Digital Contract Management Benefits For Legal Teams in 2022
10/13/2022
1 min read
For many organizations, legal resources can be heavily tied up with a contract negotiation process, whether for new business, subscription renewals, or expansion deals. Without the technology to support standardized processes, many organizations' legal resources are heavily engaged with the minutia of the contract negotiation process. This can monopolize the team and the Chief Legal Officer’s (CLO) time.
The right technology can support transparent and standardized processes with built-in guardrails to help business relationships start on the right foot. This can lead to better renewal and expansion opportunities. Technology should not only enable better compliance and reduce rework but also allow the CLO and the legal team to be more proactive and devote time to strategic work.
Without a digital contract management solution, legal teams spend too much time ensuring compliance with internal processes or recovering from instances where those processes failed. A classic example is having the wrong contract version sent out for negotiation or signature.
Another example that often comes up is having approvals for nonstandard provisions. With a digital contract management solution in place, you can establish a workflow that ensures the appropriate approvals are obtained before advancing to the next stage of negotiation or even to signature. The CLO can also ensure that all internal stakeholders are aware of the current status of the negotiations and the current positions the parties are taking concerning any open issues—something that cannot be easily achieved with the manual process.
By deploying technology dedicated to the contract management process, the legal team can improve efficiency and their own effectiveness by freeing up time to focus on more strategic concerns.
Watch the full video with Ventana Research to learn more.
-
The Quote-to-Cash Process in 10 Steps BlogCLMThe Quote-to-Cash Process in 10 Steps
Quote-to-cash (often abbreviated as QTC or Q2C) is an important set of business processes that span the entire sales cycle. QTC involves a variety of activities and many departments across the organization—which has traditionally led to unnecessary siloes and inefficiencies.03/01/20238 min read -
Why are contracts important? 8 crucial reasons BlogCLMWhy are contracts important? 8 crucial reasons
Not only are contracts important, but the management of them and the processes that surround them are even more so. Companies around the world use contracts to negotiate and lock in business. Yet, many businesses continue to focus on sales process automation without paying enough attention to the importance of their contract processes.06/01/20204 min read -
The ultimate guide to order-to-cash (OTC): Everything you need to know BlogCLMThe ultimate guide to order-to-cash (OTC): Everything you need to know
Gaining new customers for your business is a big accomplishment that requires cross-functional effort by numerous teams. However, the hard work doesn’t stop when you close the deal or a customer places their initial order. In fact, that’s just the tip of the iceberg, and what comes next can be even more complex.04/01/20234 min read -
How CLM software improves the five stages of contract management BlogCLMHow CLM software improves the five stages of contract management
Contracts are an increasingly important aspect of any business, from local mom-and-pop storefront to the largest enterprise organizations. But without a plan in place, the contract management process can become overwhelming for employees and full of risky manual errors.07/14/20205 min read
