Technology: Contract Management. Technology is a critical component of any efficient contract life-cycle management (CLM) system. CLM enables the methodical administration of commercial contracts from initiation through award, compliance and renewal or expiration. While CLM software in now commonly deployed, corporations of all sizes frequently struggle to optimize its use. Additionally, rapid advances in capability and the many options available have made the design, implementation and use of CLM technology much more complex.
QuisLex has assisted clients in building, implementing and operating CLM platforms that provide substantial and measurable performance enhancements. While technology agnostic, we work with leading CLM software providers to install and (as required) help run CLM software architecture that delivers benefits including:
- Enterprise-wide secure and shared control of contract documents
- Quick access to contract content
- Contract compliance (buy-side and sell-side) reducing legal risk
- Maximizing revenue from existing contracts
- Significantly reducing contract cycle times
- Increased internal and external customer satisfaction
- Lower procurement costs
- Reduced operating costs
Contract management systems range from basic repositories providing simple hosting and organization, to end to end CLM tools that integrate with ERP systems, manage complex workflows, provide advanced reporting and data analytics capabilities, and maintain clause libraries, templates, and metadata. The implementation costs can therefore range from the low tens of thousands to the millions of dollars, even before accounting for the time and resources required for migrating existing contracts into the new system.
So which system is appropriate for you?
It is likely that a gap analysis (that is, current vs. desired state) of your contract management architecture will uncover multiple areas of opportunity that will help you identify priorities and build an implementation roadmap to effectively guide you. With this roadmap in hand, you will be better positioned to choose a contract management technology that enables the transformation.
To learn just how much can be accomplished, read about some of our past success stories.
QuisLex has helped several global corporations transform their contract management architecture with results that have garnered both QuisLex and our clients’ recognition from organizations like the International Association for Contract & Commercial Management (IACCM) and the Association of Corporate Counsel (ACC).