As organizations embrace AI, adapt to regulatory change, and prepare to navigate unprecedented levels of business risk, Contract Lifecycle Management (CLM) increasingly is tapped to address strategic business priorities. Alla Valente, Senior CLM Analyst at Forrester and Jim Farley, Head of Enterprise Architecture at Ironclad recently sat down to discuss the importance of legal and IT collaboration in order to truly capitalize on CLM’s potential. Here are a few takeaways from their conversation.
Key Takeaways
- CLM provides strategic value. Organizations now leverage CLM as a strategic tool to gain visibility, drive innovation, and adapt to change. CLM has evolved beyond a transactional process to become the “connective tissue” that operationalizes business strategy within organizations.
- IT + Legal Collaboration. IT and legal teams must collaborate closely to successfully implement and utilize CLM. IT participates in 64% of CLM purchasing decisions, and this partnership aligns technology with business goals, ensures full CLM system utilization, and reduces tech debt.
- Use your CLM for risk management. CLM can help mitigate risks from third-party relationships, regulatory compliance, and emerging technologies like generative AI. CLM can provide critical insights into exposures and obligations to help make business critical decisions.
- Pragmatic AI Implementation. With 62% of organizations implementing or planning to implement AI tools, it’s important to focus on achieving tangible benefits and pragmatic value from AI in CLM. Consider associated risks and compliance requirements when implementing AI in your contract management processes.
Interested in seeing how Ironclad can help your team drive business impact? 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.
