SOCIAL CONTRACTING: Why businesses will move to enterprise contract management in 2015
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Why businesses will move to enterprise contract management in 2015 Written by Rose Lee Happy New Year! As 2015 begins, companies are reviewing their financials and looking forward to the new year. We also think it's the perfect time to review any contractual obligations and explore opportunities within the contracts. Why? To ensure that all of your company's contracts are managed profitably by controlling spending and mitigating risk. One tried and true way to make sure your business is operating as efficiently as possible is to incorporate contract lifecycle management software. However, most CLM processes silo information to various departments, impacting a company's ability to fully integrate all of its business operations. This piecemeal approach makes it difficult for top management to optimize contracts and get the most out of the data they contain. Expanding your view of contracting processes beyond individual functional needs across your enterprise allows you to aggregate departments, processes and technology. It provides an integrated end-to-end solution and maximizes effectiveness, providing management with a 360Ëš view of operations. Finding the hidden value in your contracts, and delivering impact to the bottom line! Here are my three reasons why 2015 will be about the journey to Enterprise Contract Management. Hint: it's all about maximizing your company's revenue, compliance, and risk reduction outcomes. 1. Business operations are more complex today than ever before. Every contract has potentially thousands of stakeholders, including suppliers, contractors, partners and other entities with whom you do business, and who are essential to your business strategy. An enterprise strategy for CLM allows you to link contract data to better mange all of those different and important interests. 2. Contractual terms and legal requirements are always evolving. As business processes continue to globalize, keeping up with all the new terms and legalities is a requirement if you want to compete worldwide. The strategy brings together the legal and business sides of a company, and this increased visibility across the enterprise means fewer mistakes and missed opportunities. 3. Analytics are becoming a driving force in nearly every aspect of business, and contracts are no exception. ECLM strategies create a more efficient method of reporting on business obligations and opportunities through the CLM software. Better data equals better business decisions, and a better 2015.
SOCIAL CONTRACTING: Why businesses will move to enterprise contract management in 2015
Page 2 When businesses understand the demands of increased complexity and compliance requirements, they realize they need solutions that give them a command-center view of the enterprise's commitments. Moving to an ECLM strategy in 2015 will allow everyone within your business to contribute more, by having the ability to act on contract insights at business speed. This makes ECLM my pick for top business initiative in 2015. To learn more about how to implement an ECLM strategy, check outSelectica.com.