Implementing Contract Lifecycle Management (CLM) Systems: Focus on the Data
A playbook for easier CLM deployment, and maximum ROI
Contracts are the living record of an organization's agreements with various counterparties. These documents precisely stipulate rights, obligations, duties, roles, responsibilities, considerations, dispute resolution procedures, important dates, deliverables, payment terms, and limitations. Each company’s approach to contracting is unique and evolves over time, in response to changes in the market, the regulatory environment, the other contracting parties, and the goods or services being offered.
Leading Contract Lifecycle Management (CLM) systems from DocuSign, IronClad, LinkSquares, Icertis, Conga, Juro, Agiloft and SAP Ariba help to automate drafting, negotiation, notification, and document storage. These systems are good for deploying consistent processes that focus on internal workflows and collaboration.
You can see how many 'turns' a contract took before the parties signed.
You can generate a pro forma agreement using curated templates and clause libraries.
You get timely alerts when specific conditions are met.
CLM systems can provide a wide range of benefits to procurement, sales, and legal teams.
But a great CLM system only gives you half of what you need. Efficient document flow is one thing. Using the essential information inside your documents is another.
Not just documents; it's the DATA
Organizations using CLM systems can use Docugami as a complementary solution to maximize their return on investment. Docugami makes your CLM system more powerful and more practical, by extracting and exporting any data that you need from a wide range of contracts – including legacy contracts that preceded your CLM system.
Most CLM systems originated a few years back, prior to the latest advances in artificial intelligence techniques being available. The use of data was focused on supplying metadata to store and find documents, and to standardize contract language.
As a result, today most systems are laborious to set up, maintain, and fully adapt to the inevitable contract variations.
Companies using CLM often find themselves trying and failing to fit their work to pre-determined fields and clauses, rather than reflecting the reality of contract variability and negotiations.
New CLM customers need to invest in a separate project for populating key data from legacy contracts. Those projects tend to be expensive in terms of time and capital.
Companies turn to Docugami for a complementary solution: extracting and importing or exporting any data that is desired, from a wide range of contracts.
Using Docugami’s Software as a Service (SaaS) product, you can automatically break down your unique business documents into chunks of information – every date, every price, every contract deadline, every product specification, every provision, every legal requirement, and more.
Docugami automatically creates a hierarchical representation of every document in its entirety – not just a few extracted bits of data – making it easy and efficient for you to generate insights and reports, assemble new documents, and use document data to power your existing business systems.
Best of all, Docugami works seamlessly with your existing tools and systems, it’s designed to understand your unique documents and data, and it doesn’t require any significant training or IT investment.
With Docugami, your CLM investment is more cost-effective, easier to implement and maintain, and more valuable via the use of the data, from DAY ONE.
To see how Document Engineering can help your business by unlocking the vital data and insights trapped in your documents, start your free trial today.
There is no obligation to continue beyond your free trial, but we are offering a 'Founder's Discount' on pricing if you choose to do so. Try Docugami for free – with or without a CLM system.