SirionLabs: How CLM can drive enterprise-wide digitalisation
Turning the world on its axis, COVID-19 forced many organisations to rethink their strategies and accelerate digital transformation initiatives in order to keep up with the rapid change. It is reported that as many as 80% of businesses fast-tracked their digital initiatives at the beginning of the pandemic.
“However, for a digital transformation strategy to succeed, it is important to include contract lifecycle management as a part of the strategy. Contracts are the lifeline of a business. Organisations are a complex labyrinth of people, processes, technology, partners, vendors, suppliers, contractors, and several other stakeholders. And the glue that holds all these entities together is contracts,” explains SirionLabs.
The company adds: “Given the pivotal role that contracts play in an organization [...] digital transformation of the processes of creating and executing a contract and generating insights on potential risks and opportunities can infuse efficiency into contract lifecycle management and thereby, contribute significantly to minimising value leakage, improving performance, and ensuring regulatory compliance.”
Creating a single digital repository for contract management
Adopting an AI-powered contract lifecycle management (CLM) platform, allows organisations to migrate their commercial contracts from a fragmented legacy IT system to a single digital repository.
Acting as a central hub, CLM platforms can help organisations to develop standardised processes, templates, and business roles to ease and streamline contract creation.
“Instilling digitisation at the start of the contracting process has a cascading effect on the subsequent contracting lifecycle management tasks. CLM platforms enable a single source of truth by digitising contracts and storing them in one place. This contract repository then serves as a foundation for applying more advanced technologies on top to derive meaningful insights,” commented SirionLabs.
By harnessing a single platform, organisations can gain a comprehensive and transparent view of their contract calendar; monitor renewals and expirations; and eliminate value leakage, missed deadlines, and reduce compliance or governance errors.
“Further, with a digitised contract repository, CLM platforms can even enable enterprises to mine contract portfolios for performance insights and risk analytics, which can then feed the platform’s authoring and negotiation capabilities. These inputs can enable organisations to draft smarter contracts and affect better business outcomes,” adds SirionLabs.
