What Would Contract Lifecycle Management look like in 2021?
The impact the pandemic had on business in 2020 has created heightened urgency to protect revenues and reduce costs. Because Contract Lifecycle Management (CLM) plays such a vital role in achieving just this, will 2021 produce a new focus on the way contracts are created, signed and managed?
Many still believe that a digital and automated approach to Contract Lifecycle Management (CLM) is difficult to implement – despite the financial and efficiency gain.
A recent survey of 500 organisations by the “World Commerce and Contracting” confirmed that “persistent problems are created by fragmented processes, systems and resources across the contracting lifecycle.” – Without connectivity, there is limited visibility and lack of data needed to support urgent action.
There is a growing view that new technologies may prove game changing, driving data flows between systems.
In our experience, its not a problem too difficult to fix. It’s actually fairly easy if you have the technology and know how. The operational efficiency benefits and return on investment are compelling.
All CLM automation takes is looking at the contracts that exist in the organization a little differently:
- How the data and information impacts all the business silo’s
- how it should be digitised, automated, organized and managed, to extract and exploit the inherent value.
If you are interested in:
- Improving the customer experience
- Booking revenue sooner
- Reducing procurement spend
- Improving back office efficiency and governance
– Contract management and CLM deserves to be on your agenda in 2021. Take a look at our LinkedIn page for more articles and posts on CLM, its benefits, and why it plays such a pertinent role when it comes down to protecting revenues and reducing costs – especially in 2021.