Wolters Kluwer ELM Solutions Podcast Explores How to Proactively Manage Risk With Contract Lifecycle Management Solutions

Rhea-AI Summary

Wolters Kluwer ELM Solutions emphasizes the importance of contract lifecycle management (CLM) tools in reducing inefficiencies in corporate legal departments, as highlighted in their recent findings.

The report identifies over 40 friction points affecting the contracting process, which can cost organizations up to 9% of their bottom line. The CLM Matrix tool aids in mitigating risks by automating reminders and workflow adjustments. The ongoing reevaluation of contract management practices, accelerated by the COVID-19 pandemic, makes adopting these technologies more crucial than ever for corporate legal teams.

Positive

• Wolters Kluwer's CLM Matrix tool streamlines the contract process, enhancing efficiency.
• Identified over 40 points of inefficiency in contracting that can impact the bottom line by 9%.
• Strong CLM solutions allow proactive risk management instead of reactive approaches.

Negative

• Corporate legal teams face increased burden due to missed deadlines and extended cycle times.

Streamlining the contract process helps to eliminate potential friction points and boost efficiency

HOUSTON--(BUSINESS WIRE)-- Corporate attorneys are trained to identify risk – which can be challenging without a high degree of visibility into existing contract obligations. According to a new installment of Wolters Kluwer ELM Solutions’ Legal Leaders Exchange podcast, there are more than 40 points of “friction” or inefficiency within the end-to-end contracting process that can impact an organization’s bottom line by as much as 9%. However, many forward-thinking legal professionals are using contract lifecycle management (CLM) tools to streamline decision-making and mitigate those risks.

The episode outlines some common points of risk that arise during the contract process, including missed deadlines, overpaying during negotiations or extended cycle times that can create a burden for in-house legal teams and cost businesses time and money. Products such as CLM Matrix – ELM Solutions’ contract lifecycle management tool – address those concerns through the use of time-saving features like smart forms, which can adapt and change based on the data the user enters. Additionally, CLM Matrix will automatically generate reminders of pending obligations or insert new approval steps into the workflow where needed.

“A strong CLM solution allows you to approach risk proactively instead of reactively,” says Sheetal Kamani, General Manager, CLM, Wolters Kluwer ELM Solutions. “By leveraging the power of automation, corporate legal departments can streamline their contact process, both mitigating risk and easing the burden on employees.”

Widespread change may be coming sooner rather than a later. Per the Legal Leaders Exchange podcast, the COVID-19 pandemic has prompted corporate law departments to reevaluate their contract management expectations with an eye towards the efficiencies offered by technology. But legal professionals who are only just beginning their CLM journey should prioritize their needs.

“Begin with the critical risk areas that you know require urgent attention. From there, you can transition to areas that represent a more intermediate level of risk,” Kamani says.

ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust its innovative technology and end-to-end customer experience to drive world-class business outcomes. The other legal solutions business of Wolters Kluwer GRC is CT Corporation.

Wolters Kluwer ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, one of the highest rated ELM solutions in the latest Hyperion MarketView™ Legal Market Intelligence Report and TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based upon the industry’s largest and most comprehensive legal spend database, with more than $150 billion in invoices.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005225/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer ELM Solutions, Wolters Kluwer CT Corporation, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)

Paul Lyon

Global Corporate Communications Director

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

Frank Ready

Senior Specialist, Corporate Communications, Legal Services

Governance, Risk & Compliance Division

Wolters Kluwer

717-205-3647

Frank.Ready@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What does the Wolters Kluwer ELM Solutions report highlight about contract management?

The report emphasizes the need for contract lifecycle management (CLM) tools to reduce inefficiencies and risks in corporate legal departments.

How can contract lifecycle management (CLM) tools impact corporate legal departments?

CLM tools can streamline decision-making processes and reduce risks associated with missed deadlines and overpayments.

What are the key benefits of using CLM Matrix by Wolters Kluwer?

CLM Matrix automates reminders, adjusts workflows, and helps mitigate risks in the contract process.

How has COVID-19 influenced contract management in corporations?

The pandemic has led corporate law departments to reevaluate their contract management strategies towards greater efficiency through technology.