Contract lifecycle management (CLM) providers are facing new challenges as information becomes more dynamic and accessible daily. This increasingly rapid information cycle can lead to confusion, affecting productivity and profits, resulting in unhappy customers. Integrated matter management (IMM) is an effective way of addressing these problems. With the ability to track all matters related to contract and identify new contracts required due to a specific matter, the corporation is better equipped to stay on top of the critical legal work tied to contracts and vendors.
Contract lifecycle management is a systematic approach to managing contractual relations across sourcing and delivery, including contract terms negotiation and performance assessment. A good contract lifecycle management strategy includes all the critical elements of a successful agreement management process: accurate analysis, understanding your customer requirements and using this knowledge to formulate a clear action plan. Suppose the company cannot renew a contract within the agreed timeframe. In that case, the reputational damage can be caused as a result of failing to adhere to the original scope of work.
Matter management is specialized in management of projects and related content. It’s legal content heightens the importance of security, expedited review/response, understanding of value and risk of each matter. Matters are used to track items which are potential lawsuits, or internal reviews, in addition to active case work. Contract work can result in lawsuits (failure of a vendor to provide something per terms of agreement) or a matter may require an outside vendor (hire an outside law firm, expert, consultant, etc.) it is helpful to have a tight integration between your CLM and your Matter Management system.
“Integrated matter management focuses on the needs of contract managers and corporate legal teams, enabling them to spend less time on non-core tasks and more time on growing and expanding their business.”
Why is Matter Management Critical in CLM?
Contract lifecycle management is a business process that encompasses all stages of the contract lifecycle. It helps you manage your contracts from inception to completion, including:
- Requests for proposals (RFPs)
- Contract negotiations and drafting
- Contract execution/delivery and post-contract support activities such as training, maintenance, and support.
While ideally, all parties honor the terms of the contract and the relationship as defined in the agreement is mutually beneficial, there are times when it is vital to be able to track internal reviews, prepare for potential litigation, or respond to a contract-related suit. The ability to link a matter to a specific contract helps keep all resources informed and aligned as the matter progresses.
This article will focus on integrated matter management, an essential feature in contract lifecycle management software that allows you to manage legal matters in one place.
What does it mean for matter management to be integrated into CLM?
Integrated matter management allows contract managers and corporate legal to manage all contracts and matter data in one place. With all information securely stored in one central location, it is easier to share internally, and with outside counsel or supporting legal services, it is faster to reference the most current and accurate details, and it is clear which contracts and vendors are related to which matters. The integrated approach simplifies access to the correct information when needed, reducing the time spent searching for relevant information on various systems. This leads the entire team down a path where they’re more efficient at their jobs because they know exactly what steps need to be taken next—and this saves money in terms of reduced costs associated with redundancies due to inefficient workflow processes, reduces risks of missing a key piece of information, and saves money in legal service spend.
How does integrated matter management help legal teams deal with contract variations and amendments?
Integrated matter management is a powerful tool that helps legal teams with activities related to corporate legal matters that include things like litigation, disputes, and other claims. On the other hand, an efficient CLM solution allows you to see all versions and modifications in one place, making it easy for your team members to keep track of changes made throughout negotiations. This will make it much easier for everyone involved in the negotiations, saving time and enhancing efficiency.
Integrated matter management within CLM
Integrated matter management within CLM software makes obtaining the best outcome easier by enabling you to see everything from one central location, including managing all data related to corporate legal matters.
You can see all your contracts, their status, and other information in one place, so you don’t have to keep searching through different programs for different types of information. The integrated nature of integrated matter management helps create an efficient working environment where everyone can access what they need when needed – making it easier than ever.
We have covered a lot of ground here, but hopefully you now have a better idea of how integrated matter management can improve your contract lifecycle. It’s essential to remember that it is not just a software feature but an entire way of working to help your team become more efficient and effective at managing their legal matters. Combined with CLM’s other features, it will help enterprises achieve their goals more easily and quickly.