But clinging to a lackluster CLM is akin to staying in a relationship that’s lost its spark. It’s easy to brush off red flags, after all, maybe things aren’t “that bad.” It’s natural to fear change and the unknown, even when deep down we know that moving on might be the best option.
So, if you’re having some doubts about your CLM and whether it’s really the right fit long-term, or whether a change may be in order, we’ve got just the thing to help.
Are you involved in a dysfunctional CLM relationship?
If you’ve ever found yourself rationalizing the quirks and shortcomings of your current contract lifecycle management platform, you’re not alone. Much like personal relationships, first impressions and initial promises can color our perception of the tech partnerships we form. But over time, as the honeymoon phase fades, the cracks start to show.
Some of the first warning signs may include:
A breakdown in communication: If you can’t easily locate a contract, or keep missing renewals because your system doesn’t alert you in time, these communication failures can put a damper on your ability to get the most value from your CLM.
Expectations that don’t match reality: Like a great first date, your CLM may have knocked your socks off with promises of everything it could do during the demo stage or sales process. But now, months into the relationship, it’s just not doing what you thought it would.
A fear of changing: Inertia is a powerful force, and the general tendency to avoid changing software is certainly a rational one. If you’re finding that you often wish for something better but the fear of going through a change is holding you back, it might be a hint that you’re stuck in a dysfunctional CLM relationship.
Check out Pramata’s exclusive switching offer (hint: you may be able to save 30%!)
How your current CLM is holding you back
If none of the above sounds familiar, then you might be in the perfect CLM relationship already. But, if you’re starting to think that might not be the case, here are some signs that your current CLM may not be benefiting you anymore:
1. Costly Inefficiencies
If your CLM doesn’t eliminate manual processes or still requires a lot of double-checking, then it’s costing your business more money. Whether it’s because you have to contract with expensive outside law firms to do the overflow work that your in-house team can’t, or you need extra administrative staff just to stay on top of contract questions, the wrong CLM can be more expensive to keep than it is to replace with the right one.
2. Missed Contract Milestones
If your customer contracts aren’t organized in a way that tells you what is currently active, you can miss renewals and chances for price uplifts. Or worse, If your vendor contracts are still messy or missing from your CLM system, you can wind up paying for things you don’t need – and in some cases, didn’t even know you had!
3. Frustration & Burnout
A cumbersome CLM can raise your teams’ stress levels. If in-house counsel are still struggling to find answers to contract questions and other teams still see Legal as a bottleneck, it’s hard to keep people happy and doing their best. The wrong technology can make employees’ lives more difficult and lead to underperformance and churn.
4. Integration Issues
If your CLM doesn’t easily integrate with the rest of your organizations’ tech stack (and actually work!), it can create data silos and hamper the flow of information between teams. Not to mention, the pain of having to enter information into multiple places instead of having it flow from one system to another.
5. Lack of Adoption
The most advanced features are meaningless if the contract management system is so complex that users avoid it. If people don’t adopt the system, the company’s wasting money (at best) and, at worst, employees create time-consuming, inefficient workarounds, defeating the very purpose of your CLM investment.
Need help breaking up with your CLM?
Deciding to part ways with your current CLM usually isn’t a quick decision. It involves weighing the pros and cons, understanding your needs and envisioning the benefits of a more functional system. Like ending any relationship – it can be tough, emotional and riddled with uncertainty.
But on the other side of it, is the promise of contract nirvana.
If you’re wondering whether your current CLM is really “the one,” or second guessing your instincts when it comes to the red flags you’re seeing, download 7 Ways You Know it’s Time to KISS Your CLM Goodbye: The Guide to Breaking Up with Your CLM and see why you shouldn’t stay in a bad CLM relationship any longer.