Businesses are constantly in a cycle of change. From laws and regulations to digitalisation and internal cultural shifts. They must be agile and adaptable or risk falling behind. But how well is your business adapting to change?
Companies in every corner of the globe are adapting to new market conditions and equipping themselves with the processes, people, and technologies to help them meet changing business environments and customer needs in today's digital age. Agile businesses will not only continue to compete against their counterparts, but they will also thrive in today's volatile market.
The business world is complex. For years, businesses have always had to adapt to market changes, laws, GDPR, regulations and environmental and sustainability issues. But the rate of digitalisation in the economy and society is having one of the most profound impacts on businesses.
The world has launched into digital transformation, and businesses everywhere are undergoing mass tech adoption. We, as consumers, have championed digital for a long time. But it is more challenging for companies to adapt to this changing landscape.
Millennials and Gen-Zs are a digital-first generation led by tech. They grew up with technology at their disposal. And so, as more Gen-Zs graduate and prepare to enter the workforce, organisations will experience a dramatic shift in working styles and preferences. In fact, since the pandemic, we have already seen a significant change in this area. An influx of graduates, rising tech budgets, and the demand for convenience are driving a step-change in tech readiness and the services a business will deliver.
Digital transformation isn't unknown to businesses - senior management has floated the idea for at least the last decade, if not before. But until recently, digital transformation was only a way for a company to gain a competitive advantage and stand out amongst the crowd. Today however, it is a necessity, and it's developing fast.
Digital transformation now even includes day-to-day activities, such as payments. Sweden, one of the most tech-ready countries globally, was initially predicted to be the first cashless society by 2030. But the country is now expected to be cashless much sooner, from March 24th, 2023.
The world is digital - it's here to stay, and there's no going back. We must now use it to our advantage.
A report from PwC identified that 60% of executives say digital transformation is their most critical growth driver in 2022.
The tech market is one of the largest globally - by 2023, experts predict that investment in digital transformation will reach $2.3 trillion. And it isn't slowing down, from solutions for employee engagement to automation technology. For years, people thought technology would replace humans in the workplace, but instead, it's helping redefine them.
No one can predict what will happen in the future. Covid-19, for example, was never anticipated, and we still can't fully comprehend the effect that it has had on our businesses.
So, for a company to remain competitive, it must be agile and flexible. It needs access to enhanced data and reporting to improve decision-making. Its team must be able to obtain the critical information they need, and senior management must have flexible processes that empower them to complete tasks at short notice.
Businesses must be built to adapt. Simplified workflows and processes should span all departments, from sales and marketing to legal. No department is single-handedly responsible for the success of a business. Every department has a role to play, each forming a different part of the engine that drives the company to success.
Therefore, workflows and processes need to span every department seamlessly. CLM tools like Summize are not just solutions for legal teams. They integrate into Microsoft Word, Teams and Slack, providing a legal front door and helping business users self-serve. This modern approach to the CLM experience makes contracts accessible to the entire business.
"The biggest pain point in using technology is that the software applications are not connected. This leads to challenges in having to learn a variety of user interfaces"
ACC Survey 2021
Teams often become buried in low-value, manual, repetitive work, from scheduling customer emails to reviewing contracts. These cumbersome tasks bring businesses to a halt and prevent employees from providing genuine value.
That's why enterprises are standardising their repetitive workload and bringing in automation to accelerate processes. Digital solutions enable businesses to move forward, eliminating pre-existing bottlenecks.
A report from Deloitte discovered that companies with a high level of digital maturity experience 45% growth in their revenue and profit margins. UserZoom, for example, implemented Summize to automate their existing contract review process. They were able to review 450+ contracts in under 24 hours with two in-house lawyers; a task that typically would have taken them several weeks. Not only did this save them a huge amount of time, but it meant that the business could bring in revenue faster, increasing organisational growth.
Years ago, we often thought of tech as a matrix. Implementation was confusing but had to be completed before you could reap the benefits. This is no longer the case, but the impression remains.
Tech companies often aim to solve everyday problems. And if your technology can reduce the number of steps taken to solve a problem or increase user convenience, it will thrive. But users don't need yet another all-in-one platform. For successful user adoption, native integrations within already-established collaboration tools are crucial.
Many traditional CLM vendors have built all-in-one platforms that require training and lead to disruption from existing ways of working. But an alternative approach is gaining rapid momentum. Summize integrates into your existing tech stack, collaborating with tools such as Microsoft Teams, Word and Slack, to act as your digital legal assistant. It reduces friction and maximises adoption across the wider business. The sales team won’t need to wait days for legal to create an NDA. Marketing won’t be a burden when they need an agreement reviewed. Users can self-serve with accessible and straightforward workflows.
Many businesses and sectors will follow suit for digital transformation as it continues to gain momentum and accelerate across industries. From AI to 5g and blockchain, technology that makes what we do easier, quicker and more convenient will only speed up towards a net positive impact on how we live.
In a post-pandemic world, business success heavily relies on leaders who proactively embrace change and trends and unlock data embedded within their businesses to fuel their day-to-day operations. As the speed of innovation in society only accelerates, technology only helps companies pivot to remain competitive.
Summize is a game changer for any business that works with contracts and is the world's first integrated CLM. Summize's unique ability to summarise contracts and make them accessible across the organisation via familiar tools is a pioneering approach to genuine digital contracting.
Learn more about how we help businesses to digitalise their legal processes and to simplify and accelerate workflows.