The evolution of Contract Lifecycle Management (CLM) solutions has been fast-paced to say the least, with this space looking wildly different even from a couple of years ago, let alone a decade ago when it barely existed. This fast-paced development has had a snowball effect on how legal technology is revolutionizing the wider legal industry, as more can be done in a shorter timeframe, accelerating growth and creating opportunities. With CLM technology, legal teams can now automate time-consuming and repetitive tasks, streamline the contract review process, and have access to real-time contract data and insights, leading to increased efficiency and cost savings.
But for many companies, it seems to be getting worse before it gets better (if it ever gets better). The term “disruptive” is thrown around a lot when talking about digital innovation. But who really wants their life to be disrupted?
The advancements in CLM technology have been phenomenal, offering endless opportunities to streamline and simplify the contract management process. However, with the increasing complexity of these solutions, it can be overwhelming for organizations to determine the right path for them and laying proper groundwork to ensure a successful implementation has become all the more difficult.
How Impact First can help
The Impact First methodology by smartContract is a dynamic approach for CLM implementation and sustained optimization. This innovative approach is characterized by the solution’s remarkable flexibility, enabling clients to begin their CLM journey at a pace that aligns with their unique process maturity and gradually evolve as their requirements grow. Rather than offering a one-size-fits-all solution, smartContract works in close collaboration with each client to deliver bespoke solutions that address their specific challenges and goals. The focus is on delivering quick wins and results, while ensuring that the solution remains adaptable to the client’s changing needs.
“The Impact First methodology, which enables companies to start small and scale, works great for companies that know they need technology but haven’t had the time, nor the knowledge, to put together the foundation for a CLM implementation. In a typical scenario, a system will have to be implemented after all the processes have been developed and all of the various contracting scenarios are known. Implementation can take months if not years depending on what needs to be accomplished. The return on investment for this scenario could take years,” said Nancy Nelson, the President and Senior Consultant for ABiz Corporation, an innovative contract management services company helping companies achieve CLM excellence.
With an innovative and adaptive approach, Impact First empowers clients to unlock the full potential of their contracts by immediately delivering measurable value and maximizing return on investment.
“The idea around this approach is to quickly get something useful in place so that users can begin to benefit from the system functionality. Then build on that basic functionality as the organization matures, develops processes and adopts technology,” Nancy added.
Case in point
Picture this: A satellite television company with operations spanning the country faces a growing challenge of managing their complex contracts effectively. The approval process was sluggish, contract management was siloed, and the supply chain lacked transparency. They knew they needed a solution, and that’s when they turned to smartContract CLM.
The smartContract implementation team kicked off their partnership with the company by conducting a deep dive into their current contract management process. They identified the pain points and areas for improvement and worked closely with the company to design a solution tailored to their unique needs.
The solution was broken down into stages, each stage acting as a stepping stone, expanding from simple use cases to more advanced and complex ones. To kickstart the transformation, we implemented a flexible contract repository that offered real-time visibility and accessibility for all contract types. This move, combined with automating the approval process for high volume buy-side contracts of low complexity, led to a swift and substantial impact, delivering quick wins for the company.
The result? A revolution in supplier relationships and faster responses to market changes, solidifying the credibility of the transformation efforts.
Over the next months, we continued to drive improvement, standardizing contract management processes and optimizing the supply chain for better operational efficiency and cost savings. The contract renewal process was streamlined, leading to stronger supplier relationships, reduced risk, and improved cost management.
The CLM rollout with smartContract’s Impact First methodology was a tremendous success for the satellite television company. It brought about significant improvements in their contract management processes and drove ongoing value. The collaborative approach of the smartContract team with the satellite television company made the entire process seamless, allowing the organization to focus on their core business while experts handled the transformation.