Tech history is littered with examples of products that solved pressing problems and achieved widespread popularity, but were eventually superseded by technologies that offered broader, more flexible and updated capabilities. A classic example is the demise of the old command line interfaces that dominated the early days of consumer computing (Remember MS-DOS? Anybody?)
In the long run, MS-DOS could no longer compete with the rise of graphical user interfaces (GUIs), with their more user-friendly functionality, support for multi-tasking, and more intuitive presentation of information via windows and icons.
Contract lifecycle management (CLM) software may be heading in the same direction. CLM solutions have certainly served an important function and thus, achieved some impressive market penetration. But CLM solutions’ limitations are becoming more obvious to companies as they realize that the true value of managing their contracts effectively (i.e. driving incremental revenue) lies in the data buried within their contracts, not the process by which they’re put in place.
As Lloyd Alexander, our VP of Strategic Solutions, who has worked 15 years in the CLM space, noted:
“CLM solutions have never found a simple, cost-effective, accurate way to import legacy contracts, handle the nuances and complexities of highly negotiated contracts, or effectively (and elegantly) manage contracts using third-party paper. All three of which leave a tremendous amount of revenue and risk on the table if left unaddressed.”
To do those things and provide value, a new and more powerful approach is needed. One that gives users a more comprehensive view of important customer data, and, helps them to make the best use of it, quickly and easily.