• Procurement has evolved beyond cost. The procurement function has transformed from being purely cost-focused to becoming more customer-centric and value-driven. Modern procurement teams are focusing on co-innovation with suppliers, sustainability (ESG), and empowering employees while maintaining appropriate controls and guardrails.
• CLM can be a strategic hub. Contract Lifecycle Management (CLM) sits at the intersection of three major business processes: source-to-pay, lead-to-cash, and legal operations. It’s not just a repository for contracts but a strategic tool that helps manage relationships, risks, and obligations across the organization.
• Start with stakeholders. When selecting a CLM solution, organizations should consider multiple stakeholders beyond just procurement – including legal, sales, supply chain, and risk officers. Each stakeholder has different needs and requirements that the CLM must address, making it crucial to take a holistic approach to selection.
• AI is essential to CLM. AI has become a crucial component in modern CLM solutions, offering practical value in areas like contract creation, redlining, risk mitigation, and clause recommendations. While AI adoption should be approached thoughtfully, starting small and scaling up, it’s no longer just hype but a real tool that can drive efficiency and effectiveness in contract management.

Interested in seeing how Ironclad can help you streamline your procurement contracts and manage risk? Talk to one of our digital contracting specialists and get a custom demo.