Streamlining legal processes for better decision making
By Tom Odlin, published: 2023-04-27
The legal industry constantly evolves, and businesses seek ways to streamline their legal processes to improve decision-making.
In the past, legal processes were seen as a necessary but cumbersome part of running a business. However, with the advent of Contract Lifecycle Management (CLM) software, businesses can now streamline their legal processes and achieve significant benefits.
This article will explore the benefits of streamlining legal processes and how businesses can use CLM software to achieve these benefits. We will also examine real-life examples of companies that have succeeded by implementing CLM software.
“Implementing a contract management system can reduce contract cycle times by 50% or more while reducing administrative costs by up to 50%. This translates to significant cost savings and efficiency gains for businesses.” Gartner
Benefits of streamlining legal processes
When it comes to legal processes, businesses are often faced with time-consuming tasks that can slow down operations and increase risk. That’s why streamlining legal processes is essential for companies looking to improve efficiency, reduce risk, and make informed decisions.
Automating routine legal tasks is one way to streamline legal processes. By doing so, businesses can save time and effort and allow legal teams to focus on higher-value tasks such as contract negotiation and review. This not only improves productivity but also enhances the quality of legal work.
In addition, streamlining legal processes can help businesses to reduce risk. Compliance is crucial; non-compliance can lead to legal disputes and regulatory fines. Businesses can reduce the risk of such issues by automating legal tasks and ensuring that contracts are compliant with regulations.
Finally, streamlining legal processes can help businesses to make informed decisions. By providing legal teams access to real-time data and analytics, Contract Lifecycle Management (CLM) software can help them quickly and efficiently analyze information and make informed decisions.
Ultimately, this improves decision-making capabilities and leads to better business outcomes.
Using CLM software to streamline legal processes
CLM software is designed to streamline the entire contract lifecycle, from contract creation and negotiation to contract renewal and termination. By automating routine legal tasks, CLM software can help businesses to save time, reduce risk, and improve decision-making.
Some of the key features of CLM software include:
- Contract creation and negotiation: CLM software can help businesses to create and negotiate contracts quickly and efficiently. By providing templates and standard clauses, CLM software can help companies to develop agreements that comply with regulations and meet legal requirements.
- Contract management: CLM software can help businesses to manage contracts throughout their lifecycle. By providing real-time data and analytics, CLM software can help companies to track contract performance and identify areas for improvement.
- Contract renewal and termination: CLM software can help manage contract renewals and terminations. By automating these processes, CLM software ensures that contracts are renewed or terminated on time and that legal obligations are met.
Real-life examples of businesses that succeeded using CLM
- Ikas: Ikas is a global recruitment platform that provides executive recruitment services. In 2019, iKas implemented CLM software to streamline its contract management processes. By automating contract creation and negotiation, iKas reduced the time required to create contracts by 80%. This helped to free up time for legal teams to focus on higher-value tasks such as contract negotiation and review.
- Vodafone: Vodafone is a multinational telecommunications company that provides mobile and fixed-line services. In 2016, Vodafone implemented CLM software to improve its contract management processes. Vodafone reduced contract cycle times by 70% by automating contract creation and management. This helped to improve decision-making by providing legal teams with real-time data and analytics.
- Philips: Philips is a multinational conglomerate that provides healthcare, lighting, and consumer lifestyle products. In 2019, Philips implemented CLM software to improve its contract management processes. By automating contract creation and management, Philips reduced contract cycle times by 50%. This helped to improve decision-making by providing legal teams with real-time data and analytics.
Streamlining legal processes is essential for businesses looking to improve decision making
However, it’s important to note that implementing CLM software is not a one-size-fits-all solution. Each business has unique legal processes and requirements, and it’s important to choose a CLM solution that meets these needs. Therefore, businesses should carefully evaluate their legal processes and choose a CLM software that aligns with their goals and objectives.
“Businesses that use CLM software are able to close deals 30% faster than those that do not use CLM software. This is because CLM software provides legal teams with the data they need to make informed decisions quickly.” Aberdeen Group
In addition, businesses should ensure that their legal teams are trained to use the CLM software effectively. Training can help legal teams understand how to use the software to streamline legal processes and make informed decisions.
By using CLM software to automate routine legal tasks, businesses can save time, reduce risk, and improve decision-making capabilities. Real-life examples such as iKas, Vodafone, and Philips have demonstrated how implementing CLM software can help businesses achieve these benefits.