4 Core Functionalities of CLM You Need to Know

4 core functionalities of CLM you need to know

5th March 2020

4 Core Functionalities of CLM You Need to Know

By Derek Karpel, Sales Engineer at ContractPodAi 

For several days each year, more than 8,000 legal professionals and more than 300 speakers, from 36 countries, get together to discuss all things legal - and digital.

Legalweek is the world’s largest, longest-running conference focused on legal technology. It happened all over again at New York City’s Hilton Midtown, between Feb. 3 and Feb. 6. The thought-provoking theme of Legalweek 2020 was “Driving Legal Forward.”

Perhaps you attended Legalweek 2020 for the panel sessions and seminars. Or maybe for the trade show and all of the worthwhile legal training.

At this year’s event, I enjoyed giving a demonstration on ContractPodAi’s contract lifecycle management (CLM) solution and how it helps you to mitigate your legal risk and financial exposure, as well as perform all of your deep legal obligations on time.

 

The 4 Functionalities of CLM

  1. Repository
  2. Automation
  3. Workflow
  4. Robust reporting functionality

The first of the four core functionalities of our CLM is a repository, from which you can pull all of your contracts - with related documents. It allows you to complete advanced searches of all of your legal documents. The second core functionality is automation. With it, you can take a sample set of your legal agreements and create templates around them. That way, you can automate your entire contract generation process. The third functionality is workflow, which helps you to make sure that the right contracts are sent to the right departments – and to all of the right people. And finally, ContractPodAi offers robust reporting functionality. You can obtain key obligation analysis – the kind of invaluable information that you owe to yourself and your various business partners. What’s more, IBM Watson's artificial intelligence allows you to review contracts faster than ever before.

If you didn’t have an opportunity to see ContractPodAi's demo at Legalweek 2020, you can watch the video below:



Also, make sure to ask us for a demo, which shows you how a solid CLM can assist your business. And fill out our Digital Transformation Scorecard, which helps general counsels assess where exactly they stand in their digital transformation journey.

AUTHOR:

Derek KarpelDerek Karpel
Sales Engineer

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ContractPodAi empowers your team to assemble, send, sign and approve all kinds of contracts – from NDAs to sales contracts – anywhere, anytime and using any device.

Automated contact & document assembly

Highly configurable approval workflows

Central collaboration & negotiation

Sign using DocuSign eSignatures

Want to find out more? Schedule a demo today

ContractPodAi's free Scorecard quickly enables you to: 

Identify opportunities in your CLM solution

Compare your current contract management software with other organizations


 

 

This free primer shows you how CLM can be used to define and optimize your contract management processes, calculate ROI and generate 183x results.

Download Your Contract Management Primer