Trends for Contract Lifecycle Management

By Linda Frembes posted 05-25-2022 10:34

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Chief Product Officer @Andy Wishart recently outlined six enterprise contract trends, or tipping points, in a keynote at Agiloft’s industry session at CLOC Global Institute in Las Vegas. You can read the full briefing in this Agiloft press release or browse the summary of trends below.

Trends Summary

Trend 1: General Counsels that Embrace the Cyborg Rise to the Top - The best digital hunter wins, and CROs and CMOs who don’t have a world-class tech stack to hunt, nurture, track, and analyze every step of their prospects’ journey from cold to sold, will lose out to the competition.

Trend 2: Companies with “Tweet Shift” Contract Nimbleness Win the Market - What is a "tweet shift"? In a single tweet, markets can change, unrest can happen, and nimbleness and agility have taken on a new dimension. In 2022, your business needs to be able to shift on a tweet.

Trend 3: Bad Contract Processes Sink NPS Scores - If your contract process is not streamlined, simplified, and world-class, you’re behind before you even get started and your NPS scores will show it.

Trend 4: Legal Tech Efficiencies Fill Revenue Gap Caused by Slowing Global Growth - According to World Commerce & Contracting, companies using CLM could save an average of 9.2% a year in annual revenue that is typically lost to slow negotiations and missed milestones. And for larger organizations, that percentage is often 15%.

Trend 5: Legal Tech Pros Take on Unicorn Status - Legal ops talent is a valuable but scarce resource. In 2021, Deloitte’s State of Legal Operations Survey found that only 35% of legal teams believe they have good tech skills.

Trend 6: Integrations that can Sluice Data Through Your Organization Win - CLM systems that can integrate not only seamlessly but widely with today’s common enterprise solutions and let data sluice easily into other technologies are the most powerful.

What are your thoughts on these trends? Chime in with your take in this Watercooler thread.
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