CEO Corner: Leading a New Era in CLM and Beyond
We’ve recently renamed ContractRoom, our Contract Lifecycle Management solution, as EraCLM. It’s about more than just a new name, though.
What impressed us in the beginning about ContractRoom was not only its ability to streamline negotiations between parties but also its modern technology stack. By combining the innovative, software-driven approach to contract management with the broader set of Mitratech solutions, we’re opening up a new era in CLM solutions and across broader legal tech innovation.
“EraCLM” represents what this solution really delivers in the CLM segment: A truly differentiated CLM solution where analytics are fully integrated, providing data-sourced insights making it possible to make more informed business decisions, faster. With it, a legal team can rapidly realize revenue, optimize the efficiency of the CLM process, cut the costs involved, and collaborate like never before.
EraCLM is a “guided collaboration platform for contract activity,” as highlighted on its solution page. What’s that mean? Since the data-driven insights were added, it can enable better decisions within a negotiation process, the process can go much more swiftly and smoothly. Document assembly is automated, too, which saves no end of time and headaches. All within an easy-to-use UI. Opportunities get maximized and collaboration gets revolutionized (while risk gets minimized).
As capable as it is, EraCLM is still just one part of an integrated suite of solutions. And that suite supports an exciting awareness initiative we call Legal Reimagined.
Legal Reimagined: Conquering today’s challenges with tomorrow’s technology
EraCLM is highly capable and fully standalone if an organization wants it that way. But it’s also part of a comprehensive Mitratech-sourced legal technology solutions suite. Within it, matter management, workflow automation, legal hold, and other functions are integrated seamlessly. They can provide the flexible, scalable core of a corporate legal tech stack that will keep delivering exceptional value well beyond tomorrow, but it’s one our customers can implement today. Using it, they can reimagine and reshape how Legal functions, and what it can deliver to the entire enterprise.
We’re offering this to them as a present-day reality, not as a blue-sky promise. We’re helping customers drive superior integration between legal tech systems right now, and continually co-innovating with them to find new ways to make their legal tech stacks operate more effectively. By doing that, even their legacy systems can get a performance boost.
This is the next stage – or “era,” we could say – in legal technology, not just CLM solutions. Many legal departments have already been “through the wars” when it comes to technology adoption; we’ve heard their stories about how applications they invested in just a few years ago haven’t been able to scale with them, or present integration obstacles, or have been sunsetted by providers.
Many of these customers are beginning to see the value of a holistic technology roadmap that’s focused on future-proofed, scalable, single-source solutions – “plug-and-grow” technology, not simply “plug-and-play.”
A single stack for serving everyone
Back when we first announced the acquisition of ContractRoom, I said it was part of a very deliberate strategy to become the single, dependable partner/provider for our corporate legal customers. Yet “Legal Reimagined” is also about providing benefits beyond the legal department.
Barriers between the legal and risk management functions are crumbling, as risks and challenges become more complex. So the flexible, scalable tech stack you build today will also eventually empower easy integration with tools for risk management, policy management, human resources, and more. It’s the kind of unified architecture organizations will need to have in place to conquer increasingly complex challenges across the entire business. And we’re committed to delivering it.
What’s in a name? With EraCLM, I hope I’ve shown there’s a lot.