When was the last time you thought about updating your Contract Lifecycle Management (CLM) solution? One of our customers is now saving upwards of $1 million over the next 5 years just by doing a simple evaluation of their incumbent solution.
It is easy to get caught up in evaluating the newest software solution on the market and forget about the solutions you already have in-house. As we’ve learned from customers, a technology implemented years ago might fly under the radar until employees start complaining. We recommend asking yourself four questions to understand if you need to take a closer look at your Contract Lifecycle Management system:
1. Is the system being utilized to its full potential?
We’ve seen time and time again where a client has implemented the big dog in CLM years ago, and hasn’t evaluated it since. In one case, employees finally started complaining about usability and the lack of adoption. Ombud’s platform was able to go in and evaluate the incumbent CLM across 313 features while surveying 21 stakeholders to understand their needs mapped back to the solution. We found that this enterprise was paying a license fee for hundreds of users that weren’t actually logging into the system. This insight was uncovered within 30 days and exposed a huge discrepancy in license costs, which will save the client upwards of $1 million over the next five years alone.
2. Is the system easy to use?
The number one reason we’ve found CLMs to be underutilized is the fact that users find the interface confusing. Ombud has spotted a trend towards CLM solutions that are functional, while also intuitive to a non-technical end user. You could save tons of time, money and user frustration by taking a closer look at your incumbent, and making sure your end users are satisfied with the UI.
3. Are your business requirements the same as when you implemented your CLM?
Business requirements are constantly evolving due to company growth, changes in vision, new management (just to name a few), and your technology needs to follow suit. It is essential to ensure your solution is still solving your business needs, and more importantly facilitating the achievement of your corporate goals. You evaluate your employees annually to make sure they are benefiting the business, and your technology should be subject to the same review. If not, you could be spending a lot of money on something that is only driving up risk factors such as frustrated employees, lack of use, and financial losses.
4. Is your CLM still reducing costs?
You initially implemented your CLM solution to decrease manual tasks and reduce corporate costs. Oftentimes when an older system goes unevaluated, the result is that the system is not being utilized to its full potential. Many of our customers have found that due to a complicated user interface, employees were not even using the authoring, approvals and reporting capabilities of the system. This increases manual work, creates disorganization of contracts and, ultimately, increases costs. Not the results you want out of your expensive CLM solution!
If you answered “No” to more than one of those questions, it is time to thoroughly evaluate your incumbent CLM. This task can seem daunting, but Ombud can automate the process for you. We create transparency in the enterprise technology market while reducing the risk factors and time our users spend evaluating and selecting solutions.
- Set up a free 30 minute consultation call – This non-spammy call with one of our analysts will educate you on what is happening in the CLM market and what to look for in a CLM.
- Complete a Buying Guide – Define your business requirements and then be matched to the solutions that will best address those needs. This is a simple way to be objective with your requirements and see if your incumbent solution comes up in the “best matches” list.
What are you waiting for? Get started with Ombud today!