Contracts are critical to the mission of any business, forming the foundation on which you build relationships with partners and track your own obligations as well as the products and services you are due from others. Far too often, however, contracts are managed inefficiently, without transparency, and in a manner that does not do enough to mitigate risk. CLM Matrix, a top three-rated "Strong Performer" by the Forrester 2019 Q1 CLM Wave Report, is a contract lifecycle management (CLM) solution that helps you securely manage your end-to end-contract processes for better performance and results.
Many companies are already using CLM Matrix to improve the effectiveness of their contract management program and make it simpler for employees to carry out all aspects of the contract workflows. The following are a few recent examples of how CLM Matrix has helped companies overcome their contract management challenges.
An easy-to-use solution
Woodward, Inc., which designs, manufactures, and provides service for aerospace and industrial energy control solutions, used a CLM solution but wasn’t getting the user adoption levels they needed. Staff members instead used manual processes, which introduced risk, storage inconsistences, and was generally inefficient. They needed an easy-to-use solution that would automate the manual processes that were slowing them down and making it more difficult to achieve their goals.
They chose CLM Matrix to meet these needs and found that staff members had an easy time using the intuitive interface. This, along with the flexible workflows in CLM Matrix, drove increased user adoption and allowed for processes to evolve as Woodward’s needs changed over time. By automating contract negotiation and obligation management, Woodward was able to shorten cycle times, reduce post-execution risk, and add efficiency to the team’s operations. The manual bottlenecks are now gone and users have quick, easy access to contract information at all times.
Making contracts easier to find and edit
A little over five years ago, a leading global investment manager was struggling with inconsistent and inefficient contract authoring and storage processes. The team carried out contract-related tasks manually, often via email, which lead to version control problems, contracts scattered across multiple share sites, and a lack of transparency into contract content and status.
The company chose to implement CLM Matrix, using the solution to establish automated workflows and build a clause library. CLM Matrix also provided a central repository where all contracts could be stored and easily found by anyone on the team who had the proper permissions and needed information about the status or substance of a contract.
The improvement to contract generation was also dramatic. Team members could now edit a clause in one place and ensure that the changes and pre-approved language would cascade to all relevant contract templates. In the five years since they began using CLM Matrix, team members have overcome their previous administrative inefficiencies with contracting and have been able to focus on more substantive, valuable work.
The biopharmaceutical company Nektar Therapeutics was prompted to seek a CLM solution when their previous challenges with an inefficient contract management process led to an external audit that Nektar did not pass. At the time, despite managing over 15,000 contracts, Nektar lacked standard operating procedures (SOP) for signatures, and had no way to easily generate reports, ensure prompt payments, or comply with many of the auditors’ requests.
CLM Matrix helped the team to quickly establish and enforce SOPs and implement effective obligation management, yielding time savings, improved revenue recognition, and better compliance. Because the solution is integrated with their payment and financial software, Nektar can now more easily ensure that contract payment obligations are met. In addition, regular reports to external auditors, demonstrating the company’s adherence to defined policies, previously took weeks to generate and can now be created in 20 minutes with CLM Matrix.
In all of these examples, the companies used CLM Matrix to improve their contract management practices and recognize benefits that helped them achieve their organizational goals. Read the full case studies to learn more about these client success stories and better understand how you can use CLM Matrix to improve your contract management performance across the contract lifecycle.
- How CLM Matrix helped Woodward, Inc. automate contract workflows to drive efficiencies
- How CLM Matrix helped a global investment manager deliver transparency, automation, and efficiencies throughout the contract lifecycle
- How CLM Matrix helped Nektar Therapeutics uncover efficiencies and drive organizational agility