Creating contracts for software, hardware, services, and infrastructure companies can be complicated. Agreements often require approvals from multiple business units across an organization, which can lead to delays. On top of that, complex revenue recognition clauses commonly found in such agreements involve significant legal risk if not managed carefully. And the multifaceted milestones that technology and services contracts regularly include can make it difficult to understand a contract’s possible outcomes. Without CLM software, you may be left scratching your head, wondering if the terms are actually favorable or not.
Complex approvals and sign-off from multiple stakeholders without CLM software
Problematic revenue recognition clauses
Complex milestone and revenue tracking across contracts
Delays in contract completion
Legal exposure for the company
No visibility into the variability of contract terms across a customer base
There is hope, however, for technology and services companies. The Malbek CLM solution brings automation, tracking, and reporting that will transform your contract management experience. By streamlining approvals and standardizing legal terms in a clause library, you can increase your deal velocity and close contracts faster. Commitment and milestone tracking help to protect profitability by preventing unnecessary revenue leakage. And powerful AI technology makes it possible to understand terms that have performed poorly for you in the past or flag clauses that are too risky. This reduces your overall legal exposure and makes it so much easier to create a contract that aligns with your business goals.
Here’s how the Malbek CLM solution can help
- Streamline approval and escalation process
- Standard clause library with artificial intelligence that learns as you close more contracts
- Identify bottlenecks and recommended improvements as you close contracts
Commitment and Milestone Tracking
- Automate milestone tracking with win-loss analysis
- Seamless integration of invoice data with contract terms
- Variance and non-standard transaction tracking to reduce revenue leakage