March 10, 2023 Cut Losses and Increase Profits

Recession-proof your business by optimizing contract management. AI-powered CLM transforms digital operations and improves business agility.

By Rajeev Kumar, Chief Revenue Officer, SirionLabs

As the tumultuous economic landscape of 2023 looms ahead, businesses must confront a variety of challenges concerning costs and revenue. Companies are having to show restraint in their spending due to inflationary pressures and geopolitical uncertainty, but there is still hope for organizations looking for ways to maintain financial growth despite these difficult times. Exploring creative solutions that prioritize cost-cutting while safeguarding vital sources of income will be essential if companies want to weather this storm successfully.

There have been many valuable lessons learned from past economic downturns, and cost-cutting alone won’t be enough to protect your business. Strategically investing in technology can help drive significant returns; Harvard Business Review research shows companies who invested in digital transformation, workforce management and other key areas during previous recessions experienced steady growth while those stuck solely on cutting costs suffered significantly.

Despite uncertain economic times, IT leaders have made it clear that they expect their organizations to put more money toward technology investments in the upcoming year. This shift reflects a new attitude toward enterprise technology, which is increasingly being seen as a key element for driving business success—rather than a costly expense.  This trend, of tech investments, has strong support from tech leaders, with over 75% expecting their organizations to actively increase tech investments. This sets the stage for tech solutions to play an even larger role in driving innovation and economic growth in businesses throughout the coming year.

To stay ahead of the curve during uncertain times, it is essential for businesses to invest in technology that they can count on. By leveraging automation and AI-powered Contract Lifecycle Management (CLM), companies can boost their bottom line by increasing efficiency and reducing potential revenue losses because of ineffective processes.

Simplify and optimize contracting processes with CLM to find new areas of revenue opportunity

Poor contract management processes are more costly than you might imagine. Companies can lose up to 9% of their total revenue, making it an essential element for them to manage effectively in a time of economic turbulence. A Contract Lifecycle Management system is the ideal solution as not only will it help businesses become agile and ready for any potential recessionary effects but also acts as a “self-funding” transformation project that pays for itself with revenue savings.

Organizations that embrace digital transformation through CLM can unlock a range of cost-saving and risk-mitigating strategies, propelling them ahead in any industry. Forecasts by Gartner indicate that automated CLM systems will soon be ubiquitous among Fortune 500 companies – taking advantage now could set your organization up for success during recessionary times.

Because businesses often view contract lifecycle management as merely a document repository, they fail to recognize its greatest potential. With the right strategies and use of CLM technology, organizations can create substantial value—wherein lies an immense opportunity to build valuable business resiliency.

Contract transparency gives businesses the clarity they need to make sound decisions

In the digital age, an outdated approach to contracting is no longer suitable for organizations. As hybrid workforces become more common and decisions flow in less predictable ways, legacy contracts can leave out crucial information and be difficult to access at a moment’s notice – potentially leading to costly mistakes. Embracing workflow automation and digitally transforming critical data by placing them on cloud storage eliminates this issue altogether; ensuring visibility, access control and ultimate protection from revenue leakage.

By leveraging the power of artificial intelligence (AI)and machine learning (ML) technology, CLM capabilities enable enterprises to create stronger partnerships while also saving money. With a configurable user-friendly interface, critical information is conveniently accessible to manage an entire contract lifecycle efficiently – resulting in increased productivity, accuracy and overall improved performance.

CLM propels enterprises forward to stay competitive

Companies that deploy a modern, digitized contract management system not only benefit from stronger, more effective contracts; but are also able to leverage the data insights gained to identify and pursue new revenue streams that can improve their resource management as well as enhance their overall business resilience.

For example, organizations that invest in the digital transformation of their contracting process can unlock the invaluable insights hidden within legacy contracts. This enables legal teams to gain a better understanding of contract performance while also granting enterprises expanded visibility into crucial business data. Faster extraction powers streamlined, real-time processes and more effective negotiations for improved terms – all leading to increased productivity.

CLM delivers far more than contract management – it is a powerful, valuable tool for businesses seeking business intelligence and insights. The transactional data derived from CLMs allows companies to optimize their operations to maximize profits and facilitate sustainable growth – the foundation of any successful enterprise.

Recession-proof operations with CLM

The ever-changing global economic landscape is full of uncertainty, but businesses have a chance to emerge stronger with proper investment and execution strategies. By investing in an automated, agile approach CLM , companies can gain valuable advantages in times of recession such as improved digital transformation initiatives through automation and integration; greater data security that will empower their bottom line; and expedited contracting processes for streamlined success.

Rajeev Kumar joined SirionLabs in 2021 to help lead SirionLabs’ aggressive market expansion plans. With CLM a rapidly growing industry, his first priorities were to use current momentum to build scale-oriented processes, expand SirionLabs’ reach and strengthen the sales talent pool. This strategy established the foundation for the company to build an enduring, scaled, and fast-growing business. Since joining SirionLabs as CRO, Rajeev has secured $85 million of series D funding, grown the customer base to over 250 companies, hired an additional 200 employees and formed strategic partnerships with leading organizations such as KPMG, EY and Deloitte.  

Contact: sirionlabs.com

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