Contract Lifecycle Management
What Is Contract Lifecycle Management and What Are the Benefits?
What is Contract Lifecycle Management?
Whether you’re operating a sales oriented business, or providing specialist services to the masses – you just can’t do it without the contracts. Putting an agreement down in black and white has been a centuries old practice that still forms the foundation of modern day businesses.
A business enters into multiple contracts on a daily basis. These contracts may arise from several different formats: utility contracts, employment letters, POS, sales invoices, etc. While some contracts are straightforward and simple, others may require diligence to handle their complexities. A lot of businesses stick to traditional methods when dealing and managing their contracts; however, the technological advancements demand more than just that. This is where Contract Lifecycle Management software comes in handy.
Contract lifecycle management (CLM) is a software solution designed for automated management of contract administered and/or created by a business. These contracts may be any that have an impact on the company and its operations – leases, intellectual property, procurement, licensing, international contracts etc. A good CLM would be able to undertake the following tasks for the business:
- Author and create contracts
- Provide efficient collaboration tools for contract workflows and processing
- Renewal and tracking of existing contracts
- Customized reporting and analytics on contracts
It is imperative that the CLM a business opts for is able to efficiently handle and convert everyday contractual documents in a format compliant to the governmental regulations, and organizational requisites. Implementing a CLM may bring the following benefits to a business.
They standardize procedures and processes. Instead of having separate resources dealing with separate contracts, there is one comprehensive program managing and streamlining every single contract to the company’s operations. It’s like a log that can be referred to whenever the need arises, with effective collaboration tools that incorporate its terms into everyday workings of the company.
It minimizes the risk of human error. A contract has to pass through several stages before being processed. Throughout these stages of request, authorization, approval, and execution, there are numerous chances of a human error– but not in case of a CLM! The CLM efficiently processes all contracts without the risk of making mistakes that may lead to unnecessary cost and time wastage.
It improves productivity. By automating your contract management, you get the advantage of quick and seamless processing of all contracts. This speeds up the work momentum in the office, improves workflow, eliminates unnecessary time lags, and leads to better overall productivity.
It provides greater control. In normal circumstances, most buyer/seller contracts are set to auto-renewals, most of which go unnoticed. With the CLM, both parties are informed through notifications of the impending renewal of their contract. It is now up to the parties if they wish to continue or discontinue the contract for the next term.
Wouldn’t you want to reap these benefits for better and streamlined business operations? Take a look at the Contract Lifecycle Management (CLM) software by CallidusCloud – you won’t be disappointed.
Download The Report
5 Ways Contract Lifecycle Management Improves Sales Results
to learn how CLM:
- Keeps negotiations on track
- Improves customer satisfaction
- Accelerates contract customizations
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