Every business uses contracts. They cover how you buy to what you sell—and everything in between.
But how quickly, accurately, and easily you can create contracts and get them signed is a big part of how quickly and how well you can get things done. The same is true once contracts are executed, and it becomes even harder to find, alter, and analyze them.
That’s where contract lifecycle management (CLM) software comes in. It allows you to speed up every aspect of contracts, gives you more visibility into the process and the language used, and helps you stay on top of any risks and compliance needs.
Most companies manage their entire contract process using two tools: Microsoft Word® and email. But those tools offer few capabilities for tracking, process management, speed, or intelligence. They also store executed contracts as regular files, maybe searchable, but usually in a network drive that can be either too hard to access or, even worse, too easy.
CLM, on the other hand, automates much of the process of creating and managing contracts. It provides secure controls to limit who can view or edit contracts, but also enforces approvals and reviews to make sure the right people see them. It adds intelligence to speed up the creation of new contracts by providing guidance, pulling data from other systems, ensuring compliance, and keeping everyone on schedule. It sends helpful reminders and alerts for key dates and milestones, intelligently routes contracts based on attributes and roles, and brings contracts into the current era with electronic signatures, collaboration tools, and easy search and analysis. It also records audit trails to help improve the process, ease reporting, and reduce risks.
CLM helps legal, sales, procurement, finance, and everyone else involved with the contracting process by offering a faster, more accurate, more intelligent way to get contracts created, negotiated, and finalized.