Many organizations use their contract management platform primarily for contract storage. But in reality, a robust contract lifecycle management (CLM) solution offers so much more than that. 60 to 80 percent of B2B deals are managed by contracts, with companies managing on average 20,000-40,000 contracts per year. If this critical business process is not handled accurately and efficiently, it can create significant risk and losses for an organization.
Comprehensive contract management – facilitated by a CLM solution – is critical to mitigating risk and reducing loss related to contracts. A contract management platform is an investment that offers tremendous ROI to any organization, including:
- Process streamlining and efficiency gains
- Improved business flow though insight into how contracts move, perform, and bottlenecks
- Reduced risk and improved compliance
- Source policy and contract language enforcement
- A way to develop policies and best practices around contracts
- Integrating a comprehensive CLM solution can lead to 60% faster contract cycles, 50% faster negotiations, a 40% savings in administrative costs, and a 10-30% saving in operating costs.
Even more importantly, a good CLM can provide overall ROI of 150-200% in one year. This is why you can’t afford not to have a CLM platform.
Download this eBook, to learn more about how contract management improves compliance, reduces risk and improves business efficiency, providing tremendous ROI.