Myth: CLM Is Difficult
The belief that Contract Lifecycle Management (CLM) is too difficult to implement is unfounded, much like claiming that managing risk and compliance or handling finance is too complex. Businesses are inherently complex due to various factors such as global connections, innovation, and digitalization. Waiting for contracts to become simpler is not a viable solution. Instead, it’s crucial to understand what aspects of the process can be automated and have a clear understanding of the desired outcomes. Implementing technology alone is not a magic fix; practical considerations such as having defined processes, identifying low-hanging fruit for automation, securing executive support, and allocating the necessary resources are essential. Without a holistic support system encompassing people, processes, budget, and executive buy-in, leveraging technology becomes challenging. CLM implementation requires a well-thought-out approach and ongoing management to ensure success.