Contract Lifecycle Management
Published on : 15/06/2020 15 June Jun 06 2020
Contract LifeCycle Management is the proactive, methodical management of a contract from initiation through award, compliance and renewal. Implementing CLM can lead to significant improvements in cost savings and efficiency
The Importance of Contract Lifecycle Management
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 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 actually 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.
1. Greater efficiency and productivity
There are 4 primary advantages to be gained from bringing robust contract management processes to your business:
2. Increased visibility
3. Effective compliance to manage risk
Check out more information regarding the powerful Artificial Intelligence generated contract and contract lifecycle management solution from Legal Suite.
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