Top 3 things to look for in your contract management implementation partner
Contracts are the foundation of commerce. To better handle contracts by standardizing and automating the contracting process, ensuring greater control, better supply chain agility and responsiveness and improved execution speed, today’s enterprises are hunting high and low for an easy yet advanced contract management solution.
Why do you need a Contract Management implementation partner?
While enterprises are spoilt for choice when it comes to Contract Lifecycle Management (CLM) software, the most disregarded part of a contract management process is the evaluation and assessment of its implementation partner. However, to attain success, it is very important to choose a well-experienced and right Contract Management implementation partner. You may want to find an experienced contract management implementation partner that comprehends the product as well as your industry, you have chosen.
Cloud Lifecycle Management (CLM) is not a standalone solution. It integrates with multiple other enterprise software such as ERP, CRM, financials, procurement etc. What would you do to ensure that your CLM implementation doesn’t affect other systems, and if it does, who can help you fix it?
As CLM is not just about the product, you need a partner who is your companion for the entire journey. Even for an experienced organization, implementing CLM software can be a challenge. A right understanding of the requirements, implementation planning, installation of the software, configuring and integrating it with the other systems, deploying to users, managing organizational changes, etc. are all you expect from an experienced implementation partner.
Chief features that you must see in your contract management implementation partner before giving it a thumbs-up:
- Digging out the old documents: You have a product but what about your old documents? Lack of existence of active legacy contracts in CLM drives down the rate of adoption and can lead to failure of the implementation. The problem of lack of visibility into the existing contracts cannot be resolved without migrating legacy contracts into the new CLM. Legacy contract migration is a tedious and error-prone process blocking time of strategic resources.
As a premier contract management implementation partner, CloudMoyo offers Legacy Contract Migration with a flexible pricing model, which is based on the volume of data, extracted from the legacy contracts. Our team of qualified lawyers and data migration professionals, with a rich experience of successful multiple migration projects can complete your legacy contract migration needs at a fraction of the cost of handling the task in-house thereby freeing your resources for key tasks.
- Experience speaks: Contract Lifecycle Management (CLM) is a complex domain. It affects multiple departments, such as Legal, Procurement, Admin, Sales & Finance. A lot of money is riding on the successful execution of agreements and organizations can incur heavy penalties for missing clauses and deadlines. Therefore, the implementation partner should have a deep techno-functional knowledge of the CLM software and should have a domain expertise in contracts & legal. Count the experience of the implementation partner with the solid record of accomplishment of efficiently delivering high-quality CLM software cloud solution across enterprise with great customer satisfaction. The vendor should also have the capability to take end-to-end control and ownership of project management (that includes control over schedule, budget and risk issues)
3. Bring innovation: So, you have a CLM. What about taking it to next level by harnessing data from it. CloudMoyo has a deep domain and expertise in managing and handling contracts. It has the proficiency to extract data in bulk and hence provide a rich analytics platform for the entire portfolio of contracts. To extract contractual terms, clauses and provisions CloudMoyo use the combination of Natural Language Processing and Machine Learning Technologies. With its capabilities of offering reporting and data visualization, it helps the customers to extract the data through drag and drop interface, creating intuitive dashboards, mashups, and visualizations across numerous data elements, for fast and well-informed decision making.
To conclude, selecting a CLM software is not sufficient. You also need a right partner who can be a part of your journey right until the end. These considerations on picking the correct contract management implementation partner will give you an insight of business viability of your implementation partner, its skills to venture and deliver the project and maintain the technology throughout.