CLM, optimize your contract management

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itcelerator

22 January 2024

In an ever-changing legal environment, contract management has become a major challenge for companies. Legal managers are faced with increasing demands in terms of compliance, security andefficiency in the management of their contracts. It is in this context that our consultancy is positioned as a key expert, implementing Contract Lifecycle Management (CLM ) solutions tailored to your company’s specific needs.

* Source: Conga

Current challenges facing legal departments

  • The lack of visibility or control over past, present and future agreements significantly increases risk.
  • The length of contract cycles leads to random revenue recognition
  • Approval of contractual terms can lead to governance difficulties
  • Third-party documents increase risk exposure and operational complexity
  • Requests and approvals from your internal and external partners can create an unmanageable workload, and lead to a deterioration in service quality.

What is the CLM?

CLM, or Contract Lifecycle Management, encompasses all the processes involved in creating, negotiating, executing and managing contracts throughout their lifecycle. Our expertise as an integrator of CLM solutions enables us tooptimize these processes,increase visibility across your entire contract portfolio andimprove collaboration between the various contributors.

Benefits of Contract Lifecycle Management

A CLM solution offers many advantages for companies, especially for legal managers:

Optimisation des processus = gain de temps

  • Shorter contracting times: self-service contract creation in just a few clicks to speed up contract cycles
  • Automate repetitive contract management tasks, reducing time and resources.
  • Automated workflows speed up contract negotiation, approval and execution.
  • Centralization of elements: contract library, clausier, single contractual repository.

Better control

  • Control and management of the negotiation process: monitoring and notification of changes, ensuring better control of risks while reducing lead times
  • Visibility of past contract commitments
  • Renewal automation: efficient, proactive control of renewals, expirations, cycle times and workloads

Risk Reduction and Compliance

  • CLM identifies and mitigates the risk of litigation by providing alerts for contract deadlines, negotiating critical clauses and monitoring commitments arising from past contracts.
  • CLM solutions incorporate compliance monitoring functions, ensuring that all contracts comply with current legal standards.

CENTRALIZE – OPTIMIZE – MAKE RELIABLE
are the main advantages of a CLM solution.

Visibility and traceability

  • Sales reps are guided by automated wizards to create contracts automatically, and control issuance and modifications via approval workflows.
  • Portfolio overview: CLM provides full visibility of the entire contract portfolio, enabling legal managers to monitor and manage each contract effectively.
  • Traceability: Track contract changes, interactions and approvals throughout the contract lifecycle.

Cost savings and profitability

  • Reduce administrative costs: process automation reduces the administrative costs associated with manual contract management.
  • Optimization of contractual clauses: by identifying opportunities to improve contractual terms, CLM helps maximize the profitability of agreements.

Strategic Analysis and Decision-Making

  • Detailed reporting: Access detailed reports on contract performance, trends and risks, facilitating strategic decision-making.
  • Predictive analysis: some CLM systems integrate predictive analysis capabilities to anticipate future trends and make informed decisions.

In conclusion, CLM offers a comprehensive set of functionalities that go beyond simple contract management, providing significant benefits in terms ofoperational efficiency, risk reduction and strategic decision-making for companies.

Choosing the right CLM

There are several CLM software packages available, each with different features and functions. As with any strategic IT project, the choice and integration of a CLM requires the support of an expert in order to determine the most appropriate solution for achieving your objectives.

ITCelerator supports numerous companies in the selection and implementation of CLM solutions. Our team is made up ofmulti-disciplinary experts who are fully conversant with software such as CONGA CLM.

Our consultants will carry out the complete, customized implementation of your CLM solution of your CLM solution, ensuring a presence in all phases of a project: discovery/analysis of needs, parameterization of the solution & transfer of skills to make you autonomous.

ITCelerator listens to your projects

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