What you need to know to choose the right solution for your organization
You’ve already heard about the tremendous ROI and impressive time to value that a contract management platform can offer your organization: a good CLM (Contract Lifecycle Management) solution can provide overall ROI of 150-200% in one year. Armed with that information, you can start searching for the solution that’s the right fit. Be sure to consider the following features when shopping for a CLM solution:
- Customization and flexibility:
- Can the system be tailored to fit your business, and not the other way around?
- Document management capabilities:
- Does the platform have a central repository and clause library to store contracts, versions, and approved language?
- Can you customize and automate document retention policies?
- Can you get significant insight into your contracts, and the information contained in them?
- Do you have access to a comprehensive dashboard? An overview of contract hierarchies?
- Can you track contracts, following them through stage, status and approvals?
- What are the reporting and analytics capabilities of the CLM you are looking at?
- Can you track financials and forecast payments?
- Integration capacity:
- How well will the solution integrate with your CRM and ERP systems?
- With your financial and CPQ systems?
- Does the CLM platform have solid integration API and record? How do customers rate their support?
- 3rd party interaction tools:
- Can you carry out contract negotiations in a secure online environment?
- Does the CLM tool integrate with eSignature solutions to facilitate and streamline the signature of contracts?
These are a few of the areas to consider, among others. Download our eBook, The Ideal Buyer’s Guide to CLM, to learn more about the steps to take to identify the ideal contract management platform for your organization, and an in-depth look at what features you should consider.