No matter what industry you operate in, no matter what the economic landscape is, and no matter where you do business, ROI is critical. Contract lifecycle management software helps organizations across the world see a real return on investment. It really is a beautiful thing- leveraging technology to help manage your organization at a lower cost.
How does a CLM product provide return on investment? The following acts as an incomplete list that shows the real ROI possibilities when choosing an industry leading contract management software solution:
Contract lifecycle management software will greatly reduce the amount of time you spend administering contracts. Contract management without a software solution is a daunting task for any contract manager, analyst, procurement specialist, attorney, or paralegal.
Automated internal workflows will manage the approval process for you. Electronic signatures will eliminate the need to print a contract (never walk to and from the scanner again). Think about all of the time and money your organization will save.
Contract expirations and renewal timeframes are absolutely critical. CLM software has saved hundreds of thousands of dollars for organizations, because they never miss a renegotiation window or expiration! Let’s analyze a before and after situation:
Before Implementing CLM: you manage contracts on an Excel Spreadsheet or on a non-contract specific platform. An expiration of a service contract passes and it auto-renews, but you do not need those services anymore. You are locked in for five more years, and committed thousands of dollars to an unnecessary resource.
After Implementing CLM: you use contract management software to manage renewals, and multiple users receive an unlimited amount of alerts before and on the expiration date of the contract which is set to auto-renew. Directly from the software, the user sends the vendor a letter of non-intent to renew.
Problem solved. Money saved.
Often, organizations use valuable (and expensive) human resources to type contract data into a standard Microsoft Word template. Mature contract management software allows data fields and rules-based clauses to be pulled into the standard template with the click of a button - Problem solved!
Organizations also spend time searching for, and retrieving, contracts. This is simply unnecessary. CLM software acts as a central electronic repository for all contracts and associated documents with flexible searching options. Individuals can now make informed decisions with all of the information they need at their fingertips.
For these reasons, and many others, it is clear that contract management software is a necessary tool for organizations, large and small, to better manage their contracts, committals, certificates, and obligations.
CobbleStone has helped thousands of contract professions better manage their contracts, risk, and compliance since 1995. Learn more about Contract Insight™ Contract Management Software by visiting us at www.CobbleStoneSystems.com and sign up for a free demo.
866-330-0056 | www.CobbleStoneSystems.com