Contract Lifecycle Management

Contract Lifecycle Management

Published on : 15/06/2020 15 June Jun 06 2020

Contract Management is the proactive, methodical management of a contract from initiation through award, compliance and renewal

The Importance of Contract Lifecycle Management 

Implementing CLM can lead to significant improvements in cost savings and efficiency

Contracts are a crucial component of every business. That's something everyone can agree on. But they can also slow you down because they're often complicated, time consuming, hard to finalize, and even harder to track.

With our AI powered contract lifecycle management software solution for your corporate organization, it's easier than ever to draft, negotiate, approve, store, and analyze every agreement.

Many companies have not taken steps to update and optimize their contract management
processes. This includes contract requests, tracking andmanaging of contracts and terms, and measures to ensure compliance and reduce risk, among others. In fact, less than 10% of organizations have implemented digital systems
to streamline contract management, and over 50% have no current plans to do so.

Like many business processes, relying on paper-filled filing cabinets or rudimentary online systems to house contracts is inefficient and creates significant risk. In fact, a significant
percentage of all contracts are lost, essentially ensuring that terms and conditions will not be monitored and carried out. For legal and procurement, in particular,
noncompliance and performance violations are the essence of significant risk.

There are 4 primary advantages to be gained from bringing robust contract management processes to your business:

1. Greater efficiency and productivity
2. Increased visibility
3. Effective compliance to manage risk
4. Control

Check out more information regarding the powerful Artificial Intelligence generated contract and contract lifecycle management solution from Legal Suite: Contract Management solution


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