In Part I of this article we highlighted the operational efficiencies that can be brought about by implementing CLM solutions for Legal, Finance and HR teams. Here, we discuss how sales and marketing teams stand to benefit from adopting CLM applications.
Marketing: Implementing CLM solutions can help enterprise marketing teams to formulate their go-to-market strategies and improve overall business outcomes. Marketing teams deal with a wide variety of high-volume contracts with external vendors on a daily basis. With only a few clicks, marketing teams can have the flexibility to make changes to contracts to suit counterparty requirements and effectively shorten the turnaround time from the initiation of contracts to the implementation of their marketing strategies. A robust CLM application can help marketing teams to directly draw up and finalize routine legal contracts without them having to pull in the in-house legal team for its inputs on every document.
Sales and Sourcing: A robust CLM solution can help sales/sourcing teams stay on top of compliance-heavy tasks. To illustrate, for each country in which an MNC is present, CLM solutions can effectively monitor regulatory compliance at a country-level under local legislations. CLM solutions can also enable sales and sourcing teams to monitor pricing (initial price, final price, user-specific discounts, discounting campaigns, etc.), especially where pricing is variable across vendor type, country of operation, etc. Sales cycles can be shortened, vendor negotiations can be finalised quicker and time taken for vendor onboarding can be reduced with functions such as automating routing of vendor contracts to the right approving team and e-signature capabilities. Sales teams can thus focus on building value-added relationships with their clients, with AI-enabled CLM functions automating routine processes. CLM solutions can thus act as a pillar for sales and sourcing teams and add value to their mandate of maintaining customer relationships.
Use of CLM by the entire organization reduces, mitigates and eliminates procurement, financial and legal risks, thereby resulting in the betterment of overall organizational health.
Please read about the effects of CLM on Legal, Finance and HR teams in Part 1 of this article