The belief that Contract Lifecycle Management (CLM) is too difficult to implement is unfounded, much like claiming that managing risk and compliance or handling finance is too complex. Businesses are inherently complex due to various factors such as global connections, innovation, and digitalization. Waiting for contracts to become simpler is not a viable…
The belief that Contract Lifecycle Management (CLM) is too difficult to implement is unfounded, much like claiming that managing risk and compliance or handling finance is too complex. Businesses are inherently complex due to various factors such as global connections, innovation, and digitalization. Waiting for contracts to become simpler is not a viable solution.
Instead, it’s crucial to understand what aspects of the process can be automated and have a clear understanding of the desired outcomes. Implementing technology alone is not a magic fix; practical considerations such as having defined processes, identifying low-hanging fruit for automation, securing executive support, and allocating the necessary resources are essential. Without a holistic support system encompassing people, processes, budget, and executive buy-in, leveraging technology becomes challenging.
CLM implementation requires a well-thought-out approach and ongoing management to ensure success.
Video TranscriptExpand ↓
This notion that CLM is too difficult to implement. I think is about as false as saying that well, you know, risk and compliance is too complex. So let's let's not manage risk and let's not comply. By the way, finance is really complex. So maybe we shouldn't know, pay our invoices and do we really need to pay our employees? I mean, yes. You know, businesses are complex. And by the way, they're getting more complex because of how many connections they have, because of how global they are, because of the speed of innovation, because of the role of digitalization, if you're waiting for contracts to become more simple, that's just never going to happen. But the key to thinking about the complexity question in CLM is do you know what you're automating? Do you have a process that you want to automate because technology no matter how simple it is to use is not plug and play, right? We're not just going to buy technology and all of a sudden that's gonna make everything easy because we're going to get an easy button and all of a sudden we'll be able to be efficient and compliant and optimized and all of these things. We have to think a bit more practically. So do I do I have a process? Do I know what I'm automating? Do I have the low hanging fruit of where I want to start because we shouldn't be boiling the ocean. Do I have the right executive support you know, do I have management that's going to be with me and support me on the journey? Do I have the resources internally to be able to not only go through this implementation, but then to continue to manage the technology. Because without the right people and process and budget and executive support, technology, you know, on in itself is is, you know, is difficult to wrap your mind around if you don't have that entire support system. Bye.
