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Contract management is a crucial part of the healthcare and pharmaceutical sector. This is particularly true since the coronavirus pandemic has brought an urgent need for partnerships, alliances, and agreements between companies to collaborate and share critical data. However, communicating the critical data efficiently and unambiguously between two\/more entities can be infused with multiple clauses, legal risks, data concerns, and other privacy and regulatory issues. In such scenarios, manual contracts can heighten the risk of miscommunications, misunderstandings, and delayed contract closures.\u00a0<\/span><\/p>\n According to the World Commerce and Contracting (WCC), <\/span>a non-profit association that promotes standards and capabilities in commercial practice<\/span><\/i>, poor contract management on average costs a company <\/span>9% of its annual revenue<\/span><\/a>; this can translate into millions of dollars.<\/span><\/p>\n Therefore, investing in Automation and AI capabilities through Contract Lifecycle Management (CLM) software solutions can generate error-free agreements, comply with regulatory requirements, and save time.\u00a0<\/span><\/p>\n What Is Contract Lifecycle Management and Why It is Essential for the Healthcare Industry?<\/b><\/p>\n Contract Lifecycle Management (CLM) is the administration of a company\u2019s internal and external contracts\/agreements right from the pre-contract request to the renewal\/expiration. It includes all the steps necessary to close agreements on the agreed terms. The steps are:<\/span><\/p>\n A productive contract can bring financial success to your organization and positively impact the business. Yet, the WCC in its research on <\/span>Contract Automation<\/span><\/a> found that<\/span><\/p>\n These figures emphasize the need to simplify the contracts, legal wordings, and other regulatory requirements and streamline the contracting process to manage the contract efficiently.\u00a0<\/span><\/p>\n A CLM solution can digitize most of the contract management processes and offer sophisticated capabilities (Artificial Intelligence, Natural Language Processing, and Blockchain) for Obligation Extraction and Monitoring, Self-executing Contracts, and Shared Data Stream.<\/span><\/p>\n How Can CLM Solution Help Streamline Contracting Processes?<\/b><\/p>\n According to the<\/span> Contract and Commercial Management report on Health and Pharma Sector<\/span><\/a> by WCC, the primary objectives of Contract Management are:<\/span><\/p>\n To address these objectives, CLM vendors, such as <\/span>Conga<\/b>, offer fully automated review and negotiation capabilities. Through Conga CLM, healthcare organizations can improve productivity by:<\/span><\/p>\n Forrester, <\/span>a global market research company<\/span><\/i>, conducted a commissioned study, \u201c<\/span>Total Economic Impact<\/span>TM<\/span> of\u00a0 Conga CLM<\/span><\/a>,\u201d on behalf of Conga. According to the study, companies that have invested in Conga CLM have seen approximately 294% ROI and $19.3M in financial benefits over three years. The report also found that the time taken to complete and sign a contract has reduced from 25 to 15 hours, and the financial impact is equivalent to $3.9M value.<\/span><\/p>\n Conclusion<\/b><\/p>\n If you are keen to know how you can convert an intelligent investment in Conga CLM into a positive financial impact, connect with<\/span> Forsys <\/span><\/a>now!\u00a0<\/span><\/p>\n We are a leading Conga implementation partner with a highly experienced team having completed 20+ end-to-end CLM implementations. We are a leader in the Lead-to-Revenue space helping organizations transform their businesses at strategic, technical, and data levels.\u00a0<\/span><\/p>\n\n
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