A Comprehensive Overview Of Contract Lifecycle Management Solutions
What Is Contract Lifecycle Management System
Having an automated contract lifecycle management (CLM) solution can revolutionize the way business processes contracts related to purchasing, selling, and accounting. sophisticated source-to-pay (S2P) software integrated with CLM system can expand the capabilities of the traditional functions of finance department. Moreover, having CLM solution in place facilitates compliance and streamlines business operations.
Effectively, CLM platform is traditionally the means by which an organization captures, stores, and maintains the documents needed to generate and approve contracts and to reconcile vendor invoices, payments, and purchase orders. With S2P automation, the CLM is able to expand the scope of its operations with more advanced features.
Executive Overview of How an S2P CLM Can Benefit Your Business
An S2P CLM solution follows an intuitive process of digitizing contract acquisition, management, execution and compliance, while applying governance via automated workflows and an increased level of visibility. By centralizing and streamlining functions, companies can start to reduce human error, improve the speed and accuracy of their invoicing, increase visibility and control over contracts, and improve compliance efforts. This produces better document sharing, transparency, cost savings, and improved visibility for better decision making.
During the agreement lifecycle, the S2P system can start from the capture of vendor and internal contracts, through to the execution and tracking of invoices and payments, managing of accounts payable and receivable, budget planning, and forecasting. This helps to meet the specific requirements of an organization, as well as to identify operational opportunities for improvement.
Step-by-Step Guide to Implementing CLM Solution
Step 1: Identify Your Needs
First and foremost, it is essential to take moment to assess your organizations present state in terms of operation. What are your existing processes, what existing software do you have in place, and to what extent can they be automated? Identifying the needs of the company and having clear understanding of what results they need to achieve will make it easier to choose the right CLM solution.
Step 2: Selecting the Platform
When selecting platform, it is important to look for solution that integrates well with existing software, has global scalability and its own internal workflow capabilities, and has the features and flexibility your organization needs.
Step 3: Planning the Implementation
Once you have chosen the platform, the next step is to plan the implementation. This requires an understanding of any existing business processes and how the CLM can be implemented without disrupting them. This planning should also include timeline and projections on the time it will take to implement the system.
Step 4: Setting Up the System
Once the implementation plan is ready, it is time to start setting up the CLM solution. This includes setting up the platform, configuring processes and settings, setting up users, and testing the system for any potential glitches or problems.
Step 5: Training
The fifth step is to provide comprehensive training session for the system’s users. This should cover how to use the system, how to access documents, how to configure settings, and how to troubleshoot any issues that may arise.
Step 6: Going Live
The sixth and final step is to go live with the system. This involves testing the system in controlled environment and then making it available to the rest of the organization. It is important to monitor the system’s performance throughout the transition period, ensuring that all processes are running smoothly.
Conclusion
CLM solutions are powerful tools when it comes to contract management, streamlining processes, and improving compliance. With well-planned setup, personalization, and thorough training, business can reap the rewards of CLM solution in no time. And when integrated with an S2P software, an S2P CLM solution can take your organizations procure-to-pay procedures to whole new level of efficiency.
