Have you ever experienced a failed deployment of contract management software? At Exari we have talked to hundreds of people about what has worked and what has not worked for them. The most common topic that comes up in these discussions is centered around data. Until now it has been cost-prohibitive and time-consuming to represent contracts as data. After all, contracts are intentionally designed to be wordy, dense, and in many cases confusing. Instead, most firms have settled with treating their contracts as valuable documents that can be referred to if trouble ever cropped up. It’s true that contracts are some of the most meticulously crafted documents written, yet over and over contract management software deployments have failed.
The number one reason that enterprise contract management software fails is due to a lack of data. The hallmark of every enterprise-class platform is accurate, complete & accessible data. It’s data that’s used to provide analytical insight into trends and problems, it’s data that’s used to make operational decisions, and it’s data that is used to inform upstream and downstream systems with critical information. Governance, risk and compliance all require access to high quality data and until now this was not available for contracts that underpin a business.
Larger companies and organizations are realizing that in order to properly operate their business, they need an enterprise level view, involving nearly every department. This is driven by increased regulatory requirements, changes in how revenue is recognized, and the constant improvement and developments of technology that can meet all departmental needs. If you are looking to implement a system, three things enterprise contract management platforms must have that you should look for are:
The data that lives within your contracts is your true golden source, either helping you track your risk to properly manage and make better-informed decisions in a crisis, or infect you with risk, such as fines or cause for termination. A true enterprise contract management system should be able to transform your contracts underlying text into actionable and reportable data. Data that you can track, analyze and constantly monitor instantly, whenever you so please.
Today, Exari announced the latest release of its product, version 7.1. It not only provides everything discussed above that an enterprise-class platform should consist of, but it is also the first (and currently only) CLM platform with an enterprise-class Universal Contract Model™.
The Universal Contract Model™ is the most robust data model, allowing complete representation of any type of contract. This delivers prevailing terms for every contract, rolling up terms with their amendments and changes over time. Our Universal Contract Model™ allows companies to have complete, unprecedented visibility into every contract throughout the entire enterprise. This is the secret weapon to a true, enterprise contract management platform, and the number one reason why Exari customers succeed.
If you are interested in learning more about Exari's version 7.1 you can read through the press release here. To discuss how our enterprise-class contract management platform can help you succeed, please contact us here now.