For some, this claim is no more outlandish than Spend Matters assertion in their recent white paper, Contract and Commerce Lifecycle Management.
“Contracts need to be transformed from archaic risk-transferring artifacts buried in document repositories to a profound role as the ultimate commercial system of record that deeply models how the exchange of value [is] agreed to and executed.” – Spend Matters Outlook on CCLM
Research and industry trends continue to support the prediction that within the “archaic” is the secret of efficient, value-adding, holistic enterprise management. Agiloft has seen this first hand. What Spend Matters has asserted through analysis, our customers are realizing by letting go their traditional view CLM and allowing Agiloft’s configurable, no-code solution to redefine what’s possible. They are elevating the role of contracts, in exchange, every other enterprise process becomes more streamlined and less siloed.
Nowhere was this more apparent than with Williams Lea Tag (WLT), who received international recognition for their innovative strategy for automating contract and commerce lifecycles. “We were looking for something that allowed us to build the structure we had in mind,” WLT governance and supplier analytics manager Max Elvey said. “We needed to take all these different components that we were developing and boil them down into an unambiguous system with advanced metadata capabilities. We selected Agiloft. None of the other options reflected what we were trying to create, nor did they offer the configurability.”
OB Hospitalist group has found similar results by centralizing three primary business processes with Agiloft, they streamlined insurance company payment monitoring for the revenue cycle department, automated the asset tracking of all physician equipment, and created a full contract management system.
“Agiloft offers a great tool, it could be your one model for your total business,” OBHG Paralegal Regina Flint said. “We look at things differently now, more strategically. For example, the vendor contract system requires that we enter important information like cost and renewal information. With that, we can make more informed decisions. It keeps business running smoothly.”
Spend Matters asserts that CCLM can provide a framework to better operate and scale using contracts at the core. Companies like WLT and OB Hospitalist have discovered firsthand the benefits of proving out this assertion within their own businesses. It’s only a matter of time before we will witness this trend shifting from the hypothetical and early-adopters to everyone seeking a better way of doing enterprise management.