The secrets of successful CLM implementations

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While it is now more than 25 years since automated contract management systems entered the market, many organizations have struggled to achieve successful implementations. In part, this has been due to the innate complexity of the contracting process—the variability of terms, the volume of stakeholders, the need to co-exist with multiple other systems. But it was also due to constraints in the technology itself, its inability to be adaptive and to offer flexibility.  

Recent years have witnessed an evolution in the technologies that are available and the emergence of a new breed of providers— providers who understand the underlying complexities and have responded to the varying needs of business users to achieve rapid acceptance and adoption.  

Market leaders are embracing Artificial Intelligence (AI) and the role it can play across the organization and within their contract management process. At present, (according to a survey by WorldCC) only a minority (21%) have embedded AI, with a further 10% in process of implementation. The use cases of that 31% are varied but illustrate the potential impact on business performance and the value achieved from contracts.  
 

According to WorldCC, 61% of past implementations have failed to deliver expected benefits. In many cases, this is due to selecting systems that lack the flexibility needed to adjust to business needs, or to the complexity of configuration.  

Those who have experienced successful technology roll-outs have advice for those who are about to start the journey: plan for success.  

This report offers the insights you need to take back control of your contracts, properly implement new tech, and equip your business for the future.