What Is CLM?
So what is contract lifecycle management, exactly, and how can it transform your in-house legal department and your company? CLM is the process of managing contract creation, execution and analysis. If properly implemented, the right system. will maximize operational performance by providing the foundation for smooth and predictable revenue flow. It also helps ensure that contracts are signed in a timely manner, business risks are minimized and obligations are met.
Who Uses It?
While the primary users of a CLM system are GCs and their teams, other departments across an organization will also benefit from its power including Sales, Procurement, M&A, HR and more. Because of this wide user base, it’s critical that your CLM can handle both buy-side and sell-side contracts.
Why Do You Need It?
One of the fundamental challenges relating to large volumes of contracts within organizations is keeping track of them all. Many companies have contracts managed by different departments and saved in many different places. Without a centralized repository, finding a specific contract or clause within a contract can be challenging. In this scenario, trying to do any deeper analysis of your contract portfolio in a timely and efficient way is nearly impossible.
Download the CLM Primer
Begin your digital transformation here by learning about contract management— additional detail about what CLM is, how to start the process, keys to success, vendor selection criteria and more. (link to primer pdf)
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