Choosing a CLM tool made easy
Blog: Capgemini CTO Blog
I do the majority of my shopping online. Not only because I hate spending hours in shopping centers – wasting time in a huge crowd of people, driving around looking for a parking space, among the cups of coffee and screaming kids. No. I use the internet because it’s much easier to find what I’m looking for.
Buying an item in a shop requires more effort. You have to know the brand, locate a shop that sells it, go to the shop and find the item on the shelf, compare it against others in the shop, and then decide whether it’s really what you’re looking for. I’m exhausted just thinking about it!
The internet, as we all know, is completely different. You don’t have to know the name or brand of the item. You just type a couple of keywords into the browser and it directs you to a shop where you can narrow down the search results by responding to a few questions – better known as “filters.”
The prescriptive world of “filters”
Let’s just say you want to buy a smart watch. The first level of filters will determine whether you want iOS or Android. The second: “What do you need it for?” Do you want it to notify you when you receive an email, or should it also monitor your heart rate and encourage you stay fit? Should it be a business watch, with an elegant leather strap, or durable and made of rubber? You get the idea.
Some filters aren’t that obvious, and you probably wouldn’t consider them if they weren’t there. These could include should it be water resistant and how long does the battery last? But once you apply all the filters, it’s just a matter of inputting your address and paying for the item.
Setting the criteria for CLM
For organizations, choosing a Contract Lifecycle Management (CLM) tool is like choosing a smart watch.
You have an idea about what it should do and how it should support your organization, but to find the proper application you have to carry out an in-depth market check, find the applications and vendors that meet your preliminary criteria, shortlist them, go through rounds and rounds of demos and meetings, and then choose the one that is good for you.
Typically, this process starts with RFI (request for information), then goes through a round of RFP/RFQs (request for proposal/quotation), down to BAFO (best and final offer). It can be complicated, time-consuming, and expensive for the organization.
But what if someone created an internet portal for CLM technology that reduced the RFI stage of the buying process?
Well, you’re in luck! Capgemini and IACCM have done just that. It’s called Ptolemy – a free online contract management tool that can help your business find the CLM application “of your dreams.”
How does it work? Filters!
- You apply filters to set your criteria.
- Ptolemy comes up with a list of tools that meet your given requirements.
- The percentage figure for each tool on the results page indicates how many of your applied conditions have been met.
- If that figure is the identical for two or more tools, Ptolemy presents the list in alphabetical order.
Ptolemy works by navigating through the filters to cut out the preselection process and narrow down the list of potential suppliers to those few that can tailor the service for you. All materials and descriptions on Ptolemy are provided by the vendors themselves, and we’re constantly adding new vendors to the system every week.
Even if you think that filters are too prescriptive, maybe it’s worth seeing what the digital world of CLM can offer your organization.
Visit our Ptolemy contract management tool and start your journey towards automating your contract management function.
To learn more about how Ptolemy can help you navigate the rocky roads of contract lifecycle management, please contact: email@example.com
Read the Capgemini-IACCM report on simplifying the selection procedure for automating contract management.