Wolters Kluwer ELM Solutions Podcast Explores How to Proactively Manage Risk With Contract Lifecycle Management Solutions
Streamlining the contract process helps to eliminate potential friction points and boost efficiency
Corporate attorneys are trained to identify risk – which can be challenging without a high degree of visibility into existing contract obligations. According to a new installment of Wolters Kluwer ELM Solutions’ Legal Leaders Exchange podcast, there are more than 40 points of “friction” or inefficiency within the end-to-end contracting process that can impact an organization’s bottom line by as much as 9%. However, many forward-thinking legal professionals are using contract lifecycle management (CLM) tools to streamline decision-making and mitigate those risks.
“A strong CLM solution allows you to approach risk proactively instead of reactively”
The episode outlines some common points of risk that arise during the contract process, including missed deadlines, overpaying during negotiations or extended cycle times that can create a burden for in-house legal teams and cost businesses time and money. Products such as CLM Matrix – ELM Solutions’ contract lifecycle management tool – address those concerns through the use of time-saving features like smart forms, which can adapt and change based on the data the user enters. Additionally, CLM Matrix will automatically generate reminders of pending obligations or insert new approval steps into the workflow where needed.
“A strong CLM solution allows you to approach risk proactively instead of reactively,” says Sheetal Kamani, General Manager, CLM, Wolters Kluwer ELM Solutions. “By leveraging the power of automation, corporate legal departments can streamline their contact process, both mitigating risk and easing the burden on employees.”
Widespread change may be coming sooner rather than a later. Per the Legal Leaders Exchange podcast, the COVID-19 pandemic has prompted corporate law departments to reevaluate their contract management expectations with an eye towards the efficiencies offered by technology. But legal professionals who are only just beginning their CLM journey should prioritize their needs.
“Begin with the critical risk areas that you know require urgent attention. From there, you can transition to areas that represent a more intermediate level of risk,” Kamani says.
ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust its innovative technology and end-to-end customer experience to drive world-class business outcomes. The other legal solutions business of Wolters Kluwer GRC is CT Corporation.
Wolters Kluwer ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, one of the highest rated ELM solutions in the latest Hyperion MarketView™ Legal Market Intelligence Report and TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based upon the industry’s largest and most comprehensive legal spend database, with more than $150 billion in invoices.