登录查看更多内容

What are the best practices for implementing contract lifecycle management tools?

由人工智能和领英社区提供技术支持

Contract lifecycle management (CLM) tools are software applications that help IT sales teams create, negotiate, execute, and monitor contracts with customers, vendors, and partners. CLM tools can streamline workflows, reduce errors, improve compliance, and increase revenue. However, implementing CLM tools requires careful planning, coordination, and evaluation. Here are some best practices for IT sales teams to follow when adopting CLM tools.

此文章中的业界达人

由社区从 4 条内容中精选。了解更多

Syed Muhammad Shahzaib ??

You'll achieve a 300% ROI | CEO @Leading Logics | Loves to talk about AI, Blockchain, Game, Web & Mobile | Raise funds…
Alfred G Traverso

Sales @ Scrub AI

1 Define your goals and metrics

Before you choose a CLM tool, you need to define what you want to achieve with it and how you will measure its impact. For example, you may want to reduce contract cycle time, increase contract renewal rate, or improve customer satisfaction. You should also identify the key performance indicators (KPIs) that will help you track your progress and evaluate your return on investment (ROI). Some common KPIs for CLM are contract value, contract compliance, contract visibility, and contract accuracy.

添加您的观点

Syed Muhammad Shahzaib ??

You'll achieve a 300% ROI | CEO @Leading Logics | Loves to talk about AI, Blockchain, Game, Web & Mobile | Raise funds with relationships in B2B, B2C, C2B | Ride or die partner ??
举报内容
Think of your contracts as the engine of your business. Implementing a CLM tool is like giving it a high-performance upgrade. But before you hit the gas, ???????? ?????????? ??????'???? ??????????????! Clearly define your goals like: ????????????? ???????????????? ???????????????????? ????????? ? ????????????????? ???????????????????? ??????????? ? ??????????? ???????? ??????????????????????????? Then, choose measurable metrics to track your progress, like "average contract execution time" or "number of missed renewal dates." These are your roadmap to success.

已翻译

赞

2 Assess your current processes and gaps

Next, you need to assess your current contract management processes and identify the gaps and pain points that you want to address with a CLM tool. For example, you may find that your contracts are stored in different formats and locations, that your approval workflows are inefficient and inconsistent, or that your contracts lack standardization and automation. You should also map out the roles and responsibilities of the stakeholders involved in the contract lifecycle, such as sales reps, legal teams, finance teams, and customers.

添加您的观点

Syed Muhammad Shahzaib ??

You'll achieve a 300% ROI | CEO @Leading Logics | Loves to talk about AI, Blockchain, Game, Web & Mobile | Raise funds with relationships in B2B, B2C, C2B | Ride or die partner ??
举报内容
Before you bring in the shiny new CLM tool, take a good look under the hood of your existing contract management procedures. ???????????????? ?????? ??????????????????????: ?Is paper chase slowing things down? ?Scattered documents causing confusion? ? ?Manual tasks making everyone groan? Knowing your weaknesses helps choose a CLM tool that fills the gaps and smooths your workflow.

已翻译

赞

3 Choose a CLM tool that fits your needs and budget

Once you have a clear picture of your goals, metrics, processes, and gaps, you can start looking for a CLM tool that fits your needs and budget. You should consider factors such as the features, functionality, scalability, integration, security, and support of the CLM tool. You should also compare different options and request demos and trials to see how they work in practice. Additionally, you should involve your end-users and decision-makers in the selection process to ensure their buy-in and feedback.

添加您的观点

Alfred G Traverso

Sales @ Scrub AI
举报内容
The best contract lifecycle management (CLM) tools should have some core functionalities: - Contact Management: Store phone, email, and contact details of key customer contacts. Set up reminder alerts and cadences to track relationship follow-ups. - Commercial Terms Visibility: Maintain visibility into agreed commercial terms and billing details. - Expiration Tracking: Enable visibility into upcoming contract expirations plus alerts. - Template Library: Include a repository of templates to send to customers (both existing and easy to create).

已翻译

赞
Syed Muhammad Shahzaib ??

You'll achieve a 300% ROI | CEO @Leading Logics | Loves to talk about AI, Blockchain, Game, Web & Mobile | Raise funds with relationships in B2B, B2C, C2B | Ride or die partner ??
举报内容
The CLM market is a buffet of options. From feature-packed powerhouses to streamlined budget-friendly choices, there's something for everyone. Consider your preference according to these questions. ?Are you a lean startup or a corporate behemoth? ?Does your field have specific regulations to navigate? ?Can you afford a Michelin-starred tool or a trusty food truck? Once you've answered these questions, compare features, test-drive demos, and choose the CLM tool that's the perfect fit for your business journey.

已翻译

赞

4 Plan and execute a smooth rollout

After you have selected a CLM tool, you need to plan and execute a smooth rollout that minimizes disruption and maximizes adoption. You should start with a pilot phase where you test the CLM tool with a small group of users and contracts. This will help you identify and resolve any issues, glitches, or gaps before you scale up. You should also communicate clearly and frequently with your users and stakeholders about the benefits, expectations, and timeline of the rollout. Moreover, you should provide adequate training and support to your users to help them learn and use the CLM tool effectively.

添加您的观点

5 Monitor and optimize your performance

Finally, you need to monitor and optimize your performance with the CLM tool on an ongoing basis. You should collect and analyze data from the CLM tool and other sources to measure your KPIs and ROI. You should also solicit feedback from your users and customers to identify any challenges, opportunities, or best practices. Furthermore, you should review and update your contract templates, workflows, and policies to ensure they align with your goals and comply with the latest regulations and standards.

添加您的观点

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

IT Sales

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

What are the best practices for implementing contract lifecycle management tools?

1

2

3

4

5

6

1 Define your goals and metrics

2 Assess your current processes and gaps

3 Choose a CLM tool that fits your needs and budget

4 Plan and execute a smooth rollout

5 Monitor and optimize your performance

6 Here’s what else to consider

IT Sales

给文章评分

感谢您的反馈

更多IT Sales相关文章

更多相关阅读内容

What are the best practices for implementing contract lifecycle management tools?

1

2

3

4

5

6

1 Define your goals and metrics

2 Assess your current processes and gaps

3 Choose a CLM tool that fits your needs and budget

4 Plan and execute a smooth rollout

5 Monitor and optimize your performance

6 Here’s what else to consider

IT Sales

给文章评分

感谢您的反馈

查看其他技能