Why growing companies need a CLM platform

In 2024, 62% of CEOs selected growth as their top business priority according to Gartner. Part of planning for growth for any company is ensuring that your processes and systems can flex and scale with you. With the future in mind, why is it so hard for companies to get beyond not just the problem that is facing them today, but the ones they will undoubtedly uncover as soon as the immediate one is solved? 

When you have a leaky roof, you don’t just buy a bucket and catch the rain drops. This would be solving the immediate problem. You have a new roof installed. This solves your immediate problem and any future leaks that could occur. Yes, the bucket would have been a cheaper investment and would solve the immediate problem. But installing the new roof takes the future into consideration.  

Sometimes, placing buckets and patching spots is also the way we approach problems in business. We see the immediate issue and purchase software to get that obvious problem resolved. 

One of these needs is most likely your contracting system. A familiar case is trying to get your contracting process out of email and spreadsheets and into a CLM so you can digitize your contracts and store them in a repository. And you’re not alone. A recent Hyperion Research market study found that half of the Legal Operations Managers surveyed said they had planned investments in contract management, with 18% of those being first-time investments. So, your CLM has solved your immediate problem. But what happens as your company grows or your contracting process evolves? A robust Contract Lifecycle Management (CLM) platform can scale and grow as you need it. So, what does that entail? 

Ways to future proof your CLM 

• Artifical Intelligence (AI) Tools: Being able to customize your AI experience within a CLM platform is vital. As our world is ever changing, your contracting processes need to be able to flex as well. AI gives you that ability by being able to adapt your models over time and in response to unanticipated events (pandemics, global trade wars, etc.). Make sure your CLM lets you take advantage of this adaptability without the need of your IT team or data scientist, enabling you to work quicker and more efficiently. 

• Data-driven CLM processes: Centralizing your data eliminates redundancies and duplicative efforts while unlocking the potential for AI, machine learning robotic process automations, and optical character recognition. It also gives you a comprehensive picture of your organization and drives intelligent risk analysis.  

• The correct CLM for your business: You don’t want to go shopping for CLM technology twice, so there are rules to follow when selecting the right CLM platform for your organization. Visualize your future job in 2, 5, or even 10 years. Solve for your problem today but always have your eye on what could come and be prepared. More importantly, make sure that even unexpected future states can be handled by a nimble, flexible, and scalable CLM solution.  

Companies that have grown using CLM software 

CDW 

CDW, a leading provider of IT solutions, knew they needed to plan for the future and were prepared to purchase a contract management system that would flex and scale with them as they grew. Their CLM implementation began with a single agreement type but eventually spread to nearly 15 different implementations over a few years. Not all platforms can handle this, and those that claim they can sometimes don’t handle it well. “I think of Agiloft as kind of the house and home for all of our contracts. And that’s what I’m trying to focus on achieving. But that house is under construction and we’re living in it,” says Shawn Luedde, Senior Manager of Service contracts and Vetting at CDW.  

Health Catalyst 

Where does growth come from, but from Sales? Health Catalyst, a leading provider of data and analytics technology and services to healthcare organizations, grew from a single business unit of just a few hundred employees to acquiring five additional companies in the span of two years. They needed tools that could scale with them. Before Agiloft, Health Catalyst manually processed their sales contracts and templates via email. This inefficient process created confusion amongst the sales team as they tried to paper deals. The solution? Agiloft and its bidirectional integration into Salesforce. Health Catalyst optimized its sales force by streamlining five siloed contract workflows into one standardized process and created a transparent dashboard for everyone 

Plan for the future  

We save into retirement funds, work to stay healthy, and take care of our homes. We all work in different ways to take care of our personal future. Now we need to carefully consider the same for our professional lives and organizations. 

Your company may not always be this size and your current processes will need to change with the times. Flexibility and scalability are vital when considering a CLM purchase. The point is you must plan for the future. 

Don’t pick a CLM that will rust out over time.  
Learn how Agiloft can grow with you in the future.