CFOs are in search of CLM to handle COVID19

As businesses are going through the biggest pandemic Covid19 of the century, CFOs are becoming the most important asset in the company to support resilience and relevance. The challenges CFOs are facing include managing cash flows, fixed costs, price discount requests coming from customers, and delivery challenges from vendors.

All these issues require the active participation of the CFO to protect the best interest of the company, however, the CFO requires a signed legal agreement to understand rights and negotiation powers. In the current pandemic, it is impossible to get hands-on physical copies of agreements considering no access to an office, social distancing, and the logistical nightmare. A digital platform to manage legal contracts is the only possible solution. A rent renegotiation or lease termination discussion can happen only based on signed lease terms, at the same time if the customer comes for a price discount even conducting that discussion with customers requires access to digital contracts to understand the terms of the contract.

It is just impossible to renegotiate, terminate, or renew any commercial arrangement without access to an executed contract, and here in the pandemic situation, access to a paper contract is just ruled out. The current situation has brought unprecedented challenges to CFO so think of a situation you have an office with rent pay-out but the city is in lock-down or you have paid to your supplier but the delivery is going through challenges due to execution issues with the supplier and you are looking to protect your money. In all such situations, the CFO needs the advice of the General Counsel, which can happen only by accessing legal contracts digitally.

Managing business momentum and expansion in the new normal of COVID-19 requires businesses to look out for a digital solution to sign business contracts digitally. In such a situation Contract Management Software becomes an absolute necessity.