What is Contract Lifecycle Management?
Have you wondered what Contract Lifecycle Management (CLM) actually means?
Have you wondered what Contract Lifecycle Management (CLM) actually means? Let us explain and discover why leading organizations leverage CLM to digitally transform their legal department and company.
Generally speaking, CLM is the management of an organization’s contracts
from development, negotiation, and execution to performance, analysis, and renewal or expiry.
Our AI-powered legal solutions can transform how you manage and respond to new and changing regulations.
In any mid- or large-sized company, there is tremendous pressure on the legal department to stay on top of the organization’s contracts. Consider all of the legal and financial risks and obligations that may exist in just one agreement — or tens of thousands of agreements. Because contracts are so fundamental to driving revenue — the very ‘lifeblood’ of modern companies — the process of managing them are crucial to operations. CLM not only helps ensure that agreements are signed in a timely manner, but also makes certain that obligations are met and contractual opportunities are not missed.
More specifically, contract lifecycle management helps legal and other teams draft agreements efficiently, locate them quickly, and assess their risks and obligations accurately. However, the most effective CLM also involves gathering contractual data needed to advise on the overall health of the business. Without it, organizations could miss expiration or key milestones, and even worse, not realize the full value of every agreement.
Fully Automated Contracting
Automate contract and risk management to increase efficiency, remove human errors, reduce cost exposure, and alleviate the strain on legal, procurement, and sales teams.
Easy Obligation Tracking
Easily retrieve delivery obligations in supplier contracts and assign tasks to business owners with the help of artificial intelligence—to track and make good on deliverables.
Complete Contract Visibility
Gain more insight into contract details and maintain control across all agreements to handle higher client contract volumes and manage a high-value supply chain.
Why do legal teams depend on CLM Software?
Embedded with AI technology, CLM software allows legal departments and companies to automate — and even accelerate — their contracting processes.
CLM software provides several key features and functionalities:
Smart Repository
Smart Repository
UX Translation
UX Translation
Self-Service Contract Creation
Self-Service Contract Creation
Workflow & Approvals
Workflow & Approvals
Esignature
Esignature
Cognitive Search
Cognitive Search
Deepsights
Deepsights
Custom Reports
Custom Reports
Integrations
Adobe Sign
Adobe Sign
Cloud-based e-signature service enabling users to send, sign, track, and manage signature processes using a browser or mobile device.
Salesforce
Salesforce
Comprehensive customer relationship management (CRM) platform enhancing sales, customer service, and marketing efforts.
Microsoft Dynamics
Microsoft Dynamics
Line of enterprise resource planning (ERP) and customer relationship management (CRM) software applications.
Hubspot
Hubspot
All-in-one inbound marketing, sales, and service platform helping companies attract visitors, convert leads, and close customers.
Docusign
Docusign
Electronic signature technology and digital transaction management service facilitating electronic exchanges of contracts and signed documents.
Central Contract Repository
Use a repository for all contracts—with built-in version management, hierarchy mapping, audit logs, and advanced search—to speed up retrieval of agreements, elevate governance, and increase negotiating power.
Automated, Dynamic Workflows
Automate pre-approved workflows, approval processes, and playbooks — for contract types, value thresholds, teams, and regions — to eliminate manual tracking of and follow-up on agreements.
Advanced Reporting & Visual Analytics
Customize reports and dashboards to display pertinent contract information. Gain overall visibility and actionable insights to make strategic, data-driven decisions.
