is a beacon that guides all concerned parties. It ensures the business runs smoothly without delays, kinks, and confusion.

A KPMG report rightly captures that much work gets put into the upfront pre-signature activity, such as contract formation, where obligations and their associated performance indicators and service credits are determined. However, one cannot ignore the shift in post-signature, where much of the intended value of the contract is lost through value leakage or forgotten through inadequate obligation management. KPMG also highlights how the focus of the supplier and contract management team is also often exhausted on low value and manual activity due to a lack of automation in the key pillars of performance management, contract management, financial management, and risk management.

Hence, it is essential to ensure that contracts work as prescribed and are written and managed with a sharp eye and a firm hand of control. 

CLM – Need of the hour

To remove inefficiencies and delay, an enterprise has to transform contract processes digitally. This can be done by gaining complete visibility and control and strengthening compliance and contract turnaround times. This also entails minimizing paperwork, mitigating duplication, and reducing follow-up-related downtime as much as possible.

As per Precedence Research, there is a growing demand for cloud-based contractual lifecycle management systems for better security, limitless data storage, and accessibility to stored data. Enterprises want to reduce risks, create a more robust framework for compliance management, and sharpen customer experience amidst the ever-growing complexity of corporate operations. There is a strong need for CLM or Contract Lifecycle Management to enable self-service contract writing, management of templates and pre-approved alternate provisions, and real-time cooperation for a quicker contract turnaround.

The need for automation, transparency, visibility, and control has exploded like never before. As a result, almost 25 percent of the contract market is devoted to contract lifecycle management (CLM). No wonder the global contract lifecycle management software market size can easily reach around USD 5.8 billion by the end of 2030.

For contract lifecycle management (CLM) to work its magic, an organization must embrace a robust contract lifecycle management solution that delivers the tool and fits very well with the business context and real challenges that the organization needs to address. One needs a partner that brings in:

• End-to-end contract management domain-expertise
• A good grip on both the buy-side and sell-side contract lifecycle management
• Cutting-edge end-to-end contract lifecycle management (CLM) expertise
• Granular ability to better track, manage and automate every step of the contract lifecycle
• A giant swathe of successfully executing several CLM engagements worldwide
• Advanced tools, proven methodologies, and best practices
• The ease of instilling consistent contract storage practices
• A ready repository using predefined and custom templates
• Possibility of remote access and collaboration
• Methods for optimal tracking and reporting
• Proven approaches to cut down feedback loops and amount of iterations
• Amplified process efficiency with advanced analytics
• Accelerated auditing process and improved compliance
• Mobile-enabled visibility and control over contract flows
• The complete spectrum – implementation to integration, consulting to customization, and development to deployment.

Master CLM –  With the best by your side

An innovative contract lifecycle management (CLM) solution can brilliantly dissolve all contract management headaches into a single system for seamless and holistic management. With a smart CLM solution, an enterprise can relieve its people and decision-makers of unnecessary stress and workload by automating the entire contract lifecycle.

With over 20 expert consultants, seven legal specialists, and a dynamic team of developers and subject-matter professionals, Proen is at the forefront of empowering enterprises with an edge in contract lifecycle management (CLM). It has an end-to-end strength in helping organizations walk the entire road from strategizing to implementation to a smooth roll-out for contract management technology. Its adjacent capabilities in support IT, product engineering, and upskilling help with a ready hand to reach out to whenever needed.

Convert that piece of paper into a power. Make it less complicated. Make it work. 

For more information please talk to our experts today.