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Your 5-step guide to
CLM success.

Organizations without a dedicated contract lifecycle management solution frequently encounter these common challenges. With proper planning and implementation, the right CLM system can improve outcomes across the board. 

Common contract lifecycle management challenges Improved outcome with contract lifecycle management
Can't hit sales goals and growth targets with current strategy and resources. Able to generate accurate and professional proposals in minutes, saving sales reps time and cutting days or weeks from sales cycles
Global price book is ad hoc, sales reps use inconsistent, uncontrolled price lists. Global pricing consistency is globally enforced, with automated alerts and approvals triggered for noncompliant pricing
Legal is the bottleneck on contract approvals. Standard contracts built and delivered based on language pre-approved by legal, reducing that team's workload and backlog
Loss of revenue from lack of visibility into expiring contracts. Automatically pull relevant dates and data from contracts to alert account teams in advance of expiration and renewal dates, eliminating churn and increasing revenue
Zero visibility into sales pipeline.  Accurate forecasting and pipelines with visibility into every in-process contract and related dates, outstanding tasks, and roadblocks
Salesforce® adoption is slow or limited. Integration with system of record streamlines data transfer to contracts, incenting sales reps to enter data in Salesforce to speed contract cycles
Little to no quality or compliance control. Template-driven contract creation and automated approval and review routing eliminates errors and ensures process compliance

While it’s important to start on an achievable scale, it’s also important to conduct a true pilot project, not a “conference room pilot.” If the pilot’s scope is too limited, any benefits might be skewed up or down based on a small sample of contracts, which would only serve to undermine future expectations.

Education is also important for CLM project success. You’ll want to socialize the business case with decision-makers and influencers to get feedback and to create as many supporters as possible. And, as feedback and questions come in, continuously update the business case to add new benefits and mitigate potential drawbacks. At every level, building support and excitement for your CLM initiative, as well as soliciting participation, will foster later adoption and usage, and help ensure ongoing success.

Remember, too, that CLM is significantly less expensive than it was just a decade ago, mostly due to massive cost reductions in cloud-based technology and advancements in Artificial Intelligence. Those factors reduce the actual costs of CLM implementation, including the human effort required for it, which speeds up ROI. ​​​​​

Download the "Creating a business case for contract lifecycle management" eBook to learn more!

Estimate your ROI.

Budgeting frequently includes the expected benefits so that an accurate ROI can be calculated. In addition to the information above, statistics are available from leading analysts in Forrester’s study on the total economic impact of Conga Contracts, and more results from real companies can be found on the company resource page. Both sources can help you accurately determine your expected benefits.

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