Summary

As business organizations’ need for the most effective Contract Lifecycle Management (CLM) solution gains more prominence, adopting a contemporary Contract Management System (CMS) becomes inevitable.

As business organizations’ need for the most effective Contract Lifecycle Management (CLM) solution gains more prominence, adopting a contemporary Contract Management System (CMS) becomes inevitable. This means decommissioning the existing platform and transferring all the contracts’ related data to the newly implemented system. In simple terms, this process is referred to as Bulk Import. Yes, as it involves migrating a huge amount of data from one system to the other to derive maximum value from the contracts.

Organizations in the midst of this transitioning phase indeed encountered several challenges. When we say migration, it might appear as a task executed at the click of a button, with all the data extracted and a custom taxonomy built already for the contracts. But not really!

While the in-house team is already proficient with a CLM system, it is quite common to believe navigating this migration process will be a doodle. But the reality isn’t as simple as it appears to be, and there is no shortcut to getting this done. There should be an extensive understanding of the new Contract Management System and its functionalities for a starter. The next step is to learn how to align the data between the existing and the new systems to ensure an error-free migration of the contracts’ metadata. And this is undoubtedly a time-intensive process, which could derail the business plan and efforts. Even with a lot of e-guide to help, ensuring a quick and accurate contract data transfer is a herculean task.

Bulk Import to the rescue!

Given the demand for seamless, cost-effective adoption of a new CLM system, Bulk Import has emerged as one of the most sought-after services across the globe today. This service addresses a major challenge that companies tend to encounter during the transition phase – avoid the hassle of going through the entire contract migration process yet again, which would incur noteworthy time and money. It is custom devised to facilitate an error-free data transfer from one CLM system to another with greater efficiency.

A glimpse of a proven Bulk Import Service

Cenza, a CLM solutions provider with over 20 years of experience, has built a time-tested approach to assist organizations in bulk importing contracts. We have devised this strategy leveraging our experience working with over 15 clients for bulk import of contracts.

So, how does Cenza enable accurate bulk import of contracts and the allied data? It is all about working closely with the customer team to understand mutual goals and outcomes. Towards achieving Sureshot success, we offer our Consulting service spearheaded by our seasoned experts to demonstrate the end-to-end contract metadata migration process. This will give the decision-makers and the stakeholders the much-needed clarity of the process and the role they play in every phase of it. As we finalize the list of inputs to be shared with Cenza and the project deliverables, we will liaise with the in-house team to:

  • Provide guidance on exporting the contracts metadata from the existing CMS as a CSV spreadsheet
  • Request access to all the contract files that are listed in the spreadsheet
  • Share the expertise in formatting the populated spreadsheet as per the technical specifications of the new tool. For example, comply with the recommended date format, ensure accuracy of file names, email ID, the maximum size of each file, and any number & binary formats

Yet, we are just at the beginning of the bulk import, which means a whole lot of process ensues to achieve our milestone. Once we have the spreadsheet complying with our specifications, our team of CLM experts will kickstart the actual work.

How does Cenza ensure perfect Bulk Import, every time?

We follow a 5-step approach to successfully analyze and migrate the metadata accurately, as detailed below:

Pre process Bulk Metadata Import Services

  1. We start with an extensive pre-processing of the spreadsheet, say run the OCR, validate the format of all files, the size of each file, header mapping between the old and the new tool, check for duplicate files, validate the consistency of the file names and the spreadsheet’s format. If any existing field is missing in the new CMS tool, we will add the custom field to the tool’s workflow.
  2. We will then upload the contract files onto the new CLM system and generate a unique ID for each of the files.
  3. The ID will be exported from the tool to map it against the respective metadata in the spreadsheet and upload it to the system.
  4. As the next step, we will associate contracts of relevance, such as parent-child linking. If the data does not exist, then we will do the contract association manually. And this is solely based on a customer’s requirement.
  5. Once the upload is successfully completed, the team will verify and validate the accuracy of the import, by comparing the uploaded data against the spreadsheet shared by the customer.

On completion of the import, we will liaise with the customer team to identify and resolve any areas of non-conformance, thus ensuring that there is no compromise on the quality of the work delivered.

Now, the new CLM system is set to deliver the expected outcomes. But to reach this stage of a fully functional Contract Management System in the presence of all the required data, you need to traverse through a unique set of processes. Cenza is here to alleviate the challenges and enable you to make the best out of your new CLM system, all at a fraction of the cost compared to conventional contract migration services.

Not just that. If you are looking for the best alternative CLM solution to replace the not-so-effective system, then we got you covered. Our CLM Consulting Service is here to guide you on the must-to-have abilities in your new Contract Management System, helping you overcome the obstacles to achieving your business goals.

So, if you are still unsure how to get started with your CLM journey, connect with our Contract Management experts to gain much-needed clarity. To talk to us, visit here.

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About the Author Jayashree Nair

Jayashree has managed various engagements at Cenza for clients across the world. She led scoping and solution development for more than 20 client engagements, including some complex contract management-related requirements for clients and works on a daily basis with Ironclad and their clients on contract migration projects. She has successfully transitioned many complex projects for a variety of clients in the managed legal, AI and ML training, and Contract management space. She has an overall 12 years of experience, including previous stints at Accenture and R.R. Donnelly and has a strong understanding of project management and contract management projects.