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| 5 Tips for Determining Whether You Need a CLM Solution |
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Historically, the primary factor driving companies to seek a Contract Lifecycle Management (CLM) application was a compelling event, such as a failed audit, lost revenue, or legal consequences associated with a lost or poorly managed contract. Today companies are taking a more proactive approach, implementing CLM solutions before a “situation” forces them to do so. In either case, the key to resolving a serious business issue—or avoiding one—with CLM, lies in the ability to clearly understand all issues associated with current contract operations, and only then to consider how you would like these issues resolved. To assist in this self evaluation, consider that the need for a CLM solution generally arises from a requirement to improve contract-related operations in one or more of the following five areas.
1. Authoring and Renewal
2. Security
3. Reporting
4. Compliance
5. Revenue/Expenditure Control
This paper focuses on clarifying the key factors driving adoption of CLM; including the questions you should ask when determining whether you need a CLM solution. |
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Jim O’Hare has more than 20 years in the software technology industry designing and deploying enterprise solutions, and has spent the last six years focusing on software solutions for contract management professionals. Prior to joining Arnav, Mr. O’Hare was a Director of Professional Services at I-many. In this position, he provided leadership to the company’s contract management professional services and product development groups. Previously, Mr. O’Hare held the position of Director, Professional Services at Nextance, Inc. Mr. O’Hare has also held key design and deployment positions at Primix, Auto Plan and Westminster Software. He lives in Carson City, Nevada with his wife and two sons. |
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