Can Contract Lifecycle Management Help Recession-Proof Your Business?
By David Parks
Vice President of Marketing | Contract Logix
Oct 10th, 2022
Excerpt from Today’s General Counsel – Can Contract Lifecycle Management Help Recession-Proof Your Business?
After a summer of disappointing macroeconomic trends and continued uncertainty about what recovery is going to look like, many businesses are looking at ways to minimize risk during this potentially long and disruptive time. Although there is not one answer to today’s economic uncertainty, modernizing and digitizing the contract process can be part of the solution. It also makes good business sense.
Contracts are the backbone of every organization. They define relationships with vendors, customers, partners and more. Poor contract management processes can expose a business to risk, and the contract lifecycle is a way to track the overall health and well-being of a company. Tools such as contract lifecycle management (CLM) software give companies a way to gain more control, agility and visibility into their business and business relationships, which are critical when mitigating the risks and challenges associated with an economic recession.
Recession Mitigator #1: Control
During economic uncertainty, making sure that business processes are operating as efficiently and effectively as possible is even more crucial than usual. Well-designed business processes can improve profits, and help ensure higher quality and better customer relationships. Poor business processes increase inefficiencies and risk, and can impact the quality of decisions made based on those processes. CLM software allows organizations to take control of contract processes in a way that helps to perfect them. One of the immediate benefits is that it centralizes all contracts, related documents and contract data in a secure, cloud-based repository. This immediately reduces the time it takes to search for all that data manually, as well as ensuring that only the right people can access and edit contracts.
Automated workflows, and clause and template libraries, also help streamline the negotiation process by reducing the time required to draft, collaborate and sign contracts, as well as ensuring that all internal and regulatory rules are followed. Organizations can leverage automation to control how and when every task and alert needs to happen, triggering workflows specific to contract terms, and alerting the appropriate personnel when someone goes outside of this process. Clause and template libraries also provide control over what legal language is used and when, ensuring that the language and specifications are always up to date.
About David Parks
Dave Parks manages Contract Logix’s overall marketing strategy and initiatives including product marketing, demand generation, digital, content and public relations. He has over two decades of strong product and content experience, having served in senior marketing roles with Progress, Ciena, Lucent and Cascade Communications and as an industry analyst with the Yankee Group. Dave is a passionate marketer who loves creating content that answers people’s questions and delivers his audience value.