CLM Digital Shift 2020 – How to Play New COVID-19 Rules
COVID-19 has changed the way businesses everywhere must conduct deals. The pandemic has forced upon us the need for CLM software in order to create, design, and sign all legal contracts; here’s how you can use a CLM system to better the future of your business.
CLM Software: How-to Use In Your Business
The coronavirus pandemic has shaken up the economic landscape as we know it; besides record-high unemployment and general financial instability, the traditional methods in which we conduct business practices have completely changed right in front of our eyes.
Firstly, we have noticed a massive shift towards all-digital solutions to replace any in-person or face-to-face contact. Since contracts usually require the cooperation of multiple parties or teams, this means it has to be done via a computer.
Has the way we do business changed forever?
Only time will tell; what we do know is that there is no guarantee of when the virus will pass or when restrictions will ease. So, now is the time to take advantage of the digital solutions offered for your business in order to protect yourself from the unknown and secure your business’s success in the future.
One area that you can start focusing on is CLM procurement.
CLM Systems: Benefits
CLM (contract lifecycle management) systems have helped businesses continue with their usual business practices during this very unusual period of time; essentially, CLM contract management helps simplify and automate the entire process of drafting contracts, from start to finish.
These CLM software solutions provide businesses the ability to accelerate contracts by reducing the need for:
– in-person meetings
– face-to-face negotiation
– manual documentation
– manual contract assembly
– manual storing and handling
Due to computer automation, CLM software makes for a seamless process for every aspect of contracts and offers a secure repository system to prevent the typical headache associated with legal documents.
No longer are in-office meetings or negotiations required; instead, all signing can be done through the use of a computer. Not only that, but every party member has their own personalized dashboard that tells them the exact tasks required of them, which means that contracts get signed sooner and the entire process is much faster.
Also, human error is vastly reduced by the use of CLM software solutions; since the computer does not make the mistakes that we make (such as saving over a document or signing incorrectly), this vastly reduces the amount of time typically spent fixing the issues that arise with manual contracts.
The inability to conduct business in person due to the COVID-19 restrictions has completely changed how these processes take place, and it only makes sense that these crucial CLM solutions are quickly gaining momentum in all areas and industries.
The only question is, is CLM software here to stay?
The Future of CLM Procurement
So, where does the future of CLM software solutions stand?
From what we can see, CLM solutions only stand to become more integral in our day-to-day business operations.
Why is this?
Because the entire world is going digital, and for good reason. Software solutions solve the meticulous problems for us (such as accidentally saving the wrong version), allowing us the privilege to focus on what really matters; human-human communication.
This is very important for businesses everywhere.
The fact of the matter is that CLM systems make the management of contracts infinitely easier; it just took the COVID-19 pandemic to force us to make the necessary shifts towards utilizing these software services in our businesses.
Although coronavirus will eventually pass, the need for automated and simplified contract lifecycle management will stay. It has only taken these extreme circumstances for businesses everywhere to undergo the somewhat uncomfortable process of switching to online solutions; despite the various problems that come with these shifts in operations, the learning curve is a small price to pay for the benefits that stem from using CLM software solutions.
The downsides of CLM software are limited; any issue typically has only to do with technical difficulties, which pale in comparison to the mass number of human-caused errors that occur in business and legal contracts on a day-to-day basis.
Whatever the case, now is the time to implement clm contract lifecycle management into your business.
Before purchasing any type of software, perform due diligence by researching different CLM software vendors and systems in order to find the best CLM software for you.