CLM initiatives can be overwhelming, especially if you intend to do the necessary foundational work to ensure success. Kalexius CEO Nicolas Leroux looks at a few quick tips to use when you embark on this journey.
KNOW YOUR OBJECTIVES AND DEFINE SUCCESS FIRST
1 Document what success looks like and how you plan to measure it (note that it may differ by stakeholders).
2 Success in CLM can range from simply tracking a few contract-related data points to a full end-to-end solution from intake to obligations management.
KNOW YOUR STAKEHOLDERS
1 If you are implementing a tool, who will own it – and pay for it? Who will use it, govern it, maintain it and ensure data quality? Make sure you have clarity around roles and responsibilities.
2 Stratify and prioritize needs across different stakeholder groups. Hint, you’re better off putting in the effort with a steering committee now, rather than creating one later to unwind and rewind a bad implementation.
BE REALISTIC ABOUT EXECUTION CONSIDERING EFFORT, TIMING, COST, AND COMPETING PRIORITIES
1 You probably can’t/won’t/shouldn’t do everything at once. Identify the driving needs and focus on doing them well, rather than trying to solve all things for all stakeholders at once
2 Don’t rush through this step! Doing it right takes time and effort.
3 Expect you will need to iterate on your CLM, whether that is process, tool, stakeholders, or some combination of those. Accept that as permission to take on what you can.
4 Leverage resources where you need them! There is a plethora of resources out there to help educate, socialize, and execute along with you. Know when to pull those levers.