Make the most of your contract management system

Digital transformations are sweeping through businesses and industries today.

62% of respondents to the 2018?Gartner CEO and Senior Business Executive Survey?indicated that they are working on initiatives to digitalize their business. This momentum is impacting processes and workflows across industries and roles as companies look for ways to support smart business decision-making through actionable insights.

Contract lifecycle management (CLM) presents a critical opportunity for digital transformation. CLM impacts many different types of industries and departments—all of whom use contracts in their daily workflow that require proactive management throughout their lifecycle, from creation to renewal and archiving.

What is contract management software?

Contract management software is used to streamline the CLM process. This software allows people in roles such as sales and marketing, legal, procurement, and finance to create, store, manage, redline, and share complex business contracts. This software typically fits into a portfolio of tools used to handle overall vendor or contractor relationships and often integrates with CRM software, quote management software, accounting software, and e-signature software to streamline the CLM process. Ideally, you want to leverage an agile, flexible, and proactive contract management system that can take contract management to the next level.

The CLM software climate today

The CLM market?continues to grow?at a rate of 18%, fueled by contract management software that offers many benefits for companies looking to streamline the contract process with their customers (Forrester). This includes early adaptors like the pharmaceutical industry, manufacturing, banking, and securities. CLM is also gaining traction in high-tech and consumer goods.

This adoption is gaining momentum as organizations implement their digital roadmaps to eliminate paper and improve workflows and collaboration. By 2023, 90% of multinational global enterprises and 50% of regional midsize organizations will have contract management solutions in place (Gartner).

But evidence of adoption does not necessarily indicate the maturity of use. Many organizations still use CLM solutions primarily as document repositories for tracking metadata and triggering alerts. However, CLM software has the potential to offer flexibility and agility so that businesses can extract insights through reporting and analytics, have visibility into all stages of the contract lifecycle, and drive decision-making across an enterprise.

CLM analytics

There are essentially two segments to the CLM market today: CLM operations and CLM analytics. The CLM operations segment focuses on document preparation and contract process performance improvement. In contrast, the CLM analytics segment is interested in the advanced use of machine learning and?AI technologies?to improve contract performance. By incorporating CLM analytics into a contract management system, companies can answer key questions about contract clauses and information, such as, “Which contracts are missing the arbitration clause?” or “What is the average agreed-upon price in my sales contracts by product line?”

Icertis Contract Intelligence (ICI)

Leading?CLM providers?like Icertis are leveraging the powerful features of an agile contract management system. As a?Gartner vendor to watch, CLM solutions provider Icertis has developed the?Icertis Contract Intelligence (ICI)?platform to transform contracts into strategic business assets. You’re no longer stuck storing contracts in shared drives or email inboxes, locking away their valuable insights. With ICI, global enterprises can leverage the powerful capabilities the platform offers to maximize revenue, control costs, and manage risks.

ICI can be leveraged by companies to accelerate their business by increasing contract velocity, protect against risks by ensuring regulatory and policy compliance, and optimize their commercial relationships by maximizing revenue and reducing costs. This flexible tool offers capabilities that every department across the company can benefit from—including sales and marketing, finance, legal, procurement, and corporate.

CloudMoyo FastTracktoValue? services for ICI

Cloudmoyo is a premier services partner for Icertis, bringing experience implementing ICI for over 55 customers. Armed to enable organizations to realize quick time-to-value out of their ICI implementation, we provide?FastTracktoValue? services for ICI?to accelerate your journey towards increasing contract intelligence.

FastTracktoValue? services for ICI cover the entire spectrum of contract lifecycle management, meeting you no matter where you are in your ICI journey: from implementation readiness consulting, to fast track implementation and comprehensive adoption services.

Continue reading here https://www.cloudmoyo.com/blogs/making-the-most-out-of-your-contract-management-system-with-contract-intelligence/ to know how we can help you maximize the value of the ICI platform.?