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LegalNovember 29, 2021

ELM Amplify: The tell-tale signs you need a CLM solution – One company’s story

ELM Amplify 2021, the ELM Solutions annual user conference, took place online from October 26 through 28. This event is available for on-demand viewing here, and we continue to highlight some of the sessions that were presented.

Large companies are swimming in a sea of contracts. Walmart, for example, has contracts with more than 100,000 suppliers globally. Proctor & Gamble has tens of thousands of partners they work with daily. Meanwhile, a typical Fortune 1000 company maintains 20,000 to 40,000 contracts at any given time.

These companies are not unique. Small and mid-size firms, especially those who experienced a sudden growth spurt, can become overwhelmed with contracts.

Even with a designated contract management individual or team in place, managing and tracking contracts – from the time a deal is negotiated until the time of renewal – is often a manual, time-consuming, and error-prone process. It can also bring sleepless nights, especially for those who operate in highly regulated environments where every contract event and action must be logged, tracked, and reported. Worst of all, when contracts aren’t well managed, approvals can be delayed, potentially scuttling a deal. It’s a huge risk and can lead to significant cost.

Automating away contract management headaches

It’s unsurprising, then, that many companies look to a contract lifecycle management (CLM) solution to deliver the workflow automation necessary to streamline processes. But for true peace of mind, they require a configurable solution that promises ease of use to flexibly adjust workflows and maintain compliance in a constantly changing regulatory landscape.

That’s just what Fiber Materials, Inc. (FMI), a leading provider of high-temperature materials and next-generation aerostructures, chose to implement.

When the U.S. Department of Defense designated its hypersonic missile program as a national priority, FMI experienced a significant inflow of RFPs for its products. But to stay competitive, win business, and maintain its growth trajectory, FMI needed a more efficient way to respond to RFPs, submit compliant bids, and manage contracts.

In a session called User-Friendly Contract Workflow Configuration, FMI’s Contract Manager Alyssa Severance shared the pain points, challenges, and risks that drove the company to adopt CLM Matrix – an easy-to-use CLM solution that helps companies manage their end-to-end contract processes efficiently and securely to drive better business outcomes.

Transformational impacts

Alyssa also discussed how CLM Matrix has become so integral to FMI’s workflows and processes that it has transformed how the company does business. There is no more reliance on spreadsheets, email, and file shares; CLM Matrix centralizes key actions and records, drives transparency, improves collaboration, speeds approvals, and simplifies compliance.

“It changed my days completely, nothing falls through the cracks anymore, and our ability to respond to customers and audits has improved dramatically,” said Alyssa.

Today, CLM Matrix is the lifeblood of FMI’s business, helping Alyssa and many others who interact with the system manage opportunities across the entire sales pipeline and through the contract’s life.

To learn more about how Alyssa and FMI eliminated their pain points, transformed their CLM practice and business, and plan to drive future system integrations with CLM Matrix, be sure to watch the on-demand session here. If you haven’t done so already, please register. Once you have registered, your email address is both your login and your password. Look for User-Friendly Contract Workflow Configuration in the Theater.

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