Today, businesses have put renewed focus on financial health and resilience. Increasing revenue, reducing costs, accelerating cash flow, and minimizing risk are imperative to ensuring that a company can recover, and stay agile and resilient amid tightening financial circumstances.
As Grant Thornton put it recently in their 2022 CFO Survey: “The first quarter of 2022 has already seen a dramatic about-turn by the Fed, a major war erupting in Europe, China implementing its largest COVID lockdowns yet, and growing concerns about heading for a recession instead of a soft landing. Agility and resilience are the words of the day as CFOs continue to balance numerous competing priorities in an increasingly turbulent business climate.”
Every CFO today is exploring ways to better identify and mitigate risk, improve business outcomes and gain better visibility across the business—all with an eye toward building resilience into operations.
The question is: How can the CFO office most effectively execute a defensive strategy that at the same time prepares the company to thrive in the months and years to come? The answer is locked in a company’s contracts. Contracts govern every dollar in and out of an organization, and hold the data and insights that, if unlocked, give a clear view of a company’s relationships with its customers, suppliers, employees and stakeholders. Contract Lifecycle Management (CLM) technology can extract contract data at scale to allow CFOs to make data-based decisions that will drive success.
In this whitepaper, we explore the central role contracts and CLM technology play in reducing costs and optimizing revenue, as well as provide insights into trends in the CLM market and real-life examples of how Fortune 500 companies have leveraged this cutting-edge technology to accelerate commerce, protect against risk and optimize their business.