Wolters Kluwer ELM Solutions Podcast Highlights the Benefits of Contract Lifecycle Management Tools

Rhea-AI Summary

Wolters Kluwer ELM Solutions highlights the accelerated adoption of contract lifecycle management (CLM) tools within corporate legal departments due to the COVID-19 pandemic. The latest episode of the Legal Leaders Exchange Podcast underscores the ongoing demand for CLM tools to enhance efficiency.

With tools like CLM Matrix leading the way, organizations are urged to adopt a robust change management strategy to maximize the benefits of technology in their contracting processes.

Positive

• Increased adoption of CLM tools, suggesting a growing market demand.
• Wolters Kluwer ELM Solutions recognized as a leader in Enterprise Legal Management, boosting credibility.
• CLM Matrix tool designed to automate workflows and enhance transparency.

Negative

• Potential risks if change management strategies are underdeveloped, possibly leading to implementation failures.

Technology is the fastest way for organizations to introduce new efficiencies and draw untapped value from contracts

HOUSTON--(BUSINESS WIRE)-- The COVID-19 pandemic greatly accelerated the adoption of contract lifecycle management (CLM) solutions inside corporate legal departments struggling to maintain operations in the face of a remote working environment. However, according to a new installment of Wolters Kluwer ELM Solutions’ Legal Leaders Exchange Podcast, legal departments will likely continue to embrace CLM tools long after the public health crisis has subsided as they look to enhance productivity and introduce new efficiencies into their contract cycles.

During the episode, ELM Solutions discusses many of the factors pushing corporate legal departments towards technology-enabled contract processes, including a desire to guide agreement more swiftly through each stage of the workflow while also taking advantage of data-driven performance insights. For example, innovations such as CLM Matrix – ELM Solutions’ CLM tool – foster efficiencies in the form of automated workflows, status transparency and a searchable central contract repository.

“Organizations are realizing that technology is the fastest way to bolster efficiency and increase transparency throughout the entirety of their contracting process,” says Sheetal Kamani, General Manager, CLM, Wolters Kluwer ELM Solutions.

But while corporate legal departments are moving swiftly in the direction of CLM tools , it shouldn’t be at the expense of a well-developed change management strategy. The Legal Leaders Exchange Podcast explains that organizations first need to evaluate their contracting processes to identify the problems or inefficiencies that can be addressed using technology. For companies eager to build more efficiencies into their contract process, finding a trusted partner who can help tailor a CLM tool to meet specific business needs will be paramount to their success – both now and in the future.

“Find an organization and product team that is experienced with implementations, but also understands where you are today and what your strategic goals will be moving forward,” 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/20220225005009/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 is driving the demand for CLM tools in corporate legal departments?

The COVID-19 pandemic significantly increased the adoption of contract lifecycle management (CLM) tools as legal departments sought to improve efficiency.

What are the benefits of using ELM Solutions' CLM Matrix?

CLM Matrix offers automated workflows, status transparency, and a centralized searchable contract repository, enhancing overall productivity.

Who discussed the importance of tailored CLM tools in the latest Legal Leaders Exchange Podcast?

Sheetal Kamani, General Manager at Wolters Kluwer ELM Solutions, emphasized the need for organizations to find trusted partners for effective CLM tool implementation.

What recognition has Wolters Kluwer ELM Solutions received recently?

Wolters Kluwer ELM Solutions was named a leader in the IDC MarketScape assessments for Enterprise Legal Spend Management and Matter Management.

How much in invoices does the LegalVIEW portfolio manage?

The LegalVIEW portfolio is based on the industry’s largest legal spend database, managing over $150 billion in invoices.