Many things changed when the pandemic struck the world. Not even a single sector survived without at least a certain number of problems. Business sectors across the globe got affected badly. However, technology and superior digital innovations, helped the world to overcome those limitations and risks to a big extend. The digital transformation happened 4 to 8 times quicker in this period. Modern contract management tools gained better relevance and demand in this backdrop. As the pandemic situation does not seem to move any soon, businesses need to consider smart businesses for contract lifecycle management. In today’s blog, we are going to explain how to overcome the challenges of implementing a CLM during the pandemic.
The present situation is that most of the businesses are following a remote work culture already, and thus traditional contract management methods are not practical anymore. Implementing a contract management system not only gives you total control over your contracts, but you will also be able to make the best decisions thus enable you to practice intelligent contract management consistently. However, you will face some challenges while implementing CLM software during the pandemic situation. Through this content, we are trying to make you aware of such challenges, so that you can prepare for them right away.
What are the Challenges Businesses are Facing At these Difficult Times
Businesses and organizations are facing a lot of practical, financial, and geographical problems during this crisis. Digital workplaces helped businesses to handle these hurdles well to a good extend. When it comes to implementing a CLM system, the first challenge is to convince the high-level stakeholders to make this investment. Financial constraints are another major challenge. When compared to large organizations, small businesses can make quicker decisions and make such buy-ins effortlessly.
We at Dock 365 Inc. specialize in providing pre-built contract management systems for both large and small businesses. Our solution is economic at the same time offers deployment within 4 to 6 weeks. Book a demo now to know more about our simple yet powerful solution.
Shortage of resources is another major challenge faced by companies. Finding a contract management system that comes with a desirable price tag is the solution for that. If your business is already running with a legacy system, it is going to be a hurdle implementing a contract management system.
5 Ways you can Overcome Common Challenges with a Contract Management System
By implementing a contract management system, your organization can gain a lot of benefits. These benefits eventually let your team manage contracts with ease. It helps your business to handle contracts in a way that puts your business in a safe and sound position during this pandemic situation. Let us see what some of the benefits are.
Get the Basics Right
The first thing that every business wishes to get done by CLM software is to ensure that all basic factors are in place. A nicely built CMS can tick this requirement with ease.
Track All Contract Related Activities Within the System
Within the same interface, you can add, update, track contracts, and generate reports based on various contract factors.
Do Not Change the Way you Process Contracts
A new contract management system does not mean, you must change your workflows, and the way you manage contracts, or your contract structure. Create your custom workflows, contract templates, fields, etc. in your new system to follow your contract management workflows more smartly.
Comply to the Changes in the Law
Due to the Covid-19 threat, many things changed including laws and terms that affect contracts. Look at those changes in terms, conditions, and laws, and see how you can implement those changes effectively in a CLM system.
Include Detailed Obligations to be Safe at all Contract Stages
Setting up obligations for each contract, assigning it to the right people, and tracking them are highlights of Dock 365’s Contract Management System. This is something you should check in a CLM solution. It will be easier for you to check all-sufficient marks at the time of contract approvals.
Hope you got a clear idea about factors that will help you to overcome the challenges in implementing a CLM during the pandemic. If you need more details about CLM implementation, book a demo with us anytime.
Written by Alex K Joseph
Alex Joseph is a Digital Marketing Strategist with explicit knowledge in Content Marketing and Microsoft Technologies. A writer by day, Alex is a night owl and a DIYer. Alex's theory is to make businesses achieve success with modern solutions and smart exploitation of resources.