Did you know you don’t have to spend hours searching for your contracts? And that you don’t have to guess what’s in them? A lot of the pain that CFOs may have thought they’d have to grin and bear is actually solvable. The right CLM solution can transform your whole finance team. Yes, the promised land is attainable — but you need to partner with the right tool.
Top-of-the-line CLM solutions help finance teams reduce risks without spending all their time glaring at spreadsheets. This technology lets finance automate their work, improve visibility into their contracts, extract key data for analysis, and quickly validate financial data through contracts.
Here are some key ways that the right CLM solution can transform your finance team.
Standardize contract terms and processes
To meet the goal of maintaining or increasing margins, 48% of CFOs said they aim to prioritize accelerating digital transformation to drive standardization and automation.
The right CLM solution empowers finance to standardize their contract language by using templates and storing common terms in a clause library. This means no more worrying about rogue clauses and wondering if that very important agreement has the most up-to-date terms.
CLM solutions also allow finance teams to standardize their contract processes and adhere to internal controls to remain compliant.
Work from a centralized source of truth
All of finance’s work requires accurate and up-to-date data. To fulfill compliance requirements, finance needs to make sure all their contracts and related documents are in the same place so it’s easier to find what they’re looking for and reconcile invoices with agreements.
MBO Partners’ finance team agreed it’s helpful to have a single source of truth, as it also makes reporting easier. They reduced the time they spent on reporting from eight hours to 30 minutes. Everything they needed was in one place.
Know which contracts are yours
If your business transacts at a high volume, it can be hard to locate the contracts you’re responsible for when you need them. What if you could find just the one you need with the click of a button? Okay maybe a couple clicks, but no more than four.
The best CLM solutions have tagging features to help you organize your contracts. With automated and custom tagging, CLM gives finance easy access to and insight into their contracts.
Collaborate better with legal
CLM solutions are a great way for finance and legal departments to collaborate. Because even though finance executes their fair share of contracts, legal is the keeper of the contract keys.
With the right contact management solution, finance can benefit from standardized legal agreements, collaborate on building contracting workflows, and increase visibility into their respective documents and contract data.
Takeaways
The right CLM solution can take your finance team from reactive and out of the loop to proactive and able to mitigate risk before it becomes a problem. See how LinkSquares CLM can help your team step into the 21st century. Request a demo today.
