The Highlights

Using AI to get Better Data & Key Insights on CLM Implementation

Implementing a CLM system can be a game-changer for procurement teams. This webinar shed light on best practices for CLM adoption. 

You can watch the full replay above, but if you’re short on time, here are the top takeaways:

1. Define Clear Procurement Objectives 

One of the main focuses of the webinar was understanding the common pain points in procurement contract management. Many procurement teams struggle with:

• Managing ad hoc systems
• Difficulty in finding the right data
• Tracking contract renewals
• Making changes across multiple contracts

This chaotic environment makes it challenging for teams to streamline their processes. 

ACTION: Before diving into CLM implementation, identify what you’re trying to solve. Are you looking to reduce cycle times, improve compliance, or leverage contract data across departments? Having clarity on your goals will guide your selection process and implementation strategy.

2. How to Pick the Right CLM Solution

Constellation Brands underwent a rigorous selection process to find a suitable CLM solution. They knew they needed specific capabilities and used the following criteria to make a decision:

• Enterprise-grade capabilities
• Customization without extensive coding
• Strong AI and machine learning models
• Complex workflow management
• Interoperability with other enterprise systems

ACTION: Once you identify the issues you need to solve, list the capabilities that would solve them for you. Agree on these capabilities as a team and use this list as your north star during the RFP process.

3. Prioritize AI and Data Intelligence

AI undoubtedly needs to be on your list of CLM capabilities to get the contract data you need to make smart business decisions, not just within the procurement department but across your organization. While workflow automation is important, the real value of modern CLM systems lies in their ability to extract insights from contracts. 

ACTION: Look for solutions that offer robust AI capabilities for data extraction, smart search, and analytics. This allows you to turn your contracts into a valuable source of business intelligence.

4. Take a Phased Approach

Successful CLM adoption doesn’t happen overnight. And there is a level of change management that needs to take place across the different functions in your company. CLM implementation is as much about people and processes as it is about technology. 

ACTION: Start by migrating your legacy contracts to create a centralized repository. This will give users immediate value and drive adoption. Then, focus on key integrations with other systems before implementing end-to-end contracting workflows. Additionally, invest time educating stakeholders, aligning teams, and managing expectations around this process.

5. Balance Out-of-the-Box and Customization

We’ll jump right into the action with this one! 

ACTION: Look for CLM platforms that can handle 80-90% of your needs out of the box. This allows for quicker implementation and easier scaling. Focus customization efforts on the remaining 10-20% to address specific cases unique to your organization.

How to Put a CLM in Place Immediately

Implementing a CLM system is a significant undertaking, but the payoff in efficiency, compliance, and data-driven decision-making can be immense. By focusing on these key areas, procurement teams can set themselves up for success and unlock the full potential of their contract data.

If you’re ready for an AI-driven CLM, we know a good place to start. Get a 1-1 demo with us.