Remerciez-le!

Remerciez @Admin pour avoir partagé cet document gratuitement, de la manière la plus simple, en partageant sur les réseaux sociaux.

The Complete Contract Management Solution Buyer’s Guide Contracts define busine

The Complete Contract Management Solution Buyer’s Guide Contracts define business relationships, they close deals, they play a major role in every business’ success. Given their importance, and their reach within an organization, why do an estimated 85% of companies use manual, archaic processes to manage them? Chosen right, contract management platforms can accelerate success by guaranteeing consistent, and confident, compliance and risk mitigation, delivering more opportunities, and capturing more revenue. Along with all the perks that make contract managers lives’ easier. The Complete Contract Management Solution Buyer’s Guide is a thorough look at contract management solutions, including powerful statistics to help make the business case for contract management, key considerations, and the most comprehensive contract management platform evaluation checklist in existence, to help you decide the best solution and strategy for your business now and in the future. Table of contents • Why contract management? 1-4 • Contract Management Systems vs. Contract Lifecycle Management 5-7 • Five Levels of CLM Maturity Defined by Five Key Functions 8-11 • 10 Considerations for Selecting the Right Contract Management Solution 12-17 • The Complete CLM Platform Evaluation Checklist 18-23 • Conclusion 24 “As companies desperately search for the next strategic growth area to boost finances, they often miss a lucrative revenue source staring them in the face.” —EMC Consulting Why is contract management vital for business? Contracts define the tangible assets of a company, and if managed well can enhance financial stability and productivity. Consider the following: • 60-80% of B2B deals are managed by contracts (Gartner) • The average business maintains 20,000 to 40,000 contracts (PWC) • Ineffective contract management costs businesses up to 9.2% of annual revenue (Tim Cummins, CEO of IACCM) • 12-15% of all contracts are actually lost Why contract management? 1 Why contract management? » » Commoditizing and standardizing contract management processes makes success repeatable. Moving those processes to an automated contract management solution makes success faster. Eliminating the manual aspect of contract management, contract management platforms simplify contract creation through the use of templates, while integrated workflows, alerts and notifications all lighten the administrative workload, while supercharging and streamlining efforts. Solutions with advanced features like online negotiation and redlining, make processes more collaborative while tracking all changes, eliminating the back-and-forth to accelerate deals, while ensuring version control. Add electronic signature to your contract solution and those lengthy contract negotiation cycles go from weeks or months, to an average of five days or less. 1. Greater efficiency and productivity There are four primary advantages to be gained from bringing robust contract management processes to your business. » » Contract management platforms take those spreadsheets and scattered contracts and convert them into a single, searchable contract repository. With clear visibility into every contract, organizations cut down the time they spend searching for contracts by 25% or more, and with no more lost contracts, button up compliance issues and better mitigate risk. » » What’s more, with centralized contracts comes powerful reporting and analytics. Deep visibility into the contract portfolio creates the ability to uncover underperforming contracts, and it opens up a broader view to help you understand if there are slow-downs 2. Increased visibility 2 Why contract management? or pain points resulting from certain contract types, stages, or parties. You can even find contracts based on conditions that create risk, parsing your view by regulatory requirements, products, location, or other features. » » In short, inability to extract key data, lack of centralization, and inefficient regulatory compliance become things of the past. » » A robust and well implemented contract lifecycle management platform can increase contract compliance by as much as an estimated 55%. Why the dramatic improvement? Back to approval workflows and templates, each imparting tremendous levels of granular control. Approval workflows ensure the right people approve the contract at the right time and, along with clauses, lifecycle alerts, and custom fields., set at the template level enable Legal to push the most up-to-date contracts, information, terms, and conditions to the right people in seconds. » » CLM platforms that integrate with the tools your teams use everyday, like Salesforce, allow contract generation without having to learn another system or complicate already complicated processes, boosting adoption rates—and it makes sure legal is involved in every contract. 3. Effective compliance to manage risk » » Ultimately, it’s control that Legal teams want; and it’s control that helps a company achieve flawless compliance, faster processes, and increased revenue. » » Enabling administrators to grant different levels of permission and access to specific user profiles using roles, administrators can choose who has the right to perform particular actions on your contract lifecycle 4. Control 3 Why contract management? management platform, i.e. the right to sign a contract, to modify a template, or delete a contract. These user groups or access rights can then be used to set approval workflows—customizable workflows that route to the appropriate user or group that reflect established company practices for approval and signatures. Research done by Gartner, PWC, Goldman Sachs, Aberdeen, Forrester, and Microsoft is hard to refute. Among the many benefits companies see when implementing a contract management platform, studies from each of the above found the return on investment is the most remarkable: • 60% faster contract cycles (Microsoft) • 40% reduction in contract administration costs (Aberdeen) • 10-30% savings in operating costs (Goldman Sachs) • 30% larger renewals (Goldman Sachs) • A 50% improvement in negotiation speed (Goldman Sachs) In total, effective contract management provides lightning fast time-to-value and profound ROI— Aberdeen reports a 150%-200% payback within one year. And not only does superior contract management put more money in a company’s pocket, but it can also leave more in the wallet, saving an average of twenty- two cents on every dollar through the production of more compliant contracts (Aberdeen). Each of the benefits above is nearly enough of a push on it’s own. Put them all together and it’s clear contract management platforms pack a powerful punch and deliver big value to a company’s bottom line. The question is now, what platform is right for you? 4 CMS, CLM, what’s the difference? Contract Management Systems (CMS) and Contract Lifecycle Management (CLM) solutions each contain a unique set of features and functionality. CMS vs. CLM 5 CMS is a great solution if a company is looking for a place to hold their contracts that isn’t an Excel spreadsheet. That being said they can be hard to maintain, are typically designed for only one department to use at a time, are not built to expand to multiple departments within a company, don’t allow any editing/redlining/signature capabilities, and restrict user access. CLM is essentially the modern answer to traditional CMS systems. The more recent past has seen a waterfall of changes within the business landscape leading to the need for robust, comprehensive CLM solutions, including: • An increase in global business velocity requiring faster execution of the contracting process • Increased demands on governance, risk, and compliance (GRC) management • A push for legal self-service to reduce operational costs and handle increased volumes • Digitization of paper contracts, embracing e-signature, and so forth • The move by many companies toward more diverse sales and licensing models • Expansion into new markets, including M&A activity • Increased personalization of customer requirements Simply put, people need to do contracts faster than ever before. And without the right contract management platform it will be nearly impossible to keep up. CMS vs. CLM 6 After evaluating business needs and capabilities, the majority of businesses see the value in a CLM platform. That being said, not every CLM platform is made equal, so careful consideration is still required even after deciding to go the CLM route. Next we’ll examine key functions within CLM platforms and what each means for a company’s contract management maturity. Traditional CMS Functionality • Repository • Notifications • On-premise • OCR/Search function Modern CLM Functionality • CMS Functionality described on the left, plus: • Repository with unlimited storage • Content creation • Online collaboration • Online redlines • Online commenting, discussion • Track changes • Approval workflow • Third-party contract sharing • e-Signature • Reporting • Lifecycle alerts • Version control • Templates • Audit trail • Integrations with other business software and cloud solutions • The entire contract process on one platform A quick comparison of CMS vs. CLM capabilities 7 Five levels of CLM maturity defined by five key functions » » A great starting point that provides online access to a company’s contracts, the majority of companies (ninety-three percent of those interviewed by Forrester) were only using CLM for its repository function. In terms of building blocks, this most common use case for contract management platforms makes a solid base, but is the bare bones when it comes to CLM maturity. 1. Contract Repository According to Forrester there are 5 stages of contract management implementation, each with it’s own source of value, and each representing a new level of CLM maturity. When deciding on uploads/Management/ essentialguide-buyers-guide-pdf.pdf