5 Tips for purchasing a “future-proof” CLM 

The world is constantly changing. 
 
From new laws to new markets or new competitors, there are always new challenges emerging across the business landscape. To get ahead in today’s uncertain times, your legal team must keep up with these changes and ensure your contracts are always up to date and compliant.  

Sounds like a lot of work, right? 

That’s why many businesses are turning to AI to help them automate and streamline their contract management. AI can do amazing things like extract data from contracts, suggest the best terms and clauses, and monitor contract performance.  

But not all AI is created equal. Some contract management systems are still stuck in the past, using outdated technology that can’t handle the complexity and variety of today’s contracts. These systems are like dinosaurs: big, slow, and rigid. They can’t adapt to the changing environment, and they might go extinct soon. 

In fact, in a recent Agiloft survey, we found that 61% of respondents said they had a CLM solution in place, but that it doesn’t have all the functionalities they need.  

Sound frustrating? Considering the cost, time to procure, and change management needed to successfully implement a CLM, you don’t want to have to go CLM shopping twice. But by following these five tips below, you’ll be sure to find a CLM solution that’s built to stand the test of time. 

1. Document your current pain points and priorities 

The first step to choosing the best CLM software for your business is to identify your pain points and priorities. What are the main challenges and problems you face with your current contract management system? What are the goals and objectives you want to achieve with a new CLM solution? What are the features and functions you need the most? 

Some common pain points and priorities for contract management are: 

• Reducing contract cycle time and increasing efficiency 
• Improving contract visibility and accessibility 
• Enhancing contract quality and accuracy 
• Ensuring contract compliance and risk mitigation 
• Increasing contract value and performance 

Make a list of your pain points and priorities and rank them in order of importance. This will help you narrow down your options and focus on the ones that can address your needs. 

2. Visualize the future of your job in 2, 5, or even 10 years 

The next step to choosing the best CLM software for your business is to visualize the future of your job in 2, 5 or even 10 years. How do you see your role and responsibilities changing over time? How do you expect your contract management processes to evolve and improve? How do you want your CLM software to support you and your business in the long run? 

Some questions to ask yourself are: 

• How many contracts will you be managing in the future? 

• How complex and diverse will your contracts be in the future? 
• How will your contract workflows and approvals change in the future? 
• How will your contract reporting and analytics change in the future? 
• How will your contract collaboration and communication change in the future? 

Think about the future scenarios and challenges you might face and how your CLM software can help you overcome them. Look for a CLM software that can scale and adapt to your changing needs and expectations. 

3. Do your homework 

The third step to choosing the best CLM software for your business is to do your homework. This means doing some research and comparison of the different CLM software options available in the market. You can use various sources and methods to gather information and feedback, such as: 

• Online reviews and ratings 
• Customer testimonials and case studies 
• Product demos and free trials 
• Industry reports and benchmarks 
• Expert opinions and recommendations 

4. See the product in action 

The fourth step to choosing the best CLM software for your business is to see the products in action. This means requesting a product demo of the CLM software options that you have shortlisted. This will give you a firsthand experience of how the CLM software works and how it can benefit you and your business. 

Some things to look for and test during the product demo or free trial are: 

• The user interface and user experience of the CLM software 
• The ease of use and functionality of the CLM software 
• The integration and compatibility of the CLM software with your existing systems 
• The performance and reliability of the CLM software 
• The security and privacy of the CLM software 

• The customer support and service of the CLM software provider 

Use the product demo or free trial to get a feel of the CLM software and see if it meets your expectations and requirements. Ask for feedback from your team members and stakeholders who will be using the CLM software too. 

5. Ask a lot of questions 

The fifth and final step to choosing the best CLM software for the future of your business is to ask a lot of questions. This means asking the CLM software provider any questions or concerns you might have about their product, service, or company. This will help you clarify any doubts or uncertainties you might have and make an informed and confident decision. 

Some questions to ask the CLM software provider are: 

• How long have you been in the CLM software business and what is your track record of implementation success? 
• How many customers do you have and what are their feedback and satisfaction ratings? 
• How do you measure and report on contract performance and value? 
• How do you provide customer support and service and what are your response times? 

Use these questions to assess the credibility, reputation, and quality of the CLM software provider and their product. Look for a CLM software provider that can offer you a trustworthy, reliable, and long-term partnership. 

Conclusion: 

The times are constantly changing, and that means your CLM solution needs to be able to adapt, too. There are a lot of vendors and options on the market, all offering various AI features, so it’s important to do your due diligence before selecting a solution provider. By following these five tips, you’ll be sure to find a CLM solution that’s able to withstand the test of time. 

 
Want to see Agiloft AI in action? Watch this demo to learn how to empower your contract workflows with generative AI.