Contract management poses challenges: slow approval cycles affect 80% of businesses; 77% struggle with tracking milestones. Contract Lifecycle Management (CLM) automates workflows, improves tracking, and aids compliance, addressing these issues. It streamlines processes and enhances visibility, significantly benefiting businesses grappling with contract complexities.
Contract Lifecycle Management
CHALLENGES
Traditional contract management involves manual drafting, negotiation, and approval processes, leading to inefficiencies, errors, and delays.
Manual Processes Inefficiencies
Difficulty in tracking contracts across their lifecycle stages, leading to a lack of visibility and control over important milestones and deadlines.
Lack of Visibility and Control:
Ensuring contracts comply with legal, regulatory, and internal standards, and mitigating risks associated with non-compliance.
Compliance and Risk Management
Challenges in collaboration among multiple stakeholders during contract creation, leading to miscommunications and inefficiencies.
Ineffective Collaboration and Communication
Missed Opportunities and Renewals
Missing key contract renewal dates or failing to capitalize on opportunities due to lack of systematic tracking.
Data Utilization and Analysis
Extracting meaningful insights from contract data for informed decision-making.
Elevating Business Performance with CLM Integration Solutions
Automate Processes
Automating contract processes, streamlining drafting, negotiation, approval, and signing workflows. This automation reduces errors, saves time, and enhances overall efficiency.
Risk Management
CLM involves compliance checks, risk assessment tools, and alerts to ensure contract standards enforcing compliance across the entire lifecycle.
Offering real-time visibility into statuses, deadlines, and obligations enhancing control and enables proactive management.
Real-time Visibility
Effective Communication
Facilitating collaborative environments where multiple parties can work on contracts simultaneously, enabling efficient communication, version control, and clear documentation of negotiations.
Auto Renewals
Sending automated reminders for key contract milestones, including renewal dates, ensuring timely action and preventing missed opportunities or automatic terminations.
Data Analysis
Offers analytics and reporting functionalities, allowing businesses to analyze contract performance, identify trends, and optimize future agreements based on data-driven insights.
Features of Contract Lifecycle Management
Automated Workflow
With CLM, we help you automate drafting, reviewing, and approval, streamlining contract lifecycles. Ensuring in reduction manual effort, speeds cycles, and tailors' workflows to specific business needs consistently.
Personalized Dashboards
Offers a unified view of risk assessments, analytics, and reports. Facilitating quick access to crucial data, aiding decision-making and enhancing contract performance insights.
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Contract Templates
Provides customizable pre-approved templates, saving time by eliminating repetitive drafting tasks, ensuring consistency across contracts, and boosting team productivity.
Central Repository
Acts as a centralized database for contracts, pending items, and user logs. Enhances visibility, enabling easy tracking, bottleneck identification, and ensuring compliance.
Real-time Contract Tracking
Enables real-time access to vital contract data and tracks user activities. Further facilitating transparency, aiding stakeholders in monitoring progress and promptly addressing issues.
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Automatic Reminders
Automated notifications for renewals, key dates, and pending contract actions prevent missed deadlines, ensuring timely actions, and minimizing contract lapses or oversights.
CLM Process Flow
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Leveraging the Power of CLM Integration
Improved Efficiency
CLM automates the full contract lifecycle, from creation to renewal, reducing manual tasks, speeding processes, and minimizing errors for heightened operational efficiency.
Cost Savings
CLM automates tasks, saving time and resources while reducing errors. This efficiency cuts operational costs and lowers the risk of financial losses from contract errors or non-compliance.
Enhanced Risk Management
CLM systems track compliance, proactively managing risks by spotting issues early, lowering chances of disputes, penalties, or legal problems.
CLM centralizes contract data that boosts monitoring, control, and informed decision-making regarding obligations, deadlines, and performance.
Increased Visibility and Control
Vital in competitive settings, CLM enables swift responses to opportunities, efficient negotiations, and accelerated time-to-revenue.
Faster Contract Negotiation and Approval
