THE SLOW DEATH OF CONTRACT MANAGEMENT
Contract management has been around for decades, many of the existing companies being founded in the 1990s. While longevity in an industry has its advantages, it is this longevity that has made the adoption of contract or CLM solutions challenging.
The problem with many of the legacy systems currently being used is that they focus entirely on process change and updating the way documents are created. And that is the legacy of contract management – it forces the user to change the way they have always done things. This requires change management, which is often a disruption and not the best use of a company’s resources. These changes are also usually right in the middle of revenue generating opportunities, signing key contracts. Does any company really want to risk disrupting this revenue generating process?
In addition, integration of an older contract management solution often takes up excessive people resources as well. Usually an entire group of people works to adopt a CLM and implement it. And, because there is so much change management involved, this implementation can take up to 12+ months or longer.
There are also the costs associated with this process as well. Often, with a complex implementation, expensive consultants need to get involved. All of this amounts to time lost and money wasted – and in the end – many companies end up with a failed project. Now the champion or other user must go to management and explain why they paid for this tool, spent 12 months trying to implement it, and ultimately didn’t get there.
And this is the fundamental flaw with “contract management” tools. Companies are now beginning to understand the risks associated with contract management and are seeking sensible and affordable alternatives. This is why we fundamentally believe contract management is an outdated, legacy term with products to match.
THE EVOLUTION OF CONTRACT ANALYSIS TECHNOLOGY
Welcome to the era of contract analysis technology. At the core of our company, this is what LinkSquares believes in strongly. Contract analysis is at the forefront of what we do and how we develop our product and technology. Here are a few examples of the way LinkSquares is different from existing contract management “solutions”.
- A Fast, Painless Implementation – We believe in fast implementations. You should be able to buy something and have it up and running in 30 days or less. This is our commitment to new customers. There’s something awesome about getting a quick win and celebrating with your team.
- Reducing Change Management – We feel there are better ways to spend your time than on change management. Because contract analysis software does not require process changes, there is no need to babysit. Once implemented, our tools are very easy to use so everyone can easily adopt the software.
- No User-Based Pricing – We don’t care how many users you want to add to the application, in fact, we encourage our customers to add as many new users as they would like, any time they want. Users are like oxygen to a product, so the more people finding value from our product, means more value for LinkSquares as a long-term solution.
At Linksquares, we are big believers in common sense solutions to real-world problems. We’ve seen firsthand the benefits companies can realize by using a more lightweight, easy-to-use approach that doesn’t take a lot of internal change or training to utilize.
We’re excited to be on the forefront of this new contract analysis era and look forward to shaping the way legal and finance teams approach how they handle their contracts.
Creating documents and changing your contract negotiation process is out. Simple, easy to use tracking and analysis tools are in. And we think it’s about time! If this sounds like something you think could work for your company please reach out to us.