What is Contract Lifecycle Management?
For years, companies have struggled to manage the backbone of every business—the contract. Each contract contains vital information about the terms, payments and responsibilities that govern virtually every business process.
Leading companies around the world now Contract Lifecycle Management (CLM) software to go beyond simply creating and managing contracts – completely transforms how organizations manage risk and enables them to shorten sales cycles and reduce costs.
The Contract Lifecycle Management Process
Contract Lifecycle Management (CLM) gives stakeholders at every stage of the process the information needed to maximize contract value and minimize risk.
Key stages of the contract management lifecycle include:
Existing paper contracts and contract data aggregated into a central location where knowledge can be easily shared with authorized users via clause libraries.
Business and legal users can rapidly generate complex contracts and flag important issues for negotiation including state-of-the-art tools for streamlined negotiation.