It’s no secret that businesses are scrambling to face a plethora of complex and unique challenges in the global marketplace.
War. Inflation. Supply chain bottlenecks. Global recession. In 2022, it’s no secret that businesses are scrambling while facing a plethora of complex and unique challenges in the global marketplace.
Now, more than ever, companies are looking to every corner of their business to unlock unrealized revenue and lower operational costs. Luckily, however, there is a massive source of value hidden in plain sight: your contract data.
Just how to unlock that contract data is the subject of conversation in Agiloft’s latest Webinar, “How to Unlock Contract Data to Drive New Revenue and Efficiencies Across the Enterprise.” In it, Agiloft’s Chief Product Officer Andy Wishart is joined by Nick Tarpey, Key Account Director, Embedded Platform, Workato, and Paul Branch, Chief Networking Officer, World Commerce & Contracting (World CC).
Contracts are the backbone of businesses across the globe. In fact, more than 26% of the workforce has some level of involvement in the contract process.
But the future of CLM is rapidly changing. CLM is more centralized and more likely to be undertaken by dedicated professionals than it was five years ago, and for good reason. According to World CC research, good contract management can save a company up to 9% of its annual revenue.
For many organizations, approximately 50% of their contract management is on the forefront of automation, Branch says in the webinar. And in the words of Wishart, CLM software has gone from “cool to have” to “crucial for survival.”
Given these facts, now is the time for teams to automate and optimize contracts—not just as a way to survive, but to thrive in these challenging market headwinds.
Below are three key CLM strategies that businesses need to adapt in order to unlock their contract data value and truly win the market.
From the pandemic to the war in Ukraine, organizations are struggling to adjust to the massive changes happening across our global landscape. To keep up in 2022, your business needs to be able to shift on a tweet. And in order to do that, companies need to develop contract nimbleness.
What is “contract nimbleness”? It means being able to pinpoint the risks or opportunities in your contracts that drive or protect value and being able to react to that information and make decisions quickly, Wishart says. True contract nimbleness requires a data-centric approach to how contracts are created and negotiated.
Agiloft Insights Lab recently surveyed a variety of enterprise buyers and found that that seamless integrations with other non-CLM tools and systems were the second most important software demand—second only to value.
In fact, 57% of people surveyed said ease of integration with other technology is highly critical when choosing a CLM.
Data trapped in contracts holds unbelievable value to help manage risks and make better decisions. But without a CLM to unlock that data and share it with other solutions, it’s difficult to put that information into action. Your CLM needs to be able to integrate and flow data not only seamlessly, but widely, with hundreds of today’s common enterprise solutions.
The three pillars of successful CLM integration are:
Agiloft’s Integration Hub, powered by Workato, is a vastly powerful resource that empowers users to create integrations with simple and intuitive workflow canvases.
Workato is a cloud-based solution that works with clicks, not code. “It’s actually a really logical extension to Agiloft’s no code CLM platform,” Wishart says.
In the Integration Hub, users have access to more than 400 “Community Connectors”—pre-built connections to enterprise systems like Slack, Teams, and Workday— with more Connectors being created by the day.
The Integration Hub also provides access to Community Recipes, pre-built templates that send your workflow and data from one system to another, and the Automation Institution, Workato’s online training center offering more than 30 courses designed for the business user (no background in coding needed).
In 2022, there are no shortage of challenges facing organizations worldwide. But by following these three strategies, businesses can truly unleash the potential of their contract data.
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