Adding Value Through Digital Transformation: Harness The Power Of CLM And ELM

In-house counselors face a variety of challenges in the corporate legal department. Among them is a broad list of factors that influence how the legal department aligns with the organization and contributes as an indispensable business partner. Of foremost value, is creating new or modifying existing business processes that include digital technologies. This modification can create greater efficiencies, streamlined collaboration, faster delivery, and higher productivity.

The facets most critical to digital transformation include managing legal spend with outside counsel; automating contracts to improve efficiency; stakeholder collaboration; conforming to compliance and regulatory issues; and data security. While other factors may influence the value that legal brings to the organization, these are at the top of the list to protect the enterprise.

What is Digital Transformation?
Part of delivering value requires a strategic look at the legal business model with an eye on market factors. The globe is getting smaller, and regulatory issues in regions across the world affect companies at home. To compete, remodel the legal enterprise with advanced technologies. By digitizing the legal department with an integrated solution like CounselLink® contract lifestyle management (CLM) and enterprise legal management (ELM) software, in-house counsel can stay ahead of economic fluctuations; control the budget; and boost performance and productivity, all while contributing to enterprise success. Moreover, delivering customer satisfaction among internal stakeholders is more efficient when legal processes transform.

Investing in Technology Solutions
In 2023, the Association of Corporate Counsel published the results of its Legal Technology Report. In legal departments, 78% say that legal technology is a “must-have,” while 100% of optimized legal departments believe legal technology is a “must-have.”

These survey results are indicative of how legal department professionals are seeking ways to digitally transform. With that push to adopt legal technology solutions, the role of legal professionals is elevated, creating value, visibility, and validation. In particular, adding CounselLink CLM, to complement ELM, creates a digital powerhouse that helps the legal department perform with high impact.

Harness the Power of CLM and ELM

By deploying one integrated technology solution combining CLM with ELM, in-house counsel can achieve successful outcomes that are consistent over time. You’ll experience seamless and efficient cost control, maximize productivity, and deliver better, more intelligent decisions. This CounselLink integrated solution forms the impetus for a digitally transformed legal department.

Specifically, department leaders are empowered with a higher-level perspective on all matters, work, financials, invoices, and contracts. At the same time, the legal team and department staff realize greater collaboration and productive workflow that contributes to faster delivery of project timelines.

Integrating CounselLink is a first step in digital transformation and the creation of intrinsic value to the organization. From more predictable legal spend and intelligent and informed budget management to a streamlined and automated contract negotiation process, the legal department realizes enhanced cost savings and alignment with organizational goals.

To be the catalyst for change, in-house counsel can lead the way to adopting a strategic perspective to not only keep pace but get ahead of economic factors that may negatively influence the organization. The addition of CounselLink CLM and ELM provides needed perspective, successful outcomes, performance improvement, and alleviates the challenges of running and leading an organization in flux.

Let CounselLink assist you with step one in your digital transformation journey: click here to set up a conversation to see how we can help.