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6 KEY THINGS LEGAL PROS NEED TO KNOW ABOUT THE FUTURE OF CONTRACT AUTOMATION


/ Contract Management Software, Integration, Legal
June 23, 2022

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What trends are defining how automation is altering the face of contract
management worldwide? CLM Futurist and Agiloft’s Chief Product Officer Andy
Wishart outlined these trends recently at CLOC, the world’s foremost legal event
during his keynote, “CLM Tipping Points, 6 Trends on The Future of Contract
Automation,” explaining how they would both alter and emphasize the role of
legal in organizations.


1. GENERAL COUNSEL THAT EMBRACE THE CYBORG RISE TO THE TOP

It’s happened to other leadership professions. The best digital hunter wins, and
CROs and CMOs who don’t have a world-class tech stack to hunt, nurture, track,
and analyze every step of their prospects’ journey from cold to sold, will lose
out to the competition. They must have the appetite to understand deeply how the
tech can deliver value for their business and fight for the right budgets and
resources, or they simply can no longer hold these roles.

The same is true for General Counsel, as they drive priorities for their
organizations. As automation has swept through operations, sales, marketing, and
other critical functions, legal is one of the last bastions to be automated—and
the age and expectation of instant visibility into a corporation’s risk and
contractual obligations has dawned. Legal pros who fail to push for and embrace
digital transformation, which has accelerated from years to months in the
pandemic, are in existential peril in their roles. The legal leaders who
‘embrace the cyborg’ and bring their legal prowess together with the efficiency
and intelligence of today’s legal automation solutions are the only leaders who
will advance in today’s market.


2. COMPANIES WITH “TWEET SHIFT” CONTRACT NIMBLENESS WIN THE MARKET

We’ve just navigated through the worst of a pandemic, which still lingers and
continues to shape business practices worldwide. We are all watching the
devastating situation in the Ukraine. We’ve just watched the world’s richest
person buy a major corporation in a matter of days. And in all those situations,
organizations have been in a mad scramble to adjust—to survive, to manage risk,
to cancel contracts, to shift regions, to add new suppliers, to understand
ramifications, and be instantly nimble. In a single tweet, markets can change,
unrest can happen, and nimbleness and agility have taken on a new dimension. In
2022, your business needs to be able to shift on a tweet.


3. BAD CONTRACT PROCESSES SINK NPS SCORES

Insider info says one major corporation had a negative NPS, which was bad
enough—but an estimated 10 points of that was driven by a burdensome,
frustrating, non-automated contract process that created a poor customer
experience. Essentially no one can do business with anyone without a contract.
And nearly all corporations are judged by their NPS score—customers choose
vendors by them; investors make investments based on them. If your contract
process is not streamlined, simplified, and world-class, you’re behind before
you even get started and your NPS scores will show it. Contracts truly are the
DNA upon which your relationships with customers are built.

Recent results of global enterprise study show awareness of the criticality of
CLM to customer satisfaction is indeed, on the rise, with improving customer
satisfaction and ease of doing business coming as a top 5 strategic priority for
CLM.*


4. LEGAL TECH EFFICIENCIES FILL REVENUE GAP CAUSED BY SLOWING GLOBAL GROWTH

Global forces like the pandemic, war, supply bottlenecks, and inflation are
expected to decelerate global growth from 5.5% to 4.1% in 2022, according to the
World Bank. While challenging, as companies look to not only survive but thrive
in challenging headwinds, legal teams can confidently turn to the power of
automation to enhance their ability to improve productivity in managing
contracts. According to World Commerce & Contracting, companies using CLM could
save an average of 9.2% a year in annual revenue that is typically lost to slow
negotiations and missed milestones. And for larger organizations, that
percentage is often 15%.

The hunger for revenue protection for legal teams is gaining ground. In a global
study of enterprise buyers on CLM, 65% of respondents are focused on improving
productivity as a key driver in purchasing CLM solutions to increase
productivity and stop revenue leaks.*


5. LEGAL TECH PROS TAKE ON UNICORN STATUS

Ten years ago, hiring a Salesforce administrator was nearly impossible.
Employees who could optimize what had quickly become the system of record for
companies worldwide were some of the hottest tickets in the market. With the
advent of marketing automation and account-based marketing (ABM) tools, demand
generation pros have become the new corporate darlings, drawing multiple offers
and soaring salaries as the market scrambles to source from a talent base that
is growing, but still small given these technologies have literally exploded on
the scene. That heat is moving to legal ops. As with any technology that has the
potential to transform a profession, ensuring you’re building and sourcing the
right talent is key to your digital transformation, along with having the
resources and talent to really put it to work for you—and to date, many don’t
and are at risk. In 2021, Deloitte’s State of Legal Operations Survey found that
only 35% of legal teams believe they have good tech skills.


6. INTEGRATIONS THAT CAN SLUICE DATA THROUGH YOUR ORGANIZATION WIN

Data, when it’s trapped in your contracts and in file cabinets, holds
unbelievable value for your organization. Having a line of sight to risk and
business obligations lets you and every function in your business make better,
more nimble business decisions that help companies grow, sending resources in
new directions and holding back in others. The trouble is, without a CLM to
unlock that data, and more important, be able to share that data with other
solutions in its network ecosystem, it’s difficult to actually put that
information into action. That’s why, like trapped water, CLM systems that can
integrate not only seamlessly but widely with today’s common enterprise
solutions and let data sluice easily into other technologies are the most
powerful. Sure, integration speed is important—but that’s table stakes. Today’s
most powerful CLMs need to connect hundreds, not handfuls of systems, and easily
let data flow throughout the organization where it can truly help the business
grow.

 

Ready to see how CLM can help you be ready for the future of contract
automation, click here for a demo.

 

*2022 Global Enterprise Study: Agiloft Insights, a data-driven market research
team that uncovers actionable insights on customer needs and industry trends to
accelerate and transform the CLM market.

Jeffrey Miesbauer

SR. MANAGER OF CONTENT AND CORPORATE COMMUNICATIONS

With more than a decade in marketing, writing, and content, Jeff often writes
about technology, contract management, Agiloft customer success, and why no-code
software has the power to change business for good.


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