Unless you are living under a rock, you would have noticed that adoption of Contract Lifecycle Management (CLM) software is gaining considerable momentum across many industries. As per Gartner, 90% of multinational global enterprises and 50% of midsize organizations will have CLM solutions in place by 2023. This is primarily legal ops, as they are always pressured by the business to speed up contract creation and execution. Without a good CLM solution, contract negotiators struggle to execute contracts within the expectations of the business. Moreover, regulatory audits also make a strong reason for more and more enterprises are looking for CLM software.
But what it takes to onboard a good, enterprise-class CLM software? Here are the basic questions that you should ask yourself while doing CLM software comparison:
1. Does the solution offer easy and secure access to all the contracts?
2. Can the CLM solution provide powerful reporting and analytics?
3. Does the solution offer self-service to employees?
4. Can the organization standardize contract language and processes using this tool?
5. Does the solution offer powerful workflow and approvals?
6. Can the solution support all contract types, buy-side, sell-side and corporate?
7. Does the solution offer MS-Word, email and virtual agent integration to accelerate contract authoring and negotiating?
8. Can the solution integrate contract data into purchasing, order management, and invoicing systems?
9. Can the solution support e-signature integrations and real-time status tracking?
10. What about AI?
Well, this question must be asked before looking for any software solution! More on this in our next blog. Watch this space.