While Contract Lifecycle Management (CLM) solutions have been increasing in popularity, many businesses and legal teams are just beginning their CLM journey. Choosing the right platform can be a daunting task. We’re here to help. Below are three steps you can take to simplify the process.
Step 1. Map Out Your Needs
While many legal teams will require similar solutions, the best CLM solution for your organization will be identified as the result of planning. The key is to know your legal processes from front to back, and the best way to do this is to write down a list of every stop your contract makes from conception to execution.
Once you've visualized the process, you can identify where improvements can be made. Where are your pain points? Which steps in your pipeline are dragging on longer than they should be? How often do errors occur? These questions will bring the problem into focus and help you identify the solution.
Step 2. Narrow Your Focus
Now that you have your contract processes mapped out, you can begin to prioritize specific solutions. No legal practice is perfect, and your team will probably have more than a couple of pain points that stand to benefit from a CLM solution. Instead of trying to fix everything all at once, focus on one or two areas that need the most attention. By identifying these one or two problem areas, you can approach CLM solution vendors with a specific outcome in mind and have an easier time deciding who can help.
Step 3. Ask Questions
When you’re finally prepared to approach CLM vendors and explore different solutions, it's critical to ask the right questions. For example, how long will it take to integrate the platform, and what sort of training will your team need in order to navigate the interface? How secure is the network, and how will data be hosted, shared, and accessed throughout your organization and between trusted partners? What renovations is the platform currently going through, and what changes should you expect to its functionality down the line?
More than anything, you want to understand the vendor's services as clearly as possible, how it can be applied specifically to your processes, and what kind of support you can expect should any problems arise. To learn more about the buying process, check out this guide. And if you’d like to learn more about LinkSquares, the leading CLM system for customer satisfaction, contact us today.