The Rise of Contract Lifecycle Management

01 Nov, 2021

Sourcing Champions partners with SimpliContract’s contract management solution

SimpliContract is a SaaS (software-as-a-service) – based, second generation Contract Lifecycle Management (CLM) platform covering the entire lifecycle of all business contracts. Co-founder of SimpliContract, Guru Venkatesan followed, “Our aim is to create a customer centric organization and transform CLM from a complex time-consuming activity to a simple and intelligent business solution.”

On the other side of the partnership is the, Based in Amsterdam, strategy consultancy, Sourcing Champions. Their focus and specialization lie in sourcing and procurement transformations through digitalization. “Our ambition as Sourcing Champions is to turn procurement into a strategic advantage,” said founder and owner of Sourcing Champions, Robert Waalder. Waalder added, “70% of company costs tend to go to procurement. With such a strong impact on the bottom-, and, top-line, it is very important to make procurement a strong element of your company. That is what we help to do.”

With the partnership, Sourcing Champions becomes the preferred consulting partner of SimpliContract in Europe, and aims to help companies implement, integrate, and correctly adopt their contracting management solution. Sourcing Champions’ procurement consultants are strategic experts and go beyond just the implementation of SimpliContract.

Waalder explained, “We provide CLM consultancy, implementation and contract value creation insights, to ensure your organization is able to get the best out of contracts. We help our clients understand how to use the AI-software contract tool to identify new procurement opportunities and risks. While SimpliContract are the IT and software experts, we are the implementation partner.”

The call for partnership originated from the lack of CLM solutions within organizations. Contracts often hold important and useful information. However, few companies invest in CLM solutions and correctly manage their contract lifecycles. Waalder emphasized the importance of CLM, “If CLM is done well, no one will notice, however if it is done badly, it will have a major impact in your performance.”

Sourcing Champions and SimpliContract want to demonstrate and hand over ways to use and immediately integrate valuable contract data in your procurement operations, decisions, and strategy formulations. Ensuring less work, yet more company value.

Companies that fail to correctly manage their supplier contracts, become blind to certain opportunities and risk present in their procurement strategy. This causes them to waste resources, hold relationships with the wrong suppliers and lose track of deadlines and obligations. Most importantly they waste precious time and money on managing piles and piles of documents, that are not connected nor integrated in their strategy,” Venkatesan explained.

According to Venkatesan, most companies are not even sure who is responsible for their contract management, even though it is described as one of the most challenging tasks. Venkatesan said, “Ask any sales guy, and they would agree that the most challenging part in sales was the contracting process and time to invoice.”

Waalder Followed, “While it is incredibly challenging, now is time we turn that around and make CLM happen, with the best of breed solution available, SimpliContract.” Vice versa he said “Implementing contract lifecycle management can lead to significant improvements in contract formations, negotiations, compliance, performance and searchability. Together with better risk detection and signature efficiency we speed up and enhance post-signature contract value creation.

SimpliContract and Sourcing Champions together speak the language and experience of your internal, legal, procurement and sales organization. Venkatesan accordingly stated, “Strategic partnerships are a force multiplier and help build trust and confidence in front of customers, we believe the synergy and power of this partnership, together with close client collaboration will deliver the best CLM experience to help our clients solve inherent problems and see value in the investment they make

According to the two partners the future of CLM is bright. The global contract lifecycle management market is poised for strong growth: from $1.5 billion today to $5.2 billion by 2027. Waalder refers to CLM as the ‘next ERP system.’

Venkatesan supported this saying: ‘There is so much opportunity for companies of all sizes to digitally transform their contracting process and move beyond email and scans of contracts. The Covid pandemic has created a compelling need for many Chief Procurement Officers to re-assess their contracting process. Companies are realizing now more than every how important contract life cycle management is. Sourcing Champions and SimpliContract share a passion for this cooperation and our goal of transforming the world of contract lifecycle management.”