CLM deployments are notoriously difficult, with 60% of CLM deployments ending in failure. Yet these challenges have less to do with the CLM tools themselves than with how difficult it is to prepare any large organization for making effective use of CLM solutions. For instance:
- how to best prepare the corpus of historical contracts so that it can provide a cohesive picture of the company’s rights and obligations once fed by the CLM.
- how to codify contracts policies so that the CLM can become an execution vehicle for the ‘right’ outcomes, both substantive and operational.
- finding the best way to implement capabilities to systematically capture critical information from newly executed contracts with the right level of accuracy, comprehensiveness and timeliness –but without unnecessarily burdening CLM users.
These and other conditions must be addressed for any CLM deployment to ultimately be successful.
And, all hugely benefit from first setting a foundation of effective Contract Data Management (CDM). This CLE presentation will explain through real life examples what CDM comprises, the potential is holds for massively improving CLM implementation prospects, and how best to introduce it into the organization.
- Mike Kim, Head of Legal Operations & General Counsel - Knowable
- Ameen Haddad, Assistant General Counsel - Oracle
- Kim Maney, Assistant General Counsel, Head Global Contracting Organization - GSK