Inflexibility, no visibility, decentralized storage of existing contracts, and the inability to track changes are just a few of the many challenges that financial services companies face in their Contract Lifecycle Management (CLM) process when they’re supporting customers in achieving their financial goals. Given the nature of the industry, the risk is always high. Add to that the acquisition of multiple organizations and you reach the breaking point of a traditional contracting system.
Using an effective CLM tool was the client’s go-to solution, which was supplemented with implementation elements like legacy migration, contract centralization, and setup of capabilities to allow visibility of all contract terms and conditions that led to the successful adoption of the tool.
