Brazil5 success factors for contract lifecycle management system implementation
Specialised in bringing contract lifecycle management (CLM) systems to life, Sourcing Champions founder Robert Waalder explains how the consulting firm helps clients ensure smooth implementations.
Valued today at just under $1 billion globally, the contract lifecycle management solutions market is forecasted to grow at a CAGR of 12% in the coming eight years, with the market to near the $2.5 billion barrier by 2030.
According to research by Gartner, around half of first-time contract lifecycle management system implementations fail to deliver the expected outcome. This results in a massive leakage of value.
The three main reasons for implementation failures of CLM solutions are:
- Limited buy-in and adoption due to lack of training, interest or know-how
- Missing CLM functionalities that organizations require
- Unforeseen shifts in priorities or processes to which the CLM system cannot adjust
At Sourcing Champions, we specialise in designing and guiding CLM implementation roadmaps. Our proven framework helps us ensure that the three above-mentioned scenarios are mitigated while enabling project teams to tailor the project and solutions to client-specific needs.
At the core of our approach are five success factors:
1. End-to-end CLM platform
2. Enterprise-grade offering
3. AI engine that really works
4. SaaS-based + quick deployment
5. Stellar user experience
Supporting these success factors are two essentials drivers for CLM implementation. The first is speed of execution. Our team of consultants deliver hands-on and highly experienced implementation support ensuring fast deployment in less than three months.
The second is ensuring that the new way of working sticks. By way of user training sessions with our contract managers, procurement and legal experts, we ensure high and lasting user adoption.
SimpliContract
At Sourcing Champions, we partner with SimpliContract, one of the world’s leading solutions for CLM. The product has recently entered the fourth stage of the product maturity, a stage in which AI-integration, company-wide collaboration and the best contract compliance are met. This marks the transformation of CLM from a contract repository system to a digital collaborative workspace supported by AI-integration.
Through SimpliContract’s intelligent CLM solution, procurement teams can gain 360-degree contract insights. With natural language processing and optical character recognition the solution ensures users attain quick and accurate contract views, metadata searchability and obligation extraction for every contract within the organisation.
