The biggest hurdle for implementing CLM Software in a business is convincing the management team to invest in one.
WAIT! WHAT IS A CLM? READ HERE.
Some of the hurdles can be because of money, time and prioritisation.
If you’re considering making a case to your management team but are unsure how you’ll go at convincing them, here are four justifications:
- Automated contract generation has a high level of speed and accuracy that cannot be matched manually by a lawyer;
- CLM Software allows for real-time reporting on resources and revenue expected from a contract, allowing for better management decisions;
- Automated reviewing and obligation-monitoring reduces errors, delays and penalties during the life of the contract; and
- It frees up lawyers from doing low-value, low-risk work. Giving them more advise on more complex, high-risk contracts – the opportunity cost of doing routine contract work.
Key Takeaways from Webinar: Contract Management: Creation, Automation & Lifecycle Management