Need help getting buy-in to purchase a contract management system? We see you. We've heard from countless companies that they see a ton of value in a contract management system like Lexion but need some assistance with educating their colleagues in other departments to understand the value too.
That's why we've put together a sample business case for a contract management system you can use as a starting point to save you valuable time and resources. The sample business case outlines the following:
Note that our sample business case makes a big assumption. It assumes that the contract management system will take care of the onboarding and metadata extraction of contract data for all your existing contracts.
- The Problem: Storing contracts in file folders, manually tracking data in spreadsheets, and marking renewals and expirations on calendars simply doesn’t scale.
- The Solution: High performance teams need solutions that simplify reporting, automate filing, and help Sales, Finance, and Legal work together on contracting. A contract management system like Lexion specifically addresses the problems resulting from not having an organized contract repository that includes all of your contracts and its metadata tracked.
- Revenue Growth Impact: Having in place a comprehensive and complete contract management system that tracks critical data across all of your contracts drives revenue, including allowing the business to have timely renewal discussions with key partners and clients and allowing internal legal resources to focus their efforts on closing deals (i.e., improve contract review SLAs).
- Cost Savings: An estimate of the thousands in cost savings of implementing a contract management system like Lexion resulting from:
(a) not having to pay a contractor or interns to manually input metadata for thousands of existing contracts;
(b) avoiding unwanted vendor renewals; and
(c) high cost internal legal resources spending less time on data entry, reporting, and other administrative tasks.
This is a big assumption because most contract management systems do not offer this support. How are we able to offer this without charging you a ridiculously high fee? We leverage our AI to take care of this heavy lift.
Other contract management systems that proclaim to have AI are often relying upon a team in another country to extract, verify, and input data into a system. This may be an issue if you contractually agreed with any of your customers to not process, share, or transfer any personal data (note most contracts include names and email addresses) outside of certain countries, such as the U.S. or Europe. When in doubt, ask the contract management vendor where their team is located that will do the contract metadata extraction and verification work.
To receive a copy of our sample business case for a contract management system like Lexion, schedule a demo with us. See for yourself the simplicity, ease of use, and business impact of our system.