Making the most out of your contract management system
Digital transformations are sweeping through businesses and industries today.
62% of respondents to the 2018 Gartner CEO and Senior Business Executive Survey indicated that they are working on initiatives to digitalize their business. This momentum is impacting processes and workflows across industries and roles as companies look for ways to support smart business decision-making through actionable insights.
Contract Lifecycle Management (CLM) presents a critical opportunity for digital transformation. Practical, well-scoped, and executable, CLM impacts many different types of industries and different departments—all of whom use contracts in their daily workflow that require proactive management throughout their lifecycle, from creation to renewal and archiving.
What is contract management software?
Contract management software is used to streamline the CLM process. This software allows people in roles such as sales and marketing, legal, procurement, and finance to create, store, manage, redline, and share complex business contracts. This software typically fits into a portfolio of tools used to handle overall vendor or contractor relationships and often integrates with CRM software, quote management software, accounting software, and e-signature software to streamline the CLM process. Ideally, you want to leverage an agile, flexible, and proactive contract management system that can take contract management to the next level.
The CLM software climate today
The CLM market continues to grow at a rate of 18%, fueled by contract management software that offers many benefits for companies looking to streamline the contract process with their customers (Forrester). This includes early adaptors like the pharmaceutical industry, manufacturing, banking, and securities. CLM is also gaining traction in the high tech and consumer goods (see Figure 4).
This adoption is gaining momentum as organizations implement their digital roadmaps to eliminate paper and improve workflows and collaboration. By 2023, 90% of multinational global enterprises and 50% of regional midsize organizations will have contract management solutions in place (Gartner).
But evidence of adoption does not necessarily indicate maturity of use. Many organizations still use CLM solutions primarily as document repositories for tracking metadata and triggering alerts. However, CLM software has the potential to offer flexibility and agility so that businesses can extract insights through reporting and analytics, have visibility into all stages of the contract lifecycle, and drive decision-making across an enterprise.
There are essentially two segments to the CLM market today: CLM operations and CLM analytics. The CLM operations segment focuses on document preparation and contract process performance improvement. In contrast, the CLM analytics segment is interested in the advanced use of machine learning and AI technologies to improve contract performance. By incorporating CLM analytics into a contract management system, companies can answer key questions about contract clauses and information, such as, “Which contracts are missing the arbitration clause?” or “What is the average agreed-upon price in my sales contracts by product line?”
Icertis Contract Management (ICM)
Leading CLM providers like Icertis are leveraging the powerful features of an agile contract management system. As a Gartner vendor to watch, CLM solutions provider Icertis has developed the Icertis Contract Management (ICM) platform to transform contracts into strategic business assets. No longer are you stuck storing contracts in shared drives or email inboxes, locking away their valuable insights. With ICM, global enterprises can leverage the powerful capabilities the platform offers to maximize revenue, control costs, and manage risks.
ICM can be leveraged by companies to accelerate their business by increasing contract velocity, protect against risks by ensuring regulatory and policy compliance, and optimize their commercial relationships by maximizing revenue and reducing costs. This flexible tool offers capabilities that every department across the company can benefit from—including sales and marketing, finance, legal, procurement, and corporate.
CloudMoyo intelligent data services for ICM
CloudMoyo is a premier services provider for Icertis, providing intelligent data services that can take your contract management system to the next level. These range from enterprise readiness services, pre-implementation support, ICM project governance services, ICM managed services, user adoption, change management services, data architecture, and advanced analytics (through the CloudMoyo Intelligence Platform) that includes natural language processing, AI, and machine learning capabilities. Using the ICM platform, CloudMoyo enables companies to lead digital transformation with enterprise-wide contract management across procurement, lease management, legal, and sales.
Let’s break this down into the five core services that can help you make the most of your contract management system:
1. ICM enterprise readiness
At this stage in your contract management system journey, your company can benefit from engaging with consultants who can help you prepare for onboarding. With their domain expertise, they can work with you to understand your business’s current process, explain the features and capabilities of ICM, and collect the startup kit needed to kickstart the implementation. This will help reduce the time to go live for your company and the length of the overall cycle.
2. ICM implementation services
- Your vendor should provide an end-to-end implementation through ICM experts, who bring domain knowledge to provide a shorter time-to-value for the customer. By ensuring that the project is managed and that best practices are implemented, the entire cycle will be shortened and your contract management system can best be utilized.
3. ICM project governance
- Your vendor should offer engagement to help the customer get the most value from an ICM implementation being done by Icertis or any of their partners. Deep domain knowledge in digital contracting and ICM is utilized to guide you to make decisions which are good for the long term, test the contract management system thoroughly to ensure that all critical use cases are fulfilled by ICM, and ensure on-time delivery. Be providing this project governance, your company can leverage an agile, smart system and set best practices in place to ensure successful implementation.
4. ICM managed services
Project management is a big part of the managed services offered by the Icertis and CloudMoyo partnership. One significant benefit of this service is that your company can leverage the agility of the system to build integrations with existing business systems (such as ERP or a CRM system), creating customizations such as adding unique tags to pre-written clauses within a contract template. You can then extract the clauses to build a new contract that is customized for the customer.
5. CloudMoyo Intelligence Platform™
CloudMoyo Intelligence Platform™ (CIP) is a comprehensive suite of fully managed business intelligence, big data, and advanced analytics services from CloudMoyo. The CIP suite includes BI architecture, data quality and governance, reports, dashboards, and alerting capabilities, data warehousing and data lake integration, AI and machine learning, and advanced analytics. CIP enables businesses to process data from disparate sources including CLM, ERP, and CRM, by transforming structured and unstructured data and ingesting it into a modern cloud-based intelligence platform. The suite further provides intuitive visualizations that provide a holistic view of the business with timely and actionable insights that help the decision support system.
CloudMoyo intelligent data services enable you to improve your enterprise readiness and consequently accelerate your time-to-value from your CLM deployment. You can take your contract management system to the next level by deploying Icertis Contract Management, and optimize your costs by leveraging implementation services facilitated by a multifunctional core team. Once we implement ICM, you can use the included reporting and analytics to increase visibility and manage workloads, performance, and compliance. CLM analytics can help identify process bottlenecks and expose contractual risks—transforming the contracts in your organization into strategic business assets.
To learn more about the ICM and CloudMoyo intelligent data services and how your company can benefit from them, download your copy of the solution brief today.