5 Reasons Companies Are Ditching Their Contract Management System

August 20, 2019

Agenda

• Panelist intros

• Related situations & recommendations

• Panel interview session

• Attendee Q&A

Today’s Speakers

Moderator Panel

Peggy Chang BarberCEO, Americas

IACCM

Diane HomolakVP, Legal Technology

Solutions UnitedLex

Jocelyn GerardSenior Manager,

Strategic IT Sourcing TD Bank

Peter ThomsonCOO

ContractRoom

1. Initial requirements gathering was not aligned with business need.

2. You’ve simply outgrown your CLM solution.

3. Solutions have evolved and yours has not kept up or is sunsetting.

4. Your implementation didn’t live up to the sales rep demonstration

5. Poor change management resulted in poor adoption

The 5 Reasons Companies are Ditching their Contract Management System

Jocelyn Gerard, TD Bank — Corporate Buyer perspective

• Within the past two enterprise implementations, the reasoning for the update of our CLM solutions centered on points 2 & 3.

• When adopting a CLM, make sure you understand both where you are coming from and where you are going. 

• Understand when to configure, customize or change your process. • What are your organization's unique needs and challenges?  Challenges can

range from hundreds of templates to a federated risk management approach.

• Allocate enough time at the beginning for blueprint and design and change management of the end.  The best solution will be shelved without adoption.

Diane Homolak, UnitedLex — Service Provider perspective

• UnitedLex client experience shows reasons 1, 4, and 5 arise frequently.

#1  Requirements gathering was not aligned with the business need • Focus was on the wrong things • No definition of success

#4  Implementation didn’t live up to the demo • Did you fall in love with features you wouldn’t use • Did you understand feature dependencies and restrictions

#5  Poor (or No) Change Management lead to poor adoption

• Change your process, not the tool • Start from the end to define your needs – “reporting” the key to success • Implement with confidence

• Big Bang v. Trickle Rollouts • All features for a few, a few features for all

• Look for a vendor who is advancing their platform • Leading edge features • Open APIs • Embracing AI agnostically • Ease of use

• Get a partner

How to avoid the pitfalls of CLMS disappointment

Peter Thomson, ContractRoom — Technology Provider perspective

• You’ve heard great insights on why companies of all sizes and industries are are looking to modernize their contracting operations; whether it be replacing/augmenting a manual process, an ERP or legacy CMS.

• Simply put, the market wants more: • More ease-of-use — single platform with intuitive UI • More collaboration — real-time interaction internally and externally • More data — guided user experience to capture negotiation data • More configuration — adaptable to more complicated use cases • More adoption — a broader application for use across entire corporation

Peter Thomson, ContractRoom — Technology Provider perspective

• So demand more, and get prepared: • Audit of your content, processes, controls, systems, etc. • Requirements for your full business and functional needs • Business case with cost and benefits of deploying a modern CLM • Executive support for a transformative contract management initiative • Project champion to lead your efforts internally • Steering committee from various parts of organization to cultivate buy-in

• Why do we know about this? • Deployed our end-to-end CLM solution with several Fortune 100 global

corporations over the past several years.

So, where is the CLM market going

Automation + Intelligence

Request Management

Document Assembly

WorkflowManagement

Multiparty Collaboration

Deep Search

Insights & Reporting

Contract Repository

TemplateManagement

ContractCompliance

ContractExecution

CRM ERP OthersE-Signature

ISO 27001 Certified Application Security Layer

API Layer for integration to many systems, including:

Structured Transaction Data Capture

ContractRoom’s Connected, End-to-End Platform

Panel Discussion

Moderator Panel

Peggy Chang BarberCEO, Americas

IACCM

Diane HomolakVP, Legal Technology

Solutions UnitedLex

Jocelyn GerardSenior Manager,

Strategic IT Sourcing TD Bank

Peter ThomsonCOO

ContractRoom

Questions & Answers (Q&A) Session

• Tell us your issues

• Share with us your solutions

Peter Thomson COO, ContractRoom pthomson@contractroom.com

Thank you for participating!