Unleash the Potential of Contract Management Excellence with World-class CLM Consulting Services

Contract Management Excellence

Do you know that 40 percent of global CEOs think their organizations will no longer be economically viable in ten years? This came up in PwC’s 2023 Global CEO Survey, which also spotted that 52 percent of CEOs have already begun cutting costs.

Things are no different when we look at other top-suite reports. According to the Winter 2023 Fortune/Deloitte CEO Survey, CEOs prioritize core business transformation and new product and market innovation, embracing the need for solid dependence upon digital maturity. About 67 percent have CEOs ranked core business transformation as a priority investment area. 

What’s hard to ignore is how the CEO mindset has shifted because of the pandemic. The EY 2022 CEO Outlook Survey showed that the pandemic had impacted 86 percent. And many CEOs were seen positioning for growth and anticipating significant upside opportunities. Just the way bold choices proved decisive in the wake of the global financial crisis, many CEOs chose reconfiguring supply chains to reduce costs and minimize uncertainty. They have embraced the truth that the pandemic spelled very clearly to them – supply security can be a substantial competitive advantage. At the same time, they are fighting inflation, rising costs, and business risks with investments in technology. About 20 percent were seen investing in digital transformation and 11 percent in the improvement of working capital to release cash. Forty-seven percent of CEOs started seeing technology as key to customer engagement and maintaining or improving margins.

What does all this say?

Top business leaders have become even more acutely aware of the risks surrounding a business and the critical need to confront them. CEOs have simultaneously understood that digital forces are crucial in fighting the war against uncertainty, costs, and margin pressures. 

This aspect could not be starker than in the area of contract lifecycle management (CLM). Because contracts are a major pocket of business value. When ignored, they can suck in a lot of costs, time, and supply-chain efficiencies. When managed with a crisp and prudent radar- these contracts can help businesses to improve margins and maintain productivity. Well-managed contracts are keys that elevate business performance and enhance customer satisfaction with timely products/services. No smart CEO can disregard contract management excellence. Contract lifecycle management (CLM) is more than a process for a smart business. It’s a make-it-or-break-it organ for any organization. Handled well – contracts can propel a business’s supply chain and flip the cost-control game. Handled recklessly- they can throw in sudden surprises of cost-escalations, missed market opportunities, and disgruntled customers. 

Yet- Up to 80 percent of supplier management time is exhausted in data management and reporting, affecting the time left for portfolio management and strategy development- as highlighted in a KPMG 2021 report. It’s crucial, then, to pay extra attention to this business area – especially when CEOs are underlining transformation, digitization, and supply-chain edge.

Understanding the role of CLM consulting services

This reality explains why the value of world-class contract lifecycle management (CLM) consulting services has become even more pronounced in the current times. Without this guidance, a business can find itself lost in the clueless forest of missed deadlines, botched contracts, and poor vendor relationships. Mismanaged CLM can easily make a business nosedive into a dark place of uncontrollable costs, poor business performance, and weak supply chains. A strong player in CLM consulting services helps a business to focus on some key areas:

  • A strategic evaluation of actual business CLM needs
  • Realistic mapping of CLM strengths and blind spots
  • Assessment and gap analysis of current contract management practices
  • Design and implementation of CLM strategies and workflows
  • Selection and implementation of CLM software solutions

When you choose to engage a good solution of CLM consulting services, you get to gain the following:

  • Streamlined contract processes and reduced cycle times
  • Improved compliance and risk mitigation
  • Enhanced visibility and control over contract data
  • Real-time storage and extraction of documents
  • Complete transparency of and robust control over all flows
  • A strong posture in negotiations and legal areas of contracts
  • Automated simplicity- in drafts, signatures, approvals, SLAs, renewals, expiry reminders, and alerts
  • Increased savings through enhanced contract compliance and contract coverage
  • Effectiveness KPIs – utilization, scoring and value assessment, the quantity of contracts, renewal rate
  • Improved contract efficiency through lower contract cycle times, improved internal collaboration, and policy-driven contract authoring

Collaborative approach in CLM consulting

To harness these advantages mentioned above, choosing a synergistic model is advisable. Do not expect everything to be handled by the CLM partner. Feel free to share your actual needs and gap areas. Both the organization and CLM expert should cooperatively try these steps:

  • Working closely with stakeholders and subject matter experts
  • Conducting workshops and training to build internal capabilities
  • Continuous support and guidance throughout the implementation process
  • Deploying modules as per digital maturity and process-readiness
  • Encouraging a digital-first environment and culture

Choosing the right CLM consulting partner

So how to pick such a specialist who will be on the side of your team in this game of business? It’s simple. Focus on:

Unleash the Potential of Contract Management Excellence with World1 1

Also, do invest time and effort in maximizing the impact of CLM consulting services. This calls for regular evaluation and optimization of CLM strategies and workflows. Also, spend time and effort continuously learning and staying updated with industry trends.

The benefits of world-class CLM consulting services are simple and quick to witness. Smart CEOs know that investing in these areas can open the doors to a bright future and close the closets of value-erasers. Now that these eagle-eyed CEOs put their money and weight behind improving their game, join this creed. Start exploring CLM consulting for contract management excellence. Talk to our CLM consultants to know more. 

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