Growing businesses have limited resources and aggressive targets. As they expand to offer more products, hire new employees, find new customers and increase their revenue, their contracting needs get more complex. Unfortunately, there’s rarely an increase in personnel to meet those agreement needs. As growth accelerates, thin legal teams are stretched to manually generate, negotiate, execute and manage an ever-increasing flow of contracts. Without the infrastructure in place to handle the contracting workload, business slows, customer frustration builds and risks begin to mount.
Plenty of growing businesses have seen a story like that play out at their own organization. It’s a future that no team wants, but often the perceived solution—investing heavy amounts of time and budget into overly complex contract lifecycle management (CLM) systems—is just as undesirable. There has to be a middle ground.