Tips for Nailing Your CLM Implementation from CloudMoyo

Over the past decade, CloudMoyo has successfully completed more than 200 digital transformation projects for some of the world's biggest enterprises.

A focus for CloudMoyo is contract intelligence, an AI-powered approach to contracts that empowers companies to get more value from their commercial agreements with customers, suppliers, and partners.

Yet as CloudMoyo CEO Manish Kedia notes in this episode of The Fast ‘Tract, digitally transforming contract processes is not as simple as selecting a piece of software and implementing it.

Contracts have stakeholders across the enterprise, from the department that initiates them, to the legal teams that redlines them, to the finance team that reviews them for financial impact, to the teams that go about ensuring everything committed to in the contract happens.

In his conversation with Bernadette, Manish provides tips on how companies can implement CLM in a way that meets the needs of these stakeholders and drives ongoing value for the business.

Watch the full episode above. Here are a few highlights:

1. The Importance of Change Management

Bernadette and Manish kick off the conversation by emphasizing the critical role of change management in successful CLM implementations. According to Manish, change management is not just a step in the process but a foundational element that must be planned thoroughly and executed across all levels of an organization.

"People want change but always still resist change. Planning change management both broadly and deeply across all tiers is essential for success."

"People want change but always still resist change. Planning change management both broadly and deeply across all tiers is essential for success," Manish highlights, pointing out that this involves everyone from business users to leadership.

2. The Role of Leadership and Clear Objectives

A recurring theme throughout the episode is the importance of leadership commitment and having clear objectives at the outset of a CLM implementation. Manish stresses that without these, even the best-laid plans can falter. He outlines a three-legged stool of success: leadership commitment, clear outcomes, and strong governance.

"Beginning with an outcome and objective is crucial. Leadership commitment and understanding are the second biggest areas where we've seen success," says Manish, emphasizing that these factors are vital in navigating the inevitable hurdles during the implementation process.

3. Integration Strategies for Long-Term CLM Success

Contracts influence processes across a business, meaning contract data cannot stay siloed in the CLM. As Bernadette notes, recent research finds that the average CLM implementation features 15 systems integrations.

 Therefore, integration strategies become a focal point of discussion. Manish advises that companies should envision the entire business process, not just the contracting phase, but also ongoing contract performance and how it interacts with other systems like ERP and CRM.

"Contracting is the foundation, but the true value is unlocked when you fuse contracts with ERP data or CRM."

"Contracting is the foundation, but the true value is unlocked when you fuse contracts with ERP data or CRM," Manish explains. This holistic approach ensures that integrations are seamless and that the CLM system becomes a living, evolving tool within the organization.

4. Post-Launch Success: The Journey Continues

Finally, the episode touches on the importance of ongoing maintenance and improvement post-launch. Manish advises that launch day is just the beginning of the transformation journey, and continuous monitoring, user experience adjustments, and alignment with other enterprise systems are crucial for long-term success.

"Launch day is the start of the transformation. Ongoing monitoring and alignment with enterprise systems are critical for sustained success," Manish concludes.

Watch the full conversation in the video above, and visit cloudmoyo.com to learn more about their services.