Key Takeaways
- The majority of CLM capabilities go unutilized. Because implementation can be resource heavy and time consuming, the execution tends to be piecemeal. If organizations don’t ever fully complete their CLM implementation, the pieces they never got to – which are often critically helpful functionalities – go ignored indefinitely.
- The shift towards digital is not optional. As the COVID-19 pandemic’s impact made clear, business don’t have any other choice but to embrace the digitization of their processes or heavily risk going under. For legal teams, that means digitization of contract drafting, redlining, execution, and storage. And that’s just the start.
- AI is a hot topic but ultimately not a deal maker or breaker when it comes to CLM evaluations. Although the majority of buyers get excited about the prospect of using AI in their day to day CLM processes, only a handful say they absolutely require a CLM’s AI functionality to be robust.
- CLM’s strategic business value is realized in post contract execution governance. While most CLMs have basic functionalities like repositories, contract analysis, and collaborative authoring and negotiation, its true value to the organization as a whole lies in more mature and robust functionalities, including integrations with upstream apps, downstream systems like CRMs, and contract process optimizations.
- Top 3 Drivers for CLM Investment
- Improving contract management efficiency
- Improving contract visibility and transparency
- Optimizing resources to do more with less
Interested in seeing how Ironclad can help your organization? Talk to one of our digital contracting specialists and get a custom demo.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
