Think for a minute about how you, the rest of your legal team, and the departments you interact with would describe your current state of contract management. Is your mind filled with a sense of calm and serenity or do you already feel a headache coming on? If you find words like bottleneck, slow, disorganized and expensive are top of mind, there’s a good chance your current contract management process isn’t working.
Is your current contract management process holding you back?
While some amount of frenzy is unavoidable, nobody benefits from a constant state of contract chaos. Your current state of contract management is likely doing more harm than good if:
- It takes days to answer C-Level contract requests
- You miss opportunities for price increases across your commercial contracts
- Your sales and finance teams don’t know the status of in-flight contracts
- You miss yet another vendor contract auto-renewal that you didn’t intend to keep
- Your sales team struggles to close deals quickly or get contract answers because they have little to no visibility into the contracting process
- You rely on expensive outside law firms to do the work your in-house counsel can’t
If you found yourself nodding in agreement to even one or two of the scenarios above, it’s safe to assume whatever you’re currently doing for contract management could use some improvement.
Manual or with a CLM, contract chaos can happen to anyone
When legal teams manually manage contracts, it’s easy for things to get out of hand (pun intended). Manual contract management means legal spends more time combing through contracts to find answers to contract related questions, than performing high-value work that will help propel the business forward. With manual contract management there’s also a lack of visibility which can lead to missed renewals and hours wasted reviewing contracts or negotiating terms that may have already been agreed upon.
Even organizations that use a contract lifecycle management system (CLM) can find themselves in a state of contract chaos. This is especially true for legal departments that are short on resources and budget and might feel overwhelmed trying to organize every contract into a new system, enter data to set up searchable terms and calculate renewal dates without expensive, third-party assistance.
Now imagine … contract nirvana
If your current contract management process (whether it’s done manually or with an existing CLM) is in a state of chaos, think about what a better solution might look like. One where legal is no longer viewed as a bottleneck and your team feels empowered rather than overwhelmed.
Contract nirvana looks something like this:
- Your in-house legal team can instantly search and provide answers to internal or external customers in minutes
- You can see all contractual opportunities for price increases at a moment’s notice
- Teams across your business have full visibility into the current state of in-flight contracts – no more “just checking in” emails
- Every contract is now in one place, and you are automatically alerted well before upcoming renewals
- Your sales team has instant self-service visibility across all their contracts, right in CRM
- Your in-house counsel becomes a Contract MVP who has the bandwidth to serve the business
Don’t just dream it, make it a reality
Contract nirvana doesn’t have to exist only in your mind. With Pramata, it can become your reality. Pramata’s radically simple contract management platform has everything you need to eliminate contract chaos without unnecessary features that might overwhelm your team and your budget.
Ready to take the leap from contract chaos to contract nirvana? Get a demo of Pramata today.