Who Uses CLM Systems?
The primary users of CLM systems are general counsels (GCs) and their legal teams, as well as other legal professionals. However, many departments benefit from the power of CLM, including M&A, sales, procurement, and human resources.
With so many potential users across the enterprise, it is crucial that CLM systems have the ability to handle both buy-side and sell-side contracts within organizations.
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. It allows them to improve operational performance, scrutinize agreements, and receive timely alerts and reminders to meet contractual obligations and compliance requirements. As a result, it helps reduce manual work, costs, and risks, while ensuring compliance and security.
CLM software provides several key features and functionalities:
What Are the Trends in CLM?
Artificial Intelligence (AI) and Automation. Today, the fabric of the legal profession is being refashioned by advanced legal technology, particularly in the form of AI and machine learning. Decades in the making, AI is the ‘bedrock’ of some of the more sophisticated forms of automation. Together, AI and automation serve as the universal engine of execution, redefining how legal and other teams carry out tasks, deliver value, and compete in the marketplace. They help companies increase productivity, and drive more revenue.
According to McKinsey Global Institute, when leveraged fully, AI and automation offers:
The Lifecycle of a Contract
With legal departments under pressure to speed up their day-to-day contracting, they need an integrated set of contract management tools to optimize every stage of the process, from creation to renewal or expiration.
Typically, the lifecycle of the contract is characterized by requests, generation, negotiation, analysis, signage — and, of course, effective management. All agreements tend to follow a circular flow, as seen below.
ContractPodAi is the leader in contract lifecycle management. Our innovative software, ContractPodAi Cloud, streamlines and simplifies the full spectrum of in-house legal work. Serving as One Legal Platform, it facilitates contract and IP portfolio management, compliance and regulatory oversight, and RFP review, as well as other user cases. It offers advanced features, such as a smart repository, easy-to-use templates, guided workflows, auto-document generation, collaboration tools, e-signatures, and third-party document review. In addition, it provides AI analytics, reports, and alerts and reminders for important dates.
ContractPodAi also sets the highest standard for legal tech user experience. ContractPodAi Cloud is shaped with modern legal design thinking — and is built with the trusted technologies behind IBM Watson AI, Microsoft, DocuSign, and Salesforce.
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