Contract life cycle management: The strategic value driver in ER&I

Challenges facing the ER&I industry

The ER&I industry grapples with an array of challenging trends, from supply chain disruptions due to economic uncertainty and volatile energy prices to high turnover rates. The industry also struggles with balancing energy security, access, and sustainability. These complexities necessitate a robust strategy for managing contracts—a gap that advanced CLM solutions can fill.

The growing role of contract intelligence

Contract intelligence has become a crucial component in the ER&I C-suite toolkit. ER&I companies and their C-suite advisers face disruptions driven by inflation, residual pandemic issues, political instability, and regulatory pressures. Amid these challenges, the focus is shifting toward post-award contract management, aided by increased technology investment and digitization. Streamlining processes, improving speed to execution, and freeing up in-house attorneys’ time by removing bottlenecks are becoming priorities.

The impact of CLM implementation

Implementing CLM can deliver the following benefits:

Increased satisfaction among business stakeholders

• Enhanced relationships with internal clients
• Demonstrable improvement in voice-of-customer KPIs
• Elevated view of legal department and contracting function

Freeing up attorneys’ time to work on strategic matters

• Intelligent contract triage and delegation to alternative resources
• Self-help facilitation

Reduced risk and improved contract compliance

• Standardized and enhanced contracting process
• Potential reduction in revenue leakage
• Discounts and other financial incentives monitored and realized
• Ongoing template improvement
• Ongoing performance obligations management

Automated and intelligent data insights

• Visibility into where your contracts are and what’s in them
• Real-time management information and reporting that drive business intelligence
• Increased visibility into negotiation patterns

Reduction in contracting cycle time and cost per contract

• Process streamlining through removal of bottlenecks, automation, and speed to execution

Shaping the future of CLM: Integration with Icertis and SAP Ariba

The end-to-end CLM process is set to revolutionize the ER&I industry. By streamlining, automating, and transforming their CLM processes, ER&I enterprises can achieve better speed and efficiency while improving governance and risk management. Advanced CLM can also ensure they remain competitive in this dynamic sector. Deloitte, Icertis, and SAP Ariba have collaborated to transform contracting processes into a strategic value driver. This integration allows ER&I companies to achieve better speed and efficiency across the contract life cycle while improving governance and risk management.

Contacts