What is contract lifecycle management (CLM)?
Contract lifecycle management overview
Contract lifecycle management (CLM) automates and streamlines contract processes during key stages. These stages include initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance (within the repository), and contract renewal.
Buyers and suppliers save time and reduce errors by creating a common language, core templates, unified terms, and repeatable, consistent conditions. Most contract management software is designed to provide greater visibility into corporate spend, create greater efficiencies in the contract process, and lower administrative costs. This is accomplished by:
- Managing procurement and sales contracts, IP licenses, and internal agreements
- Automating and accelerating contract lifecycle management from start to finish
- Standardising and controlling contract development
- Strengthening operational, contractual, and regulatory compliance
- Creating contracts quickly and easily using pre-approved templates and legal clauses.
The benefits of contract lifecycle management
Contract management software bridges every contract phase – from initiation through contract renewal.
Quicker, more accurate contracts
Contract lifecycle management solutions help legal, finance, procurement, and sales professionals expedite contract management processes by leveraging sourcing and supplier information more efficiently. By storing bids, supplier data, negotiated prices, and contract terms in a central digital repository, companies sign contracts faster, gain trust sooner, and maintain visibility into how agreements impact the bottom line.
Eliminate paper and ink from contracting
Create an easy-to-use, central repository for every contract.
- Integrate contract processes with third-party systems
- Control non-standard agreements through modification alerts
- Lower total cost of ownership (TCO)
- Gain greater visibility with dashboards and configurable reports
- Receive notifications of the key milestone dates for your supplier contracts
- Eliminate the time and expense of shipping and signing multiple contract copies with e-signature
- Strengthen compliance with controlled processes, automated tracking, and a full audit trail
How does contract lifecycle management software work?
Rid yourself of paper and ink
Speed up contract cycles by 50% and reduce admin and legal costs by up to 30%.
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