Contract Lifecycle Management Software Myths Debunked
Like many other fields that have been around for a while, contract management has its fair share of myths that cause unnecessary confusion and delay. Among the top contract management myths to overcome is a misunderstanding of what contract lifecycle management (CLM) software truly does. Whether your enterprise is considering the implementation of a CLM software or have one already up and running, help your contract management team overcome the following CLM software myths.
- CLM Software Means Saying Goodbye to MS Word
While it’s a fact that a large enterprise needs to go beyond MS Word to take contract management to the next level, it’s also true that you can just do away with the de facto standard on word processing. A contract manager believing that she will have to learn a new software to edit a contract template will be very reluctant to try out a recently implemented CLM solution.
The reality is that robust enterprise-level CLM software has MS Word natively built into its system. For example, Contract Logix’ contract management software System, fully utilizes any edition of MS Word and all of its word processing features (except save). By leveraging a widely used tool, a CLM solution accelerates the learning curve of users across all levels of proficiency.
- Deployment Options Are Limited and Unsecure
The reality is that most CLM software providers offer both cloud-based and on-premise options.
The first deployment option securely hosts, maintains, and guarantees application availability and performance for CLM software with a straightforward service level agreement. By using a SaaS solution, an enterprise reduces deployment cost for a quicker return on investment and minimizes maintenance cost by ensuring use of the latest software version without upgrade charges. Contract Logix offers a 99% uptime guarantee for all of its SaaS and Cloud solutions, encrypts and securely transfers all data backups to its retention facilities, and uses data center facilities that are SOC II / SSAE 16 certified.
The second deployment option allows an enterprise to leverage its existing IT infrastructure, meet industry compliance requirements, and have more control. Being able to use the enterprise firewall can be a major requirement for enterprises in certain industries so providers of CLM software often make it available.
However, these two deployment options can be further configured according to the unique needs of your enterprise. Make sure to bring up your requirements during the discovery call with any service provider that you meet so that you can learn more about your available options.
- Data Migration Isn’t Possible to New CLM Software
It can be very daunting to think that you would need to tackle the entire data migration of your contract data on your own, but there’s no need to worry. Data migration is very often built into the implementation or upgrade of a CLM solution.
When evaluating a contract management software company look for one that offers data migration services. Whether your information is in spreadsheets, collaboration platforms, such as Microsoft SharePoint databases, or filing cabinets and boxes, migrating your contract data efficiently, securely, and quickly is possible.
Proper data migration of paper documents goes beyond just scanning into PDF format. Experienced companies use OCR technology to make documents text searchable, which wasn’t an option when those documents were gathering dust inside a filing cabinet. Learn more about Contract Logix’ data migration services.
- CLM Software Doesn’t Play Well With Other Software
As you already saw with the example of MS Word, developers of CLM software actually are actively looking to partner with other developers of key technologies for the contract management industry.
The most notorious example is the integration with e-signature applications. For example, Contract Logix seamless integrates with Sertifi, DocuSign, and EchoSign, so you can choose the best option for you!
The reality is that CLM software can seamless integrate all of your contract data with CRM, ERP, Finance, and any other types of systems. During your discovery call, make sure to mention the systems that are essential to your operation and that you’re looking to integrate with the CLM software. Additionally, keep in mind the compliance guidelines for your industry.
- Data In-Take from Clients is Limited to One Operating System or Device
When considering an investment in a CLM solution, it’s a very valid concern to verify that no client will be left out from using secure ways to provide data due to their preference of device or operating system.
A robust CLM solution enables you to capture any contract data through customizable forms that are accessible by administrators and recipients on any device, regardless of operating system. With Contract Logix, you can create forms that your clients can view on any device through a browser and Internet connection and that they can use to upload documents securely through an encrypted connection.
Now that you’re aware of common myths held by potential or current users of CLM software, utilize the points of this article to dispel those myths and improve the rate of adoption of the CLM software across your enterprise. The next step is to use these five strategies to drive user adoption of CLM software even further.