A recent survey published by Twilio regarding the effect of COVID-19 on digital transformation in the business world yielded unsurprising results. According to over 2,500 global enterprise leaders across industries, COVID-19 is considered the “digital accelerant of the decade.” Roadmaps that were years long have been condensed into months and previous barriers to adapting new technology such as executive approval, adequate budget, and reluctance to replace legacy software have been broken down by the COVID-19 onslaught.
The pandemic has created the need for digital transformation in predominately two ways:
- Organizations need new business processes to support and enable employees working from home.
- Create value for customers in new ways since in person meetings are not possible.
The pandemic has forced organizations to re-evaluate priorities and strategies. After the initial shock of the pandemic faded, it rapidly became apparent that organizations could no longer afford to put off digital transformation with the bulk of their work force working from home. It’s a common sentiment that as the business world becomes more virtual and international that organizations cannot afford to be reactive. Tools like contract lifecycle management software allow for greater visibility and automated workflows that free up valuable time and resources. For example, greater visibility means that the financial department isn’t the last to know when a new contract is signed so they don’t have to scramble. This can be achieved through tailored permissions that allow for greater departmental collaboration without sacrificing security. Automated workflows can track expirations and renewals so organizations can maximize revenue. They also speed up the contract approval process considerably, so organizations can increase productivity. CLM also provides the crucial technology needed for employees to work from home.
Before the pandemic, digital transformation roadmaps were frequently more aspirational than realistic. Organizations that had not already invested in new technology were stuck between needing to digitally transform and conserving cash to survive. Organizations will need to establish which technologies can provide the right tools and processes to keep business running.
But where there is a crisis, there is opportunity and digital transformation can do more than just help companies become proactive. CLM provides faster contract approval times to create an ease of business and positive customer experience that can’t be easily measured. When it’s not possible to be in the office, automated workflows help keep teams on task and up to date. Increased visibility of contracts across departments creates a greater level of ownership that cannot exist with a manual process. Organizations must remember that focusing on cutting costs can inadvertently drive up total cost and cause businesses to miss the opportunity to create more value.