Moving Beyond SharePoint and Excel: Transforming Contract Management with CLM Software

Let’s be honest, many of us have been there. Contracts scattered across SharePoint folders, meticulously tracked in Excel spreadsheets. Sure, it’s digital, but is it really efficient?

If you're managing contracts with these tools, you're not alone, but here's the truth—what you're doing is digital filing with manual oversight. Yes, you’ve gone paperless, but you haven’t truly transformed your process.

Why Excel and SharePoint Fall Short in Transforming Contract Management

Excel trackers are great for simple lists, but as soon as your contract management needs become more complex, they begin to show their limitations. Spreadsheets can only handle so much before manual work starts piling up. And as for SharePoint? Well, it’s better than paper, but it’s far from ideal for end-to-end contract management.

Imagine you're tracking contracts in Excel—keeping tabs on important dates, milestones, and approvals. What happens when deadlines get missed or when multiple stakeholders need to access and update the same document? You end up with confusion, manual tracking errors, and a lot of back-and-forth emails.

But there's a better way to handle contracts—enter CLM (Contract Lifecycle Management) software.

What Happens When You Move Beyond SharePoint and Excel?

(drums rolling 🥁)

Enter CLM Software, a solution that doesn’t just store contracts but actually transforms how you manage them. Here’s what CLM offers that Excel and SharePoint simply can’t:

1. Automation Over Manual Tracking

With CLM, you no longer need to manually update your Excel rows whenever there’s a status change in a contract. Need to escalate an approval or send out reminders for an expiring contract? It’s all automated within the system. Workflows can be set up to run seamlessly in the background, reducing human error and freeing you from tedious administrative tasks.

Example: Imagine you’re handling a contract renewal. Instead of keeping tabs on the renewal date in an Excel column, CLM automatically alerts you and the necessary stakeholders, ensuring that the renewal process kicks off without any manual intervention.

2. Single Source of Truth

One of the biggest headaches with using tools like SharePoint and Excel is version control. Contracts live in different places, and different teams access different versions. A CLM platform brings all your contracts into one unified system, providing full visibility and version control across departments.

Example: Picture this—legal, procurement, and finance all accessing the same contract. Instead of emailing different drafts back and forth or uploading them to separate SharePoint folders, everyone works within a single platform. CLM ensures that there’s always one authoritative version of the contract, and you can even track who made changes and when.

3. Advanced Reporting and Analytics

Excel might be able to show you which contracts are active, but can it give you insights into broader trends, potential compliance risks, or supplier performance? CLM tools go far beyond basic tracking. They provide robust data-driven insights that help you make more informed and strategic decisions.

Example: Instead of just knowing which contracts are due for renewal, a CLM system can show you which suppliers have had consistent performance issues, which contracts carry the highest compliance risks, and where your business could optimize spending. These insights can drive smarter negotiations and better business outcomes.

4. Compliance and Risk Management

How often do contracts get forgotten in a SharePoint folder, only to resurface when a compliance deadline is missed? With CLM, every obligation is tracked, every deadline monitored, and risks are significantly reduced.

Example: Say you have a contract that includes specific compliance obligations. With a CLM solution, you can assign those obligations to responsible parties, set up automated reminders for key deadlines, and monitor completion. This reduces the chance of missed milestones or compliance penalties, which can be costly for your business.

5. The Power of Transformation

Using Excel and SharePoint to manage contracts was fine for a time—it was better than dealing with paper contracts—but CLM takes your process from being merely digital to being truly transformative. CLM software doesn’t just make contract management easier; it makes it a strategic asset for driving business growth.

Example: Imagine a contract dispute arising from missed deliverables. With Excel or SharePoint, you'd spend hours or even days piecing together the contract’s history and tracking down emails. With CLM, you can access the entire contract’s lifecycle—from its creation to every interaction and amendment made—within seconds, allowing you to respond proactively and strategically.

The Difference Between Digital and Transformation

The switch from paper to SharePoint and Excel was your move to go digital. The switch from those tools to a CLM system is your transformation. It's about taking your contract management from a fragmented, manual process to an automated, data-driven system that streamlines workflows, enhances visibility, and improves overall efficiency.

Ask Yourself This: What would your contract management look like if it wasn’t just digital but truly transformed?

When you move beyond spreadsheets and folders, you gain the ability to handle your contracts more strategically, more efficiently, and with far less risk. CLM tools don’t just help you manage contracts; they help you optimize and future-proof your business processes.

Conclusion: The time for SharePoint and Excel has passed when it comes to serious contract management. CLM is the next step in turning contract management from a tedious chore into a seamless, efficient, and strategic process. If you’re still stuck with spreadsheets and basic storage tools, it’s time to ask: what would true transformation look like for your contract management?

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