#Best CLM smartContract

[smartcontracts-blog]

SmartContract is an automated contract lifecycle management system that is designed to streamline & automate your end to end contract management– from contract request, authoring, negotiation, approval to ongoing obligation management, reporting and analysis – leading to standardization, transparency, compliance and control over your contract management processes.

[smartcontractclm]

The Importance of Contract Lifecycle Management (CLM) in 2023: Uncovering ROI with the Impact First Methodology

The Importance of Contract Lifecycle Management (CLM) in 2023: Uncovering ROI with the Impact First Methodology.

Contract Lifecycle Management (CLM) has become a hot topic among in-house legal professionals in 2022, with many organizations realizing the value of efficient contract management processes. CLM encompasses the end-to-end management of contracts, from their initiation and negotiation to execution, performance, and renewal. With the increasing complexity and volume of contracts in today's business landscape, organizations are realizing the need for robust CLM solutions to streamline their contract processes, reduce risk, and ensure compliance.

While discussions around CLM have gained momentum in recent years, organizations often face challenges in implementing CLM solutions and demonstrating the return on investment (ROI) to their leadership. This is where the Impact First methodology comes into play. Embraced by smartContract, the Impact First methodology aims to help organizations identify the value in their contracts and achieve maximum ROI throughout their CLM journey by aligning CLM implementation milestones with their specific business problems.

The Need for ROI in CLM Implementations

Implementing a CLM solution can be a significant transformation project that requires time, effort, and resources. As such, organizations need to justify the investment to their leadership and stakeholders by demonstrating the ROI of the CLM implementation. However, ROI can often be challenging to measure in the context of CLM, as it involves various qualitative and quantitative factors, including increased efficiency, reduced risk, improved compliance, and enhanced contract visibility.

In many cases, organizations may find it challenging to convince their leadership to commit to a CLM solution based solely on qualitative arguments or a leap of faith. This is where the Impact First methodology comes in, providing a framework for organizations to align their CLM implementation with their specific business problems and measure the ROI based on tangible and measurable outcomes.

Introducing the Impact First Methodology

The Impact First methodology is a customer-centric approach that smartContract has adopted to help organizations maximize the ROI of their CLM journey. It involves working closely with customers to plan and deliver quick wins and define discrete milestones that are relevant to their unique business needs. Instead of applying a "one-size-fits-all" approach based on generic best practices, the Impact First methodology offers flexibility and customization to consider the variables that are familiar to the organization, and turn them into measurable key performance indicators (KPIs) that can be prioritized by value.

This customer-centric approach allows organizations to align their CLM implementation with their specific business challenges and goals, making it easier to measure the impact and demonstrate ROI. For example, a retail industry client with over 10,000 employees in 13 countries may choose to start their CLM implementation by focusing on migrating legacy paper documents to a digital contract repository and automating a couple of agreement types. This phased approach allows users to gradually adopt the system, build their knowledge of CLM, and demonstrate quick wins, gaining support from leadership and further engagement in the CLM project.

Why Impact First Works

The Impact First methodology offers several advantages to organizations implementing CLM solutions:

Quick Wins and Tangible ROI: By aligning CLM implementation with specific business problems and delivering quick wins, organizations can demonstrate tangible ROI to their leadership and stakeholders. These quick wins could include improved contract visibility, reduced contract cycle times, increased compliance, and enhanced risk management. These outcomes can be measured and quantified, making it easier to justify the investment in CLM to the leadership.

Customization and Flexibility: The Impact First methodology allows organizations to customize their CLM implementation based on their unique business needs and challenges. This flexibility ensures that the CLM solution is relevant and aligned with the organization's specific requirements, making it more likely to succeed. It also allows organizations to adapt the roadmap based on changes

[smartcontract-srtekbox-blog]

THE NEW AGE CONTRACT LIFECYCLE MANAGEMENT SOLUTION!

Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Everyday a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best. Contract Lifecycle Management comes in to rescue with systematically & efficiently managing the contract creation, negotiation, execution and analysis for maximizing operational and financial performance.

According to a recent survey this need for streamlining workflows is expected to expand from a $1086 million to $3167 million industry — more than tripling in value — within the next six years. The compound annual growth rate for the contract management solutions industry is predicted to be a healthy 16.65%.

We present to you smartContract – the complete CLM solution! It is an intuitive Contract Lifecycle Management Solution from SR Tekbox, which helps you automate your contract management processes. smartContract enables organizations to create, store, edit and manage any type of business to ensure transaction compliance for the terms agreed to in those contracts.READ MORE>>>

[smartcontractclm]

CLM Technology: How to Accelerate Contract Execution

Contracts are essential, but they should not impede business deals. Business teams work hard on deals, and it can be frustrating when contract execution holds up revenue or other benefits. Every business recognizes the need for fast and efficient contract execution. But how can this be achieved?

The answer lies in Contract Lifecycle Management (CLM) technology. Recent market reports show that companies using an end-to-end contract management system like smartContract can cut contract execution time by up to 42%.

In this post, we explore three specific ideas to accelerate contract execution using a CLM system:

Self-Service Contract Creation

In many organizations, when a business team needs a contract, they send an email to the legal department. The legal department goes back and forth with business, asks questions, and determines the terms and provisions to include in the contract.

A CLM system can automate this process. For common contracts, business users can go online, fill in the details of the deal, and answer a set of questions. The CLM system can determine the best template to use and automatically generate the first draft. The business user can send this draft to the counterparty for negotiation. The legal department can only be involved if there are significant changes suggested by the counterparty.

This self-service model speeds up the contracting process, reduces the burden on the legal department, and allows them to focus on more critical negotiations and legal matters.

Workflow for Contract Approval

A contract may require review and approval from multiple stakeholders. This is probably the biggest bottleneck in contract execution.

A CLM system's workflow capabilities can significantly cut contract cycle time with rules-based review and approval matrices. The system can identify the right stakeholders and create review tasks for them. The system can enforce timely review by setting expected turnaround times and using reminders, notifications, and escalation mechanisms.

Playbook-based Contract Negotiation

A playbook describes a company's negotiation strategies, standard clauses, negotiation boundaries, and non-negotiable positions.

A CLM system's machine learning capabilities can analyze existing contracts and extract the company's agreed positions. This information can be used to develop the playbook.

Once the playbook is ready, the CLM system can make it readily available to all stakeholders in the contracting process. This alignment among internal stakeholders can help in faster decision-making on conflicting terms proposed by the counterparty. It eliminates bottlenecks and speeds up negotiation and contract closure.

A CLM system can enable fast and efficient contract execution, allowing business teams to reap deal benefits without delays. When implemented correctly, a CLM system can transform every stage of the contracting process, allowing more accurate and consistent contracts, reducing risks, and ensuring greater compliance.

To discover more about CLM technology and its benefits, connect with a smartContract consultant today.

[smartcontractclm]

Practical CLM 2023: Building digital maturity

The Practical CLM 2023 conference focuses on the theme of building digital maturity. The conference brings together experts and leaders in the field to discuss the latest trends, best practices, and technological advancements in the area of customer lifecycle management. The goal of the conference is to help attendees understand the importance of digital maturity in modern business and to provide them with the tools and insights they need to successfully implement digital strategies in their organizations.

This article is a part of smartContract’s Practical Contracting 2023 series wherein each chapter will focus on the most prominent challenges with CLM solutions today and how we’ve been able to overcome them for our clients. Watch this space for upcoming articles or drop an email to contact@srtekbox.com with the subject “PC23” to be notified.

[smartcontractclm]

smartContract : THE NEW AGE CONTRACT LIFECYCLE MANAGEMENT SOLUTION!

Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Every day a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best. Contract Lifecycle Management comes to the rescue by systematically & efficiently managing the contract creation, negotiation, execution, and analysis for maximizing operational and financial performance.

According to a recent survey, this need for streamlining workflows is expected to expand from $1086 million to $3167 million in the industry — more than tripling in value — within the next six years. The compound annual growth rate for the contract management solutions industry is predicted to be a healthy 16.65%.

We present to you smartContract — the complete CLM solution! It is an intuitive Contract Lifecycle Management Solution from SR Tekbox, which helps you automate your contract management processes. smartContract enables organizations to create, store, edit and manage any type of business to ensure transaction compliance for the terms agreed to in those contracts.

To know more, please visit : https://smartcontractclm.com/

[smartcontracts-blog]

Practical CLM 2023: Uncovering ROI

Let’s face it … no networking event for in-house legal professionals in 2022 has gone by without discussions on the topic of contract lifecycle management, or CLM. You might also have found yourself drawn to the enthusiastic feedback of a successful General Counsel. She implemented a CLM in late 2019 and it’s paid off, not only delivering automation benefits but also enabling a seamless transition to remote working. She underscores that while CLM implementations are undoubtedly a big transformation project, but, when weighed against the consequences of inaction, it’s a no-brainer.

But just as you are deciding to commit to a CLM yourself, you are reminded that your organization’s leadership will need something more concrete than a leap of faith and some form of qualitative argument to be convinced that CLM solution is a wise investment.

Can you imagine how easier it would be to demonstrate and measure the return on investment (ROI) if you could phase out your CLM implementation milestones around the business problems specific to your organization?

Introducing Impact First methodology

To help contracting leaders better identify the value in their contracts and follow through on unlocking it, we have embraced the Impact First methodology at smartContract in the pursuit of becoming a business partner to our clients to maximize the ROI throughout their CLM journey.

It means we’ll work with our customers to plan and deliver quick wins and define discrete milestones for their CLM journey that are relevant to their world. By offering this flexibility rather than applying ‘one-size-fits-all’ solutions in the name of best practices, we make it easier for stakeholders to consider the variables that they are familiar with and turn them into measurable KPIs that can be prioritized by value.

Take the example of one of our clients from the retail industry with over 10,000 employees in 13 countries. They elected to start slowly, leading with the migration of legacy paper documents to the contract repository and digitalizing only a couple of agreement types. As users started to use the system on a small scale, their knowledge of CLM built up strongly and tech-savvy employees from the procurement team became advocates for CLM after seeing firsthand how technology made contracting much more efficient and enjoyable. Next, they plan to standardize some major sell-side contract templates and automate their authorization workflow. Our client was able to demonstrate quick wins and the project continues to have consistent leadership engagement.

Following the Impact First methodology, we were not only able to address the known challenges for the client but also reveal several unarticulated needs which would have been overlooked by the rigid ‘best practices’ approach of looking only at benchmarking, processes, and systems landscape.

[smartcontracts-blog]

smartContract: THE NEW AGE CONTRACT LIFECYCLE MANAGEMENT SOLUTION!

Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Every day a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best. Contract Lifecycle Management comes to the rescue by systematically & efficiently managing the contract creation, negotiation, execution, and analysis for maximizing operational and financial performance.

According to a recent survey, this need for streamlining workflows is expected to expand from $1086 million to $3167 million in the industry — more than tripling in value — within the next six years. The compound annual growth rate for the contract management solutions industry is predicted to be a healthy 16.65%.

We present to you smartContract – the complete CLM solution! It is an intuitive Contract Lifecycle Management Solution from SR Tekbox, which helps you automate your contract management processes. smartContract enables organizations to create, store, edit and manage any type of business to ensure transaction compliance for the terms agreed to in those contracts…Read More