CLM 2022 Budgeting: Making the Case for Software
By David Parks
Vice President of Marketing | Contract Logix
Published October 27, 2021.
Research firm Gartner predicts that by 2025, legal departments will dramatically increase their spend on legal technology. The firm also noted that by 2024, legal departments will automate half of the legal work associated with key business transactions, but that these same departments will capture only 30 percent of the potential benefit of their contract lifecycle management (CLM) investments by 2025. In earlier blogs, I’ve outlined tips for a successful CLM rollout, but as legal teams start to make their 2022 budget requests, now is the time to review what systems may be in place and make the case for a modern, data-centric CLM solution that offers a fast time-to-value and return on investment.
The benefits of a data-driven CLM system include mitigating risk, increasing compliance, and finalizing business faster, along with addressing a key number of issues.
Additional Excerpt from CLM 2022 Budgeting Article:
Manage Spend and Resources – The best CLM platforms allow organizations to utilize data that they already have and speed up business processes. This can be done by building out clause and template libraries of negotiation-ready contracts with standardized and approved legal language and formats that are centralized and accessible by those who need them. Teams can also automate workflows throughout the CLM process, allowing users to easily and quickly route contracts, tasks, requests and reminders to the right people every time. This eliminates the risk and inefficiency of routing contracts at various stages manually and via email. Contract reporting also helps guide decision making around spend and gives leaders the opportunity to investigate and solve issues that get identified.