Understanding CLM Stakeholders: Who They Are and What They Want

When it comes to implementing a contract lifecycle management (CLM) system, it's essential to understand the various stakeholders involved and their roles. In this article, we'll explore the different types of CLM stakeholders, their responsibilities, and what they want from a CLM system.

CLM stakeholders can be divided into three main categories: internal stakeholders, external stakeholders, and system stakeholders. Internal stakeholders are those who work within the organization and are directly involved in the contract lifecycle. External stakeholders are those who are not part of the organization but are still affected by the contracts. System stakeholders are those who are responsible for the CLM system itself.

Internal stakeholders include:

• Contract managers: responsible for managing the contract lifecycle, including negotiation, execution, and administration.
• Legal teams: responsible for reviewing and approving contracts, as well as providing legal advice.
• Procurement teams: responsible for sourcing and purchasing goods and services.
• Finance teams: responsible for managing the organization's finances, including budgeting and accounting.
• Operations teams: responsible for implementing and managing contracts.

External stakeholders include:

• Suppliers: companies that provide goods and services to the organization.
• Customers: individuals or organizations that purchase goods and services from the organization.
• Regulatory bodies: government agencies that regulate the organization's activities.
• Industry associations: organizations that represent the interests of a particular industry.

System stakeholders include:

• CLM system administrators: responsible for setting up and maintaining the CLM system.
• CLM system users: individuals who use the CLM system to manage contracts.
• CLM system developers: responsible for designing and building the CLM system.

Each stakeholder group has its own set of needs and expectations from a CLM system. For example, contract managers may want a system that provides real-time tracking and reporting of contract status, while suppliers may want a system that streamlines the contracting process and provides easy access to contract information.

In conclusion, understanding the various stakeholders involved in a CLM system is crucial for implementing a successful CLM system. By understanding their roles, responsibilities, and needs, organizations can design a CLM system that meets the needs of all stakeholders and improves the overall contract lifecycle management process.