Time to Drop Some Serious Truth Bombs On Traditional Contract Management

Ask yourself, where and how do you get the true value out of your customer contracts? Or better yet, where is the true value in your customer contracts?

Back in the day, most companies believed that if all they did was nail down managing their contracts, starting with capturing everything that’s in them, they’d be way ahead. Then, contracts become all about managing the lifecycle of the contract, from creation through negotiation, approval, and finally execution.

But over time contract lifecycle management (CLM) has proven to be wanting, because guess what? No two contracts are the same, and rarely will one contract have the same details or follow through a set of standard steps from creation to signature.

It’s not so much about the workflow of a contract as it is knowing what's in a contract — the critical components of any contract is what’s actually valuable. Companies are rapidly discovering that “standard contracts” are the exception (see Episode 2 of The Ugly Truths of Contract Management.) And that’s just one of many ugly truths about contract management.

In our new The Ugly Truths of Contract Management video series you can watch Praful Saklani, CEO of Pramata, in Episode 1 explain how standardizing contracts may not be the end-all-be-all that it may appear at first. Or see Justin Schweisberger, Chief Product Officer at Pramata in Episode 5 explain why companies should take a closer look at their contracts from a customer lifecycle perspective. Watch all five episodes of The Ugly Truths of Contract Management Series:

Episode 1: What You Don't Know, You Don't Know

Starring Praful Saklani, CEO and Founder of Pramata

Praful dissects the issues why traditional approaches to managing contracts don't always work.

Episode 2: Turns out "Standard is the Exception"

Starring Lloyd Alexander, VP and Contract expert at Pramata

Lloyd takes a closer look at why 60% or more of your customers don’t have a standard contract - standard is the exception. 

Episode 3: Your Gaps Always Show, If You Look

Starring Justin Schweisberger, 8-year veteran and CPO at Pramata

Justin lets you in on why centralizing customer contract management is great in theory, but in practice, not so much.

Episode 4: It Takes a Village, or Sales and Finance

Starring Praful Saklani, CEO and Founder of Pramata

Praful explores why when creating customer contracts and managing the customer lifecycle it takes teams across sales and finance. 

Episode 5: What Happens AFTER Signature
Starring Justin Schweisberger, 8-year veteran, and CPO at Pramata

Watch Justin explain why companies should examine contracts with a customer lifecycle perspective from the start.

The Ugly Truth series shows us why companies need to face the “ugly truths” in their own contract management processes and systems, Then, and only then, can we begin to improve our customer contract management lifecycle and fill the gaps.