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Contract Lifecycle Management (CLM) has taken on a new urgency within the corporate ecosystem. While control and compliance remain fundamental elements of contract performance, today’s dynamic environment demands that contracts also become a critical source of management information and must offer mechanisms for greater adaptability and agility in trading relationships.
With this in consideration, PwC teamed up with the World Commerce And Contracting (WorldCC) to develop a survey intended to gather perspectives on CLM adoption from leaders of legal, finance or those who oversee procurement, supply, contract or commercial management. Below we share highlights from the findings, including factors that make action increasingly urgent and outline the steps that are delivering results when it comes to leading automation efforts, responding under pressure to streamline services and dealing with the volume of operational workload. Keep reading to see some insights from the main personas built from the Contract Lifecycle Management, Building the Case for Change Survey by WorldCC.
CLM is critical to the delivery of efficient, effective business performance. In many respects, it represents ‘the plumbing’ for the trading relationships that deliver economic and social value.
But remember: CLM is not a technology roll-out program: it is a business transformation program, well worth the effort with top-level sponsorship and an implementation collaborator with knowledge and experience.