In the past few months, the mandatory transition to remote work has reinforced the necessity for digitizing contracts and their associated processes. When contract managers and others can no longer access contracts stored on desktop computers, local hard drives, or file cabinets, business grids to a halt. Businesses that have deployed a contract lifecycle management (CLM) system have been better suited to weather the storm because employees can still access contracts, stay up-to-date on renewals and deadlines, and continue to advance deals through negotiation to approval all from a home office.
But in many cases, traditional CLM can become a siloed solution that only provides value to one or two departments. Since contracts drive all commercial activity for modern enterprises, why not make contracts center stage in enterprise solutions?
A new white paper from Spend Matters addresses this topic. The paper, titled “Defining the Contract and Commerce Lifecycle Management Solution: Key requirements and functionality needed to manage enterprise-wide commercial value” explores how contract and commerce lifecycle management (CCLM) utilizes contracts as the core system of record and drives value across the entire enterprise.
The paper also explores why traditional CLM systems are too limited in their ability to extend across the enterprise, and do not drive value beyond a few stakeholders or the legal department. This is due to three problems:
- The document problem
- The silo problem
- The agility problem
The below graphic illustrates this idea, with CLM solutions locked in a closed loop process. Alternatively, CCLM, using configured automation and workflows, enables value to flow out to adjacent processes including supplier management, enterprise GRC, ITSM, workforce management, order-to-cash, source-to-pay, and others.
To learn more, read the full white paper here.
We believe a fully extensible CLM solution is the only way to achieve true value-driven CCLM in the enterprise. Read more about CCLM and extensible CLM on the blog here.
For more information and to see Agiloft in action, sign up for a customized CCLM demo here.