Contract Heroes The Evolving Role of Contract Lifecycle Management with Alla Valente
In this episode of the Contract Heroes Podcast, we are thrilled to feature Alla Valente. Alla is a senior research analyst at Forrester, a leading global market research company that helps organizations exceed customer demands and excel with technology. Alla specializes in security and risk management and with a focus on GRC, TPRM, CLM, and supply chain risk, she assists clients in strategy development, best practice adoption, and technology selection. Her research delves into digital transformation ethics, ERM, and brand protection. With 25 years of B2B marketing experience, including leadership and strategy, product marketing, and digital and customer marketing, Alla brings a unique perspective to risk management. She holds a BA in English from Hofstra University and has excelled in the Business Analytics Program at Harvard.
In our conversation, we focus on Forrester's latest Wave Report concerning the CLM space that looked at 26 different criteria for every vendor, including their use of AI, ease of finding information in the contract repository, and integration with upstream and downstream technologies. We explore the significance of understanding the risks associated with commercial transactions and the methodology behind Forrester Wave reports. Additionally, we touch upon the evolving role of CLM in the digitalization of commercial relationships and the key considerations that organizations should prioritize when selecting a CLM provider.
WHAT WE DISCUSS:
- [00:19] - Who is Alla Valente?
- [00:56] - Alla’s position at Forrester and the Forrester Wave Reports
- [05:29] - The evolving role of CLM in the digitization of commercial relationships
- [09:16] - Trends in pre- and post-signature processes in CLM software
- [10:30] - The collaboration and benefits of CLM within organizations
- [15:26] - Industry-specific CLM requirements
- [18:00] - The 26 different criteria used to evaluate CLM vendors
- [20:18] - Workflow and visualization
- [22:20]- AI Capabilities in CLM
- [26:38] - Important considerations for choosing a new CLM provider
NOTABLE QUOTES:
- [00:01:18] - “Understanding the risks that come with commercial transactions, with how organizations acquire, sell, and deliver the goods and services that they have; we need to understand how contracts are really at the heart and at the core of those commercial transactions and interactions.” -Alla Valente
- [00:07:49] - “In the world of contract management organizations, and especially contract management professionals, wherever they sit, where they sit in the legal department, or they sit in procurement, maybe they sit in sales, maybe they're part of compliance wherever they understand that to be able to have that organization move as fast as its strategy dictates, they need to also then accelerate that transformation by digitizing contract management. And so it's a super exciting time to be in CLM.”- Alla Valente
- [00:23:34] “There are some organizations that are nervous about AI in contract management. They are reluctant to use it because it's new, and they don't have experience with it. Maybe they think that it might replace them and threaten perhaps what they do, none of which or both of those are not true.” Alla Valente