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Why Contract Lifecycle Management?

Why Choose Contract Lifecycle Management?

Contracts contain a wealth of information, allowing you to understand exactly what’s going on in your business and helping to defend you against major risks such as liability or being underpaid or overcharged. If contracts lack proper storage, an efficient negotiation process, or overall management, you may miss key information to help you in times of a crisis, when speed, decisiveness, and certainty are essential for making informed decisions.

This is why leading companies across the world are turning to Contract Lifecycle Management (CLM), and why you should, too.

Why an Efficient Contract Process Matters

If your company is not adequately equipped to handle the flow of contracts, this will seriously undermine your ability to achieve certain goals such as global expansion, a new product launch, a hiring surge, corporate restructuring, or other events that drive the growth of your business.

Without standard templates, comprehensive knowledge sharing and enhanced negotiation capabilities, lawyers are forced to reinvent the wheel with every new contract, leading to disparity between contracts, potential rogue contracting, the possibility of human error and oversight, and maddeningly slow contract creation times.

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Why Complete Contract Visibility Matters

Imagine you’re faced with a supplier failure, a financial crisis, a lawsuit, or another negative event. You need to know exactly what your obligations are, what you may be liable for, and what legal remedies you may have. How do you know where and how you are exposed? How do you make informed decisions? How do you move forward confidently? You can’t manage what you can’t see. That’s why you need insight into your contracts.

The data in your contract portfolio contains all the information you need to assess your position, make fully informed decisions, and recover from setbacks. Being able to react to a crisis with speed and confidence can be the difference between bouncing back and losing valuable ground. Complete contract visibility means you’re able to access vital information quickly and easily. Running reports on contract data to shed light on internal processes, trends and potential triggers puts you a few steps ahead of a crisis and a few light years ahead of competitors.

Why an Ironclad Contract Portfolio Matters

An ironclad contract portfolio results from efficient contracting processes combined with deep contract visibility and has the biggest impact on the value of your business.

Depending on your company’s maturity, you may be looking forward to a financing event or a public offering. Perhaps you are considering spinning off a division of your business, or acquiring or merging with another. In situations like these, potential investors or partners will pour over your contracts looking for holes.

A watertight contracting process means your contracts are collated, clean, consistent, robust and searchable. Complete contract visibility allows access to the information necessary to evaluate your worth. What are you owed and what do you owe? How much risk have you assumed? How resilient are your contracts? Visibility means there are no surprises.

You Can’t Afford Not To Manage the Lifecycle of Your Contracts

The Top 3 Reasons to Implement a Contract Management System

CLM is changing the game for the modern-day enterprise, with the flexibility to meet the needs of any department. For today’s enterprises, the deciding factors for implementing a CLM platform include the following three “universal” challenges. Which ones apply to you?

Bottlenecks Gray

Bottlenecks are harming your revenue.

Too often we see bottlenecks in the legal department that severely slow sales cycles and decrease revenue. Not being properly equipped to handle the flow of contracts is probably leading to lost deals at this very moment. Stop re-inventing the wheel for every contract that needs to be assembled, and eliminate risk of manual human error, rogue contracting, and slow contract drafting times.

Visibility Gray

You can’t manage what you can’t see

Imagine facing a financial crisis, a lawsuit, or another major negative event. How do you understand what your obligations are or what you are liable for? Being able to properly manage every single contract in your business and make informed decisions during a crisis starts with complete visibility into each of every contractual data point.

Manage Track Gray

Regulations are risky. 

Trading complex agreements can be tricky, especially with ever changing regulations, forcing you to re-evaluate and update existing agreements. You need constant, instant fingertip access to understand, track, manage, and report on any risk you might be face. Not maintaining compliance could be extremely costly for your firm or even cost you your job.

Real World. Real Results.

Leading industries around the world are using a contract lifecycle management platform, like Exari, to create, store, track, and analyze their entire contract portfolio and its data. These worldwide businesses are seeing major returns on investment, drastically decreasing their turnaround time, ramping up productivity, and reducing their enterprise-wide risk.

  • Global investment banks are reducing document generation turnaround time by 70%.
  • Global law firms are reducing document generation turnaround time and increasing profits.
  • Global transportation company eliminates over 175 hours of manual document generation.
  • Four of the top global insurance companies are increasing mid-market business growth.
  • Top insurance companies complete document creation 75% faster.
Read Our Introduction to Contract Management

The Benefits of Exari Contract Management

Exari Contract Lifecycle Management Software offers a suite of benefits tailored to the specific needs of your enterprise.

  • A single, electronic repository for all your contracts and contract data means you always know what's in your contracts.
  • Standard templates and clause libraries mean complex documents – from sales contracts to ISDAs – are created in a fraction of the time.
  • Unprecedented visibility into contract data cuts through organizational risk by allowing you to plan for and react immediately to events such as an M&A, ratings downgrade or legal action.
  • Automatic triggers mean you’ll never miss a contract renewal.
  • Industry-specific reports mean you know where your risk lives.
  • Approved workflows eliminate bottlenecks and reduce the length of sales cycle, assuring revenue comes in faster.
  • Tools for streamlined negotiations means deals are closed faster.
  • A flexible API based on open standards enables you to future-proof your investment in CLM.
Contract Lifecycle Management is a Journey

From the document generation and drafting stages to the negotiation and approval stages, CLM is a constant evolving process. There IS a better way to manage all your contracts, and it starts with moving forward from manual creation, file cabinet storage, and uninformed business decisions.

Here are just a few best practices to help you get started with contract management and document generation within your organization:

  • Review the ways in which contracts are tracked on a company wide basis, and the policies and procedures in place to use that data to hedge against and mitigate risks.
  • Review the status of contracts, including any risk concentrations and interrelationships, as well as the likelihood of occurrence and potential risk.
  • Design contract risk management policies and procedures that are coordinated and function as directed.
  • Implement these strategies in a timely manner.
  • Send a message to management that comprehensive contract management is an integral component of the firm’s strategy and business operations.
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