In the realm of legal tech, Contract Lifecycle Management (CLM) is often misunderstood as merely an automation initiative. In reality, CLM is a multifaceted function that demands a solid foundation to truly succeed and the essential first step is "CLM Readiness."
This article here by Attorney Lucy Bassli emphasizes that before diving into technological aspects, organizations must ensure their contracting processes are well-established which means the encompassing contract templates, review policies, and playbooks are thought through and tailor made to suit the requirements of the organization:
https://lnkd.in/gneQ7ngi
Incidentally, similar approach was put to use by Multistrat back in 2023, leading to improved governance, contractual compliance, risk mitigation, efficient change management, and more strategic vendor negotiations during renewals for a prestigious client based in the Netherlands. To know more about the said instance, read here: https://lnkd.in/gRUfxntE
By addressing these foundational elements first, you set the stage for successful automation, avoiding common pitfalls and ensuring your CLM system operates at its full potential.