Are you using your contracting processes to drive quality and efficiency or to embed inefficiency?
That was the big question in a recent IACCM webinar, Realizing ROI from Contract management technologies. Arthur Raguette, Executive Vice President of Sales and Marketing at UltriaTM and Tim Cummins, CEO of IACCM showed how investing in CLM helps enterprises demonstrate a rewarding return on investment (ROI) and how to build a business case for CLM. The main points of their message:
Too often existing software has spawned disappointing results. Recent surveys confirm that confidence in corporate CLM software is low for these reasons:
- Solutions are seen as expensive, especially if being deployed across multiple users.
- Roles within existing contracting processes are often poorly defined, making implementation extremely complicated.
- Building a business case remains challenging because the benefits are hard to define.
- Those who have implemented have struggled to gain user adoption, often because process disconnects limit the flow of data – therefore past experience is resulting in skepticism about the value that can be achieved.
Ultria CLM technology offers the following capabilities that can address many of these challenges:
- A patented parsing engine1 to disassemble incoming contracts and reverse engineer2 into individual clauses.
- Artificial Intelligence to guide users through contract assembling or drafting by using an AI-enabled wizard3.
- Post-award obligation and entitlement management that can link to operational data to minimize revenue leakage or optimize cost savings.
Technology yields new results:
- User adoption seamlessly integrates with front-end CRMs, Ultria Request portals and back-end integrations,
- Collaborative negotiation provides secure multi-tenant access for global joint ventures or multi-company relationships,
- Post award compliance usies post award compliance management to more seamlessly add value to the business units (your ultimate customer); and
- AI wizard empowered request portal leverages centralized control to the edge of the enterprise.
- Parsing engine – generic definition: CLM app that can parse and chunk the content into clauses.
- Reverse engineering clauses eliminate any assumption in a contract agreement that by making something available to your customers, you are no longer keeping it a secret and they can change it. Example: “…customer shall not change, manipulate or disassemble software.”
AI wizard – wizard-driven contract offering. See Ultria Solutions
Arthur Raguette, Executive Vice President of Sales and Marketing at UltriaTM, a division of Verdantis, Inc., is passionate about the application of innovative technologies to solve real-world business problems with a strong emphasis on large enterprise solutions. Arthur’s career of creating collaborative business relationships with customers, partners, and industry leaders that deliver enterprise-class solutions to Global 1000 customers spans over 20 years.
Tim Cummins, CEO of IACCM, works with leading corporations, public and academic bodies, supporting executive awareness and understanding of the role that procurement, contracting and relationship management increasingly play in 21st century business performance and public policy. Tim acts in an advisory capacity to government bodies in countries that include the US, UK, Australia, Canada and Japan.