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One of the most common challenges for in-house legal teams looking to introduce technology is working out how to build the business case.
Businesses choose to invest in CLM solutions because contracts sit at the heart of all transactions, and often span multiple departments.
Up to 25% of revenue is lost by companies who use traditional contract management processes compared to those using CLM solutions (Harvard).
of business development leaders have missed out on business as a result of contracting inefficiencies (EY, 2021).
The truth is that doing nothing to improve your contract processes is likely to be costing your business money. For example, are there any instances where not understanding what was in a contract cost the company - such as missed auto-renewals or not enforcing obligations or payment?
Inefficiencies in contracting processes can be a blocker of sales revenue, as well as consuming the legal department with manual, menial tasks.
Manual tasks, providing a centralised repository and consolidated task list, and act as the interface between legal and the rest of the business for contract requests. Summize works directly in Teams and Slack, automating the intake process and improving the employee
"We're overworked and spend too much time on manual tasks"
"We're bombarded with requests from sales commercial teams"
"We have too many complicated processes and no centralised visibility of requests"
"The procurement / legal part of the process takes too long"
These questions can be used to match the value you could achieve from a CLM, and to assist with setting some early goals. Summize has also produced a handy CLM checklist, with questions to ask of your solution to make sure it best meets your requirements. Download the full checklist here:
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