The Benefits of CLM Automation for Business Growth
A recent survey from ContractPodAi revealed the value that investing in automated contract lifecycle management (CLM) processes can bring businesses. This survey found that companies with more mature automated processes for CLM experienced stronger security, efficiency, productivity and focus. Additionally, 70% of survey respondents admitted that their CLM processes were not fully automated, indicating room for improvement.
The report shows that through implementing CLM automation, business delays and staff shortages can be reduced by up to 50%, while missing contractual obligations or service levels can be reduced by up to 75%. These results make a compelling case for businesses to assess their CLM level of maturity and then progress to further automation in order to reap the rewards of improved efficiency, security and productivity.
Bridging the Gap Between Process and Technology
As technology advances, so too must the processes that businesses use. CLM is a tool that can help bridge the gap between business processes and technology, as in the right hands it is a powerful solution that can make operations easier and more efficient. In essence, CLM automates the way teams work together and manage their documents, activities and progress within a given contract. This automation of processes helps simplify contracts management and reduce the risk of negligence or unintentional discrepancies.
By introducing CLM processes to a business, teams can ensure they are using the most suitable contracts, when they need to. It allows teams to ensure they are adhering to best practice governance on an ongoing basis, with contractual disputes or inaccuracies able to be resolved in a more effective and timely fashion. What’s more, the compliance required for data storage and security can be satisfied within the framework of the CLM system.
Improved Efficiency and Productivity
The implementation of CLM systems can also drive increased efficiency and productivity. CLM systems can make it easier to track deadlines and ensure that contracts are updated regularly. Invoicing, filing and billing processes can all be automated, thus freeing up staff to perform value-driven tasks. Additionally, notifications can be set to remind users when contracts are due to expire, preventing any contractual lapses.
As CLM automation takes effect, it is expected that the time to process contracts can be reduced dramatically, allowing businesses to focus on delivering better services and results for their customers. Moreover, the improved accuracy and transparency introduced by CLM automation systems can help reduce contractual clashes and disputes, allowing customers and stakeholders to develop better, more meaningful relationships.
A Secure and Mature Solution
The survey shows that businesses that incorporate CLM maturity and best practice into their operations can benefit from increased security, efficiency, productivity and focus. CLM systems provide a secure and mature way to process documents, data and contracts, as well as to manage information. Moreover, the solutions offer improved visibility and scalability, meaning businesses can be better prepared to scale and grow.
The survey from ContractPodAi highlights the importance of investing in CLM maturity and automation for improved business performance. Investing in these best practices can help businesses overcome issues like contract delays, staff shortages, and missing information and contractual obligations. CLM systems can bridge the gap between technology and processes, allowing companies to focus their time and resources on more value-driven tasks while enabling improved security, efficiency and productivity.