Seven Ways CLM Software Develops the Best Traits of a Contract Manager
Just as the role of the senior level contract manager is changing, the role of junior and mid-level contract managers is changing as well. Finding, developing, and retaining high-quality contract managers is a challenge for all enterprises. One way to facilitate this process is to leverage CLM software that develops the best traits of contract managers as defined by most clients.
For example, one requirement is that a contract manager is organized and another one is to keep track of the incoming and pending assignments that come to the dashboard of his CLM software according to their due date. Let’s review seven ways CLM software contributes to bring out the best contract management traits.
- Following Through
Allowing “stuff to fall through the cracks” is not only one of the worst business clichés but also one way to erode relationships with clients. While a client may understand once or twice, several instances can make a client defect or decide to not renew a contract once it expires.
CLM software provides your contract managers a dashboard that communicates key contract data, such as an upcoming deadline or an instance that a clause deviates from pre-approved ranges, and allows her to drill down into specifics. Additionally, your contract manager can customize the dashboard to his or her needs so that they are on top of all contract processes.
- Being Proactive
Year after year, there are deadlines that always seem to sneak up on your team. Some examples are the deadline to submit paperwork to maintain preferred-supplier status with a certain client or organization and the renewal date of a recurring one-year contract.
One efficient way to prevent this from happening is through the automated email alerts from a CLM solution that inform contract managers about upcoming events. Furthermore, these alerts can be customized so that they provide enough warning to relevant processes in a contract lifecycle and their related activities can be built into the contract lifecycle for specific clients. This feature allows contract managers to better plan their activities for the week, month, and quarter. Seek CLM software that is capable of sending multiple automated alerts to several team members related to an activity.
- Having Access to Latest Contract Data
Heres a usual scenario: a contract manager is on the road and he just finished a morning meeting with a client. The client has requested a review of all the estimated monthly costs against the actual ones for the last six years. All of that information is back at the office, stored in the computer of a person that is out of the office for the next two weeks. The clock is ticking and the client wants that data in six hours. Without a centralized repository of contract data that is available either through the Cloud or enterprises VPN, the contract manager would be out of luck in getting the data back to the client in time or be forced to provide guesses that may lead to subpar negotiations. CLM software doesn’t just store all contract data but also makes scanned documents searchable by text through OCR technology and provides access to the latest contract clauses and templates.
- Handling Multiple Priorities Well
Calling and emailing clients, coworkers, and subcontractors to figure out the who, what, and when of every contract process can be very time consuming. CLM software reduces the burden by showing an overview of the entire contract lifecycle for each one of the clients. Each activity has clearly marked predecessors and successors so that contract managers can make better decisions as to which activities to prioritize and what will be the impact of such decisions on other activities.
- Holding People Accountable
Through a CLM solution, each activity clearly indicates the people who are responsible for completing action items. CLM software allows a contract manager to get clients more involved and realize the impact of the time that they take to review deliverables. A contract manager can set up read-only accounts that allow a client or subcontractor to view only certain parts of the contract lifecycle. This way the client or subcontractor has better context of the impact of delaying one deliverable. Additionally, those external stakeholders can receive automated alerts when upcoming deadlines are near.
- Ensuring Integrity of Data
As more and more enterprises are victims of cyber attacks, the privacy and integrity of sensitive corporate information becomes a more pressing issue. Instead of sharing that data via email, a more secure way is to use an encrypted form to take-in contract data from clients. Contract managers can use CLM software to customize encrypted forms to request data from clients. When using a solution such as Contract Logix, these take-in forms are visible across all devices so that clients can provide the necessary information anytime from anywhere.
- Executing Contracts Faster
Few things can bother a client as much as having to wait around for a signed contract to be executed. Instead of relying on the regular mail that adds unnecessary delay, a contract manager could leverage the electronic signature feature of a CLM solution to execute a contract in real time.
As you can see from these seven examples, advancing the skills of your contract managers is a constant process that becomes more effective through the use of CLM software. Learn more on how to strengthen the resume of your contract managers within an enterprise.