as the year comes to an end, we wanted to take a moment to thank you for your continued support and engagement. It has been a pleasure to share our content with you over the past year, and we are grateful for the opportunity to connect with each and every one of you.
As we look ahead to the new year, we would like to extend our best wishes for a happy and healthy 2021. May it be filled with joy, success, and abundant opportunities to grow and learn. And of course… filled with legal tech! 😜
Giulio Messori, CEO
How CLM enhances resilience and offers strategic value to businesses 🚀
Knowing how to adapt your company's and processes' organization to handle the seismic changes of today's geopolitical and socio-economic arenas is a difficult if not impossible task. To increase your company's resiliency and ensure your contracts are managed in the best way possible, you need to change your contract lifecycle management (CLM) approach. This means taking the right steps towards shifting from efficiency to resiliency, a much better approach.
In the article "Ensure Your CLM Provides Strategic Value and Improves Business Resilience", Andy Wishart, CLM Futurist & Agiloft's Chief Product Officer, discloses the business's four essential steps to shift from efficiency to resiliency using CLM, in an increasingly dynamic international business environment.
Contracts should be thought to provide protection and direction whenever things don't go as planned, as it happened very often in the past years due to the Covid-19 pandemic. For this reason, effective contract management has become essential. The company must know the next steps and options to recognize and mitigate any risks. A contract lifecycle management software can provide the insights the modern, dynamic organization requires.
These steps go beyond improving contract performance; they also show how to improve customer experience and business decisions, allowing businesses to survive and thrive in today's challenging market conditions.
Here are the top four recommendations for the enterprise to follow to pivot from efficiency to resilience using CLM:
1 - Create the foundation. Digitize your contracts. 👨💻
Handling your contracts in a fit-for-purpose system by digitizing them through CLM, your contract issues are managed centrally: sustainability, consistency, completeness, searchability, ownership, and risk management.
This system gives your legal team a clear understanding of risk and contractual duties, which empowers every department to make quicker, more informed business choices and negotiate from a position of strength.
2 - Unlock the limitless strategic value of your CLM with simple, connected experiences. 📈
CLM implementations connect the organization stakeholders who start or participate in your contracting process. From your sales teams, who control the relationship with the customer on the sell-side, to your legal team, who handles work on specific contracts, to your procurement team, who manages the relationship with the supplier. The goal is to ensure your CLM offers these teams' teams straightforward, linked experiences with the technologies they use daily.
3 - Analyse your contracts to extract deep, strategic insights. 📑
Make sure your CLM offers the resources your teams require to interpret their contract data, including data visualizations, data extraction, semantic search, and the ability to monitor a contract's performance throughout its active life. Your ability to extract deep contract insights from your unstructured contract data, which will eventually guide company strategy, will be supported by the artificial intelligence capabilities of your CLM. Your capacity to shift toward obtaining more strategic outcomes from your CLM depends on your ability to transform the unstructured world of contract language into structured digital assets
4 - Transform contract performance, enhance business decisions and improve customer experiences. 90% of the information included in your contracts is an untapped risk management goldmine. 🌟
You may track the success of the connections inside your business at a meta-level once your CLM has converted your unstructured agreements into accessible digital assets. Your CLM can notify you so that you can make a course correction if it connects to your ERP and finds out that a supplier has not delivered products by a specific date. Additionally, your CLM can detect early signs of potential future risks to contractual performance. By establishing connections to reliable sources of legal or regulatory knowledge and then alerting users to any impending changes, cutting-edge CLM solutions can also automate compliance and enable proactive correction of non-compliant contracts.
In conclusion; there are several reasons why a business should adopt a contract lifecycle management (CLM) software. First, a CLM software can help automate the contract creation and management process, which can save time and reduce the risk of errors. This can be especially beneficial for businesses that have a large number of contracts to manage. Second, a CLM software can provide a central repository for all of a business's contracts, making it easier to find and access them. This can help improve contract visibility and ensure that contracts are properly executed. Third, a CLM software can help enforce compliance with contract terms and regulations, which can reduce the risk of legal and financial penalties. Overall, a CLM software can help businesses improve their contract management processes, reduce risk, and increase efficiency.
Are you looking for a way to streamline your legal workflow, improve the resilience of your business and stay ahead of the game in the rapidly evolving world of legal technology?🤔
Look no further! Sweet Legal Tech offers a range of innovative solutions to help you reach your potential and drive your business forward. 🚀
Don't miss out on the benefits of our cutting-edge services – contact us today and discover how we can help your organization thrive! 🔥
We wish you a very merry Christmas and a happy holiday season.🎅🎄☃️🎁
May the coming year bring you joy, success, and many more opportunities to use legal technology to make a positive impact.
As we look forward to the new year, we are excited about the continued growth and development of legal technology and the ways in which it can improve access to justice, increase efficiency, and enhance the practice of law. We are also grateful for the many dedicated professionals who are working to advance this important field.