Contract lifecycle management (CLM) systems are among of the most sought-after and implemented technologies in the past two years with dozens of solutions flooding the market. However, many companies that buy these technologies with great optimism and the best intentions often don’t reap the benefits or even make use of the technology’s full capabilities. Corporate legal, and the company’s other departments, may struggle to find value from their CLM system beyond just a glorified (and very expensive) filing cabinet for the company’s electronic contracts.
Clearly something is lost in translation during implementation which ultimately inhibits the full success of CLM projects for corporate legal departments. So what are the “disconnects” that keep legal from realizing the full value of a CLM system? Just as technology is not a silver bullet solving all ills, there is no one single answer to this question.