It is no secret to anyone that we are living in a technological era where automations and process integrations are vital not only for companies but for each individual. Although this heyday has been evolving for a few years, with the current situation, 90% of organizations and independent professionals around the world have been forced to innovate almost immediately to adapt, protect and optimize performance at a general level.
Although the main thought for IT technology is to manage systems effectively, its functionalities extend to provide benefits in the simplification of each process, in each labor department within an organization, it is there that the software of CLM, CRM and more play a leading role, together with a single “matrix” so to speak.
That means that each software can become part of a whole, ensuring optimal operation and streamlining the workflow, regardless of the situation you are going through. But what is in fact a CLM and why should it be integrated into the technology system?
The CLM (Contract lifecycle Management) and its functions
When talking about CLM we refer to the management of the life cycle of a company’s contracts, which offers the automation and optimization of contractual processes during each of its stages. Generally, the CLM system covers three stages: the initiation, creation, procedure and workflow, which in turn shapes the negotiation, approval, execution and compliance, as well as the renewal of contracts.
The benefits of CLM solutions offer professionals in various areas to accelerate the management of information on sourcing and suppliers in a more effective way. By keeping all relevant data stored in a digital repository, companies can sign deals faster, and also gain better visibility into how deals affect each department’s bottom line.
Here are 10 reasons to integrate CLM and ITSM:
# 1 Agreements with strategy
Integrating a CLM software with other platforms or computer technology services, such as an SSI or CRM, allows work teams to build strategic deals by having full transparency and accessibility, such as, for example, if we have an agreement with several providers, we can negotiate more effectively by opting for the best deals.
# 2 Optimized deals
The integration of information systems in a single element, in addition to facilitating logistics and offering effective conversion of existing and new deals, allows organizations to have the facility to adequately monitor contracts, resulting in the best use of resources to meet requirements, claim what has been agreed and evade non-compliance with legalities that can lead to fines or penalties.
# 3 Risk minimization for hidden costs
As well as in the security of computer technology as in the platforms or contracting services – and other software’s that can be integrated – the contracts that are handled imply rights and duties that, if not complied with, could generate costs that were not being contemplated at the beginning.
Consequently, such an integration offers an excellent ability to reduce unforeseen costs, improving resources and increasing conversion margins. When you have all the data at hand and with good visibility of the stipulated terms, their administration is more effective, as a result, there are no losses.
# 4 Standardization of processes from the beginning
Nothing is better than having all data in one place, where access is quick and easy. A CLM integrated into an ITSM creates a current flow based on the operations of an entire company. Administration of the System in this way improves productivity, no project deliveries are lost and the tracking of assigned tasks is easier.
# 5 Absolute control of everything that happens before and after
Both ITSM and CLM take care of every detail to take into account automatically, before and after managing the contracts. The funny thing is, no matter the platform you are working on, the integration of both software will facilitate access to information from anywhere. For example, if you need to activate a specific promotion or benefit to a customer, after signing a deal, the program will automatically do it for you.
# 6 Improved buy and sell cycles
Normally, without the integration of these technology systems, the processes of the sales department can be seen reflected in just two Excel sheets, perhaps more; but with an integrated ITSM and CLM system, team coordination can be transformed to be more effective. Documenting the stages from the beginning makes it possible to save time and also improve the customer’s approach and shopping experience.
# 7 Time saving in operations review
As we have already observed, you can improve sales teams management by the simplification and automation of an integration of ITSM and CLM systems, with these benefits, the results translate into taking advantage of time to get new potential customers, eliminating the Margins of error that are usually present in other types of tools or applications.
# 8 Better customer loyalty
Despite the fact that it seems that a CLM can only be used by the administration or finance departments, customer information is extremely useful for all teams in an organization. With an integration like this, all that information is just a click away.
# 9 Improved use of resources
When digital data is handled, there may be the possibility of losing the exact location of documents and even losing an important file folder in its entirety. This can be 100% avoided with the integration of computer security systems in conjunction with a CLM, which not only allow valuable information to be on hand, but also ensure the care and support of each existing document in the cloud.
# 10 Measure the success of each project
There is no better way to innovate and ensure a company’s future success than to be able to accurately measure, scale and predict the results of each internal project. By integrating software, you will be able to review in detail each cycle in which the projects of each department are located.
The implementation and integration of systems in a company are no longer part of an investment to consider, but rather a decision that will determine the permanence and success in the near future of your company. An excellent example and provider of CLM software that we have confidence is Koho, who assist clients from all sectors.
If you want to know more about Koho Software and our ITSM services, we invite you to contact us, at GB Advisors we want to offer you the best quality in services that provide you with automated solutions to take your company to the digital future.