Unleashing CLMS Success: Mastering Contract Automation with Smart Implementation
As the competitive landscape of Contract Lifecycle Management Systems (CLMS) evolves, staying ahead of the game is crucial for businesses. In this article, we explore key themes in CLMS and uncover expert insights. At Banyan, we’ve closely observed the challenges faced during CLMS implementation. Today, we’ll summarize the most critical points made in the article and shed light on effective strategies for achieving a solid return on investment (ROI) without breaking the bank.
Choosing the Right Tool: A Major First Step
Selecting the appropriate CLMS tool is a vital starting point, but its success hinges on a well-executed implementation. To avoid implementation failures, it’s important to take a step-by-step approach to digital contract transformation. Start by getting the tool in the hands of users early on to realize ROI quickly. By gradually increasing features and functionality, users become champions of the tool, leading to wider adoption and improved outcomes.
The Role of a CLMS Implementation Partner
Successful CLMS implementation requires a partner who understands the end-to-end CLM process rather than solely focusing on the tool. Whether an internal expert or a third-party resource, this partner should meet three crucial criteria: experience with diverse tools, expertise in documenting and optimizing processes, and knowledge of legal, technology, and business processes. By leveraging their insights, organizations can creatively use the inherent functionality of CLMS tools, minimizing costly customizations and reducing IT burdens.
Document, Optimize, and Configure
Establishing a solid foundation is key to a successful CLMS implementation. Start by documenting existing business processes and optimizing them to define the future state. Understanding how users will interact with the tool and the value it brings to their work life is critical. By separating technology considerations during this process, organizations gain insights into workflow improvements and can configure the CLMS tool accordingly.
Building a Solid Foundation for Success
Acting as an effective “translator” during the implementation process means focusing on legal, business, and IT requirements. Understanding the unique needs, terminologies, and risks of each group is essential for a successful implementation. Building a solid foundation based on this understanding ensures stability and prevents potential implementation pitfalls.
Embrace Low-Code Tools for Agile Adaptation
Low-code tools like CLM empower organizations to define their own success. With AI-suggested clauses and customizable features, CLM allows businesses to adapt and enhance functionalities without excessive reliance on IT. This means faster implementation of enhancements, greater control over changes, and ultimately, improved outcomes.
To maximize the benefits of CLMS implementation, it’s vital to follow a strategic and thoughtful approach. By choosing the right tool, partnering with experts, documenting processes, and aligning legal, business, and IT requirements, businesses can ensure a successful implementation with a significant ROI. Embracing low-code tools further enhances agility and control, enabling organizations to drive their own success in contract automation. Stay ahead of the competition by mastering the art of CLMS implementation and unlocking the full potential of contract intelligence and automation.