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Tweet Shift and the CLM Adoption Tipping Point
May 26, 2022
Global shocks have reminded corporate leaders that the world is full of risk, and they need to build risk mitigation into their business relationships and contracts. Consequently, the contract lifecycle management (CLM) market has taken off like a rocket, and general counsel who are digitally agile are rising to the top. Here is why enterprises have reached the tipping point for CLM adoption.
One, tweet shift contract nimbleness, or the ability to respond as quickly as someone can tweet, has become a business-critical requirement. Two, general counsel who support legal automation solutions are the ones rising to the top; those who don’t are getting left behind. Three, bad contract processes have the potential to sink net promoter scores (NPS) scores, so contract processes need to be streamlined, simplified and world-class. Four, process automation and its efficiencies can fill revenue gaps caused by slowing global growth. Five, the heat is on legal ops, specifically contract ops, to source the right talent for digital transformation, and general counsel are vying for the best and the brightest. Six, as integration speed, breadth, and depth are all important, adoption of CLM provides a line of sight to risk and business obligations that enables better and more nimble business decisions.
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