CLM initiatives can be overwhelming, especially if you intend to do the necessary foundational work to ensure success. Kalexius CEO Nicolas Leroux looks at a few quick tips to use when you embark on this journey.
Know your objectives and define success FIRST
1️⃣ Document what success looks like and how you plan to measure it (note that it may differ by stakeholders).
2️⃣ Success in CLM can range from simply tracking a few contract-related data points to a full end-to-end solution from intake to obligations management.
Know your stakeholders
1️⃣ If you are implementing a tool, who will own it – and pay for it? Who will use it, govern it, maintain it and ensure data quality? Make sure you have clarity around roles and responsibilities.
2️⃣ Stratify and prioritize needs across different stakeholder groups. Hint, you’re better off putting in the effort with a steering committee now, rather than creating one later to unwind and rewind a bad implementation.
Be realistic about execution considering effort, timing, cost, and competing priorities
1️⃣ You probably can’t/won’t/shouldn’t do everything at once. Identify the driving needs and focus on doing them well, rather than trying to solve all things for all stakeholders at once
2️⃣ Don’t rush through this step! Doing it right takes time and effort.
3️⃣ Expect you will need to iterate on your CLM, whether that is process, tool, stakeholders, or some combination of those. Accept that as permission to take on what you can.
4️⃣ Leverage resources where you need them! There is a plethora of resources out there to help educate, socialize, and execute along with you. Know when to pull those levers.