Avoiding pitfalls in a CLM Implementation

Organizations seeking to streamline their contract management processes and maximize efficiencies should look to implement a Contract Lifecycle Management (CLM) solution. However, successful CLM implementation requires careful planning. Without the right groundwork and external expertise, companies may not reap the full benefits of the CLM technology.

Understand Company Needs & Requirements

Before committing to a CLM implementation, it is critical to build a comprehensive understanding of company processes, desired outcomes, and any necessary features. Organizations need to closely examine their existing contract management process and establish lead time expectations for processing contracts, seek out areas ripe for improvement via automation, and identify any data integrations that are needed. This process allows companies to develop an effective implementation plan that prioritizes needs and achieves desired outcomes.

Gather All Stakeholders

To ensure a successful CLM implementation, companies need to assemble an appropriate team of stakeholders. Companies need to identify which team members will be responsible for the application design, system training, and post-implementation support. Stakeholders must understand their role in the process and ensure that all objectives are in alignment.

Find An Experienced Third-Party Specialist

In order to drive CLM success, organizations should look beyond their own corporate walls and seek the expertise of an outside consultant. Experienced CLM consultants will be able to provide the right approach, tools, and strategies for success. A consultant can also help companies to better control the implementation effort and budget, and provide guidance in areas such as best practices, data quality, reporting, and closed-loop contract visibility.

Engage with Software Provider

In order to fully reap the advantages of CLM, companies need to engage with their software provider not only during the implementation phase, but throughout the entire CLM system lifecycle. The right software partner will provide comprehensive training sessions and support for users, and take the time to understand the needs and objectives of the business. Through a collaborative effort, companies can increase their chances of achieving a successful implementation.

Conclusion

Implementing a CLM solution can be a complex and challenging process. However, with the right preparation and support, companies can increase their chances of success and differentiate themselves from their competitors. To be successful, companies should focus on understanding their CLM needs, gathering necessary stakeholders, and engaging an experienced third-party specialist and software provider.