Contract Management Budget for 2018
2nd January 2017
by Stuti Mehrotra
What stops most organizations from embracing a recent technology? Fear of the unknown, and inertia!
Times are changing for contract management. More and more companies are deploying Contract Lifecycle Management (CLM) solutions and reaping their benefits. If you are debating an investment in CLM, the new year is the perfect time to set your contract management budget. To help you with the numbers, check out our ROI calculator links below.
CLMs offer numerous business benefits such as:
- Enhanced productivity of contracting functions: CLM fosters collaboration between the intra-organizational contracting functions—such as Legal, Sales, Finance, Marketing, and HR—by providing a common platform to all stakeholders with user-defined access. Configurable workflows, templates, clause libraries, and more, boost efficiency and reduce contract cycles.
- Effective obligation management: CLM’s integration with external databases and systems such as CRM, ERP, and BI tools enables milestone tracking and facilitates easy identification of entitlements, penalty clauses, and more. It also improves the identification of cross-sell, up-sell, and savings opportunities.
- Regulatory compliance management: CLM enables clause-level identification and tracking of environmental, Health & Safety, as well as other compliance-related requirements, and ensures that all required supporting documents are present and valid.
- Efficient expiry and renewal management: CLM provides increased visibility into contracts’ expiry and renewal dates. Configurable alerts and reminders ensure timely management of contract expiries and renewals.
Our latest whitepaper provides a stepwise breakdown on how to determine quantifiable returns on CLM for your organization using statistical methods based on industrial research data. Download the whitepaper to learn about–
- How CLM simplifies and brings efficiency to contract management processes
- How to calculate ROI of CLM for your organization
- Sample ROI calculation with examples and case studies
We also recently conducted a webinar regarding CLM’s ROI calculation methods. Here’s the link to access the webinar recording and presentation.
To get a customized estimate on the ROI of a CLM solution for your organization, please feel free to contact us at email@example.com.