Before the pandemic, CLM software was considered nice to have. Businesses recognised the value of CLM software to slowly and steadily streamline and automate contract processes. However, many continued to keep manual processes (despite understanding the risks). Others digitised only selected parts of processes.
The COVID-19 crisis changed the way businesses operate. Social distancing, world-wide lockdowns, and remote working – all these major happenings have challenged business continuity post-pandemic while reshaping the business landscape in the long run.
Businesses that relied on manual processes to manage contracts found themselves in trouble. The unprecedented times put extra pressure on the legal department to act as a business enabler by guiding the Board to make informed decisions quickly. The only way to survive and go forward was to ensure there is technology in place to manage contracts not just partially but throughout their lifecycle.
Reinforcing the role of your legal department as the business protector, especially in the current unaccustomed conditions, matters more now than ever before. With contracts being the lifeline of a business, there is an urgent need to optimise contract processes via technology making CLM software no longer preferable, but business-critical.
Unarguably, the disruptions of 2020 accelerated the adoption of contract tools. As per the 2020 survey Impact of the COVID Crisis on the Legal Sector by Wolters Kluwer, e-signature and document and contract workflow automation tools were among the top technologies that legal professionals plan to invest in (63% and 40% respectively).
As mitigating risks has become a top priority, the need to be equipped with CLM software has become vital.
Do you want to have a better overview of all the contracts used by colleagues across the organisation regardless of where you work from? Download our whitepaper “Contract Lifecycle Management in the next normal: the irrefutable need for technology ”, and explore why contract lifecycle management (CLM) matters more than ever before, its transition from preferable to business-critical and key CLM tools legal departments must invest in for business success in a post-Covid era.
