Technology is the fastest way for organizations to introduce new efficiencies and draw untapped value from contracts
The COVID-19 pandemic greatly accelerated the adoption of contract lifecycle management (CLM) solutions inside corporate legal departments struggling to maintain operations in the face of a remote working environment. However, according to a new installment of Wolters Kluwer ELM Solutions' Legal Leaders Exchange Podcast, legal departments will likely continue to embrace CLM tools long after the public health crisis has subsided as they look to enhance productivity and introduce new efficiencies into their contract cycles.
During the episode, ELM Solutions discusses many of the factors pushing corporate legal departments towards technology-enabled contract processes, including a desire to guide agreement more swiftly through each stage of the workflow while also taking advantage of data-driven performance insights. For example, innovations such as CLM Matrix ELM Solutions' CLM tool foster efficiencies in the form of automated workflows, status transparency and a searchable central contract repository.
"Organizations are realizing that technology is the fastest way to bolster efficiency and increase transparency throughout the entirety of their contracting process," says Sheetal Kamani, General Manager, CLM, Wolters Kluwer ELM Solutions.
But while corporate legal departments are moving swiftly in the direction of CLM tools it shouldn't be at the expense of a well-developed change management strategy. The Legal Leaders Exchange Podcast explains that organizations first need to evaluate their contracting processes to identify the problems or inefficiencies that can be addressed using technology. For companies eager to build more efficiencies into their contract process, finding a trusted partner who can help tailor a CLM tool to meet specific business needs will be paramount to their success both now and in the future.
"Find an organization and product team that is experienced with implementations, but also understands where you are today and what your strategic goals will be moving forward," Kamani says.
ELM Solutions, part of Wolters Kluwer's Governance, Risk Compliance (GRC) division, is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust its innovative technology and end-to-end customer experience to drive world-class business outcomes. The other legal solutions business of Wolters Kluwer GRC is CT Corporation.
Wolters Kluwer ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company's award-winning products include Passport, one of the highest rated ELM solutions in the latest Hyperion MarketView Legal Market Intelligence Report and TyMetrix 360°, the industry's leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a "strong performer" in The Forrester Wave: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions' LegalVIEW portfolio of legal analytics solutions is based upon the industry's largest and most comprehensive legal spend database, with more than $150 billion in invoices.
About Wolters Kluwer Governance, Risk Compliance
Governance, Risk Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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Contacts:
Media Contacts for Wolters Kluwer GRC
(Including Wolters Kluwer ELM Solutions, Wolters Kluwer CT Corporation, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk Regulatory Reporting)
Paul Lyon
Global Corporate Communications Director
Governance, Risk Compliance Division
Wolters Kluwer
Office +44 20 3197 6586
Paul.Lyon@wolterskluwer.com
Frank Ready
Senior Specialist, Corporate Communications, Legal Services
Governance, Risk Compliance Division
Wolters Kluwer
717-205-3647
Frank.Ready@wolterskluwer.com
