Mapping a CLM Platform to Your Business Processes Matrix
Made up your mind about using the CLM platform in your organization but are still confused about the exact way it can help you?
Just choosing a digital contracts platform and implementing it in your organization will not yield the expected results. Without proper mapping, you’ll risk the investment and resources while creating chaos in decision-making. That is surely not what a contract lifecycle management platform is made for.
So, it is essential to not only rely on your contract lifecycle management platform as another instrument. You must adopt a strategic approach to introduce an e-contract platform in your organization. Mapping can play a crucial role in meeting your contract and business goals.
What Opportunities Does A Contract Lifecycle Management Platform Come with?
A contract lifecycle management platform ensures you don’t get stuck in the growth phase of your organization. As soon as a business enters the growth phase, work and associated contracts increase significantly.
Relying on the old approach of signing up, managing, and evaluating contracts will create a mess at the managerial and tactical levels. The result is lost clients, missed deadlines, and unsatisfied customers. A CLM platform in your organization lets you pass this stage with a streamlined approach and get stability.
Moreover, CLM platforms allow you to reduce the manual effort for executing the same work burden. This means lesser time wastage, more productivity, and lesser employee burnout.
As these platforms trigger automation, the risks associated with manual contract approval stages are reduced. Besides, contract performance evaluation and improvement become possible.
You can get reliable, speedy, automated partners to manage your contracts.
Empowerment of Businesses Through CLM Platform In The Digital Age
The digital era requires a proactive approach to sustain in the market. You must be well-aligned with the changing trends to identify and capitalize on the gap for your organization’s benefit. Using a contract lifecycle management platform can let you do that. It helps you address your internal issues with contact handling, so you can free up time and find what you can jump in.
Moreover, with the competition increasing daily, you can’t tolerate losing a client or your well-trained employees because of managerial problems in contract handling. It gets even more important when competitors use such a solution to address similar issues. But your organization is missing them.
Investing in CLM platforms gives businesses the power in their hand to take the lead in the industry and create new customer satisfaction records.
Why Is It Important to Map contract lifecycle management platforms? Not Only Implement!
Mapping an E-Contract Platform guides you through the exact procedure to get all the benefits you have been expecting. You’ll have a roadmap to follow, thus requiring lesser time in actual implementation.
Besides, you’ll have a cost-benefit analysis guiding you about the areas where you can generate the benefits and describe all the costs (changing processes, resources) that will follow. It will give you a better idea if your organization is ready for implementation. Or if you are ready to invest in it, considering its benefits. But, if you start implementing it immediately, you’ll create turmoil in the organization.
You can even identify low-volume contract processes during the mapping phase, which might change your mind about implementing the digital contracts platform altogether. Similarly, you can identify the functions where the CLM platform will yield results immediately and highlight the ones that need improvement.
Mapping Digital Contracts Platform to Business Process Matrix
Not every business is similar, but its phases are the same. Through these phases, you can have an idea about how to map CLM to your business.
In this phase, you must check if your business has the technological advancement to a level that can handle the use of the contract platform.
If not, what roadmap can you follow? Do you have the investment? Are you willing to upgrade? Similarly, how long will the entire process take is another question to consider.
As you’ll have to implement the CLM platform according to your processes, you must define the decision-making stages of your business; the people authorized to make this decision, who can have the final authority, and what type of data is required to conclude. Is your team ready for such a transformation? How can you help them onboard the new platform?
When you map things to implementation, you won’t face difficulty when you start working through the digital contracts platform.
At this level, you need to define the contract lifecycle stages for your business. For example, the activities that will be part of your business, the data required at each stage, who’ll provide the data, and how you will train your employees for CLM.
Tips For Mapping a CLM Platform For Your Business
Here are the tips that might help install the contract lifecycle management platform in your business:
● Set a clear focus before you integrate the contract lifecycle management platform
● Define all the processes and stakeholders
● Create an inclusive environment for all the stakeholders involved
● Outline KPIs and your expectations with the process, CLM platform, and stakeholders to get the best results
● Do not forget to integrate the change management and mapping processes
Once you map and install a CLM platform customized to your business needs, you can expect lower time for repetitive contract-related tasks. Moreover, other advantages to expect are improved employee efficiency, reduced costs, and lower employee burnout.
But, all these benefits depend on streamlining the entire contract lifecycle, in which mapping plays a significant role.