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Technology: The future is now
Contract Lifecycle Management (CLM) is a growing priority for many businesses. It is a key driver of revenue growth and reduced costs. Fully realized CLM can create benefits across the organization, but in order to maximize its potential, integrated technology has to play a fundamental role. Today’s business scenarios are so complex, and the number of contracts that any given enterprise handles is so great, that if you are in a contracting or legal role you must implement CLM to perform your job effectively.
Effective contract management leads to:
- 30% larger renewals (Goldman Sachs)
- 40% contract administration costs saved (Microsoft)
- Enterprises save an average of 22 cents of every dollar that is contract compliant (PwC)
Overcoming outdated processes
At the same time, today’s contracting processes are often bureaucratic and laborious, creating significant delays and requiring major reforms to support digital transformation.
- 85% of companies are using manual processes to manage sales contracts (Aberdeen)
- Ineffective contract management costs businesses up to 9.2% of annual revenue (IACCM)
Re-aligning people and machines
Understanding and taking steps to resolve these two contradictory imperatives—the need to implement CLM technology and the need to reform outdated contract processes—is an essential element of business evolution, and one that demands a re-alignment between people and machines. New technologies are emerging fast, pushing contracting and legal professionals to redefine their roles and expand their skills.
How to make this happen—specifically what steps to take—is not so straightforward. At the heart of any business decision is the assessment of risk versus reward. Fundamental change requires investment of capital, far-reaching transformation of vital systems, extensive retraining, and the list goes on. How are companies deciding what to change and when? What will the blended function of the future look like?
From technology to operations, changes are here, and more are coming.
Join Doug Rybacki, Conga VP of Product Management, and Tim Cummins, IACCM CEO, on May 2nd from 11:00am-12:00pm ET for a webinar discussion on the Future of Contract Management.