Amit Garg
One approach preached over the last many decades is leveraging this time for fundamental transformations – both culturally and digitally. And that is exactly what unfolded as business functions performed daring feats – setting ambitious mandates for Generative AI and building real use cases that have tangible benefits. Even for those of us pushing the boundaries of AI, the shift is palpable. Having worked towards this reality for years, we believe this is a once-in-a-career phenomenon.
The maturing CLM market
This year’s look at the CLM market reveals a significant upturn—probably the best in over a decade—due to an increasingly mature customer base and digital innovation. CLM has now become a cornerstone of the tech stack in organizations and is poised to play a leading role in advancing the journey of digital transformation. Generative AI has been on top of the minds of legal professionals in ways unmatched in other business areas. Given the relatively low tech adoption and prevalence of text generation and reviews as the core tasks, legal departments are uniquely positioned to leverage AI advancements.
In line with the world around us, Generative AI was among our top priorities this year. We intend to leverage the tremendous opportunity that Generative AI provides to create maximum value for our customers.
Strategic moves: Throughout 2023, our entire leadership team participated in the Seed Transformation Program by Stanford Graduate School of Business – a program tailored for companies like ours to help unlock the next level of growth. During the intense program, we looked at our company from different lenses with the most prominent being a customer lens. It enabled us to craft a holistic transformation plan empowering us to scale without compromising on our customer-first DNA.
Key improvements: Further validating our dedication to customer success, Tata Play and Trend Limited won awards for their CLM prowess at a renowned industry event in India this year. Tata Play was awarded for their continued commitment to achieving excellence with CLM technology while Trent Limited was recognized for showing exceptional vision in implementing CLM.
Following the market need, we have also introduced an internal tool to supercharge implementation through low-code/no-code technology. This change has enabled our implementation teams to ensure the system is being configured in the best possible way. They can now zoom out much earlier in the implementation process and begin to visualize the bigger picture, resulting in extremely sophisticated product delivery.
Looking ahead
