Augmenting CLM Systems Just Got Easier
Enterprises looking to digitally transform their organization are examining their contract lifecycle management (CLM) implementations and seeking solutions that will help them effectively manage contracts across functions like procurement, legal and sales. Doing so is paramount.
- How many contracts do you have?
- Where are the contracts located?
- What high-risk or revenue-impacting terms and clauses are in those contracts?
If you’re unable to answer all three of those questions with confidence, read on.
Contracts are the cornerstone of business and having a detailed understanding of the risks and opportunities contained within them will position you for success and allow you to navigate risk and exposure.
When organizations start their CLM journey, oftentimes they start by importing legacy contracts. The problem, however, is that the ones imported are typically those considered “most important” with a minimal set of relevant data points. Given the nature of CLM implementations, contract imports can be siloed. In addition, migrating legacy contracts at the volume and breadth that organizations require is a challenge, and CLM systems rarely migrate contract language at the depth needed to provide insight to stakeholders. In summary, these organizations will never fully be able to answer the questions above, which means they have no visibility into the unstructured data contained within their contracts, leaving them vulnerable to critical situations in the future.
Imagine that a new regulatory requirement goes into effect and your general counsel needs to know which contracts are affected. Or, in the event of a breach, you need to know your responsibilities versus those of third-party providers and how to prioritize your course of action. These are the scenarios that organizations must think about in order to drive digital transformation and streamline productivity across their contract corpus. These are the insights that DocuSign Insight can help extract.
DocuSign Insight complements contract management systems by giving users an added layer of intelligence that delivers deeper insights and operationalizes the data within their contracts. It not only fills the gaps left by CLM tools but also helps facilitate contract optimization throughout the process. This is possible, because of a centralized and searchable contract repository that allows users to extract contractual terms and clauses using out-of-the-box extractions and pre-built accelerators for common use cases. In addition, our analytics capabilities take this a step further by using machine learning to teach the system, which allows stakeholders to find new contract terms and conditions buried within the contractual data. This insight is invaluable to customers, giving them the analytics needed to save money and reduce risk.
What customers are saying
“DocuSign Insight found a payment term mismatch on ~75 suppliers that, when we synch them up, will result in $400K working capital savings and a $4M dollar balance sheet impact—great stuff!”
- VP Procurement, Fortune 50 Life Sciences Company
“With DocuSign Insight, we quickly transitioned our library of image files to text-searchable documents, extracted nearly 20 important metadata terms and clauses into the correct Ariba format and loaded the documents and metadata into Ariba using DocuSign’s powerful migration utility. We could not have achieved this herculean effort without Seal, and this work has been critical to the overall adoption of our Ariba implementation.”
- Ariba Lean, Multinational Oilfield Services Company
So, whether you’re contemplating a CLM system, have a newly implemented CLM system or are a mature CLM customer, DocuSign Insight is a must-have complementary technology, delivering unparalleled insights and significant ROI.