Contract Management System Implementation Plan
For more information on best practices in contract management, see Thomson Reuters Practical Law Connect. Implementing a system without taking into account the needs of different users, functions and departments is a mistake. But in our experience, it is also the refinement of a system indefinitely without a commissioning date. Overall, implementation teams fail to launch a system for one of two reasons: Challenge 4: Failure of the implementation specialist to plan for ongoing help and change management A well-intentioned desire to respond to the nuances of this type of contract often leads to excessive time and effort to create a complicated workflow with many conditions to manage such contracts. Save it for later. Implementation should begin with high-volume, predictable and repeatable contracts and processes. These are good candidates for automation. Are you implementing contract management software in your organization? What could go wrong? By leveraging technology and automation, a company can streamline all contract procedures and processes and improve their efficiency, thereby improving the company`s revenue. By implementing contract management software or adapting contract management software to any current framework of a company, a company can improve and ensure successful contract management, especially when there are many complex contracts that need to be managed and monitored. Depending on the size of a company and its expanded company, there is a high probability that the employees/teams involved in contract management are not the same department that obtained and negotiated the contracts.
For successful contract management, steps must be taken to ensure a complete transfer early in the contract lifecycle. the signing of contracts and the persons involved to the person(s) or team responsible for the subsequent management of the contract. This includes access to all related documents and information. This allows for future reference if necessary. It is especially important to communicate defined KPIs and calendars so that the contract management team can immediately set up notifications for specific events and milestones. This process ensures that everyone is kept informed of events and creates a smooth transition. Contract repositories provide centralized document storage with the ability to tag, report, categorize, and structure the metadata associated with your contracts. Issues such as how a contract is designed, negotiated, and recovered should also be considered before implementing the CLM software.
Contract management software can be tailored to your company`s individual requirements, key objectives, and scalability potentials. By using the most optimal contract management software, equipped with SharePoint and Microsoft Office 365 integrations, you can take your contract management process to the next level. The refinements are endless. In some cases, trying to automate too many complicated approval processes or contracts with conditional clauses terminates implementation before a feature hits the road. Where implementations go wrong is by trying to automate contracts that are very individual or have exceptional requirements in the review process. These include: Are you ready to implement a contract management system throughout your business? Learn more about DocuSign CLM. By considering these four keys when developing and implementing a new contract management system, you can ensure the success of your efforts. It is imperative that everyone involved in the contract management process understands their roles and responsibilities. Whether it`s a contract manager or a dedicated contract management team, steps must be taken to ensure that all parties have detailed knowledge of what is required of them at all key stages. CloudMoyo helps organizations seamlessly leverage/adopt modern contract lifecycle management by providing additional services such as legacy contract migration, clause and template tagging, and model management.
Click here to learn more A company`s legal team oversees a significant number of contract management processes. The legal team uses contract management software to create and manage contracts. Challenge 1: Going too fast in implementation To successfully develop and implement the new contract management system, it is important to involve your internal business partners in advance. This way, they can help them offer their point of view and help you develop the best contract management system for everyone. Involving them in advance also helps to gain their buy-in, which is essential for the successful development and implementation of your contract management system. If the implementation of CLM software is not sufficiently executed, your ability to achieve your business goals will be called into question, which may include the launch of a new product, global expansion, and an increase in attitudes and events that contribute to the growth of the company. Pay attention to your reach A serious implementation of a contract management system will affect several departments, many employees and hundreds of contracts. Prioritization is critical to success. Without a clear plan and timeline, implementation teams are trying to do it too soon. Either they are caught up in endless planning without a live system, or they implement them in a broad and uneven way, without having time to evaluate the system and train their users. .