Contract Lifecycle Management Software

With Contract Lifecycle Management (CLM) software , you can dramatically decrease the amount of time and resources required to initiate, assign, approve, manage and renew your contracts through the contract’s lifecycle.

Gone will be the days of missing expiration dates, starting a contract from scratch and lack of visibility into the contracts in or out of process.

Dramatically decrease time and resources with

CLM Software

Managing your contracts is not just about making sure you’re on top of expiration dates. The benefits of using contract lifecycle management (CLM) software goes well beyond just administrative organization. Manage your contract intake, the contract database, and the contract document creation processes. Proper contract management is essential for any organization looking to minimize legal, financial, and brand risks.

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Features and Benefits of CLM Software

Submitting a contract request
Making sure the request has appropriate data
Workflow approval of requests
Merging that data into the contract
Using task lists with calendar reminders and email notifications to accelerate the process
Workflow stages and statuses with strict or ad-hoc approval chains
Configurable actions that can be executed by users manually or automatically via system tasks
Drafting contracts using clause and template libraries
Executing contracts that involve negotiation, redlining, approvals, and signatures.
Monitoring the entire process through a graphical dashboard from request to renewal
Administration of expirations and renewals
Governance of a defined process for contract creation and execution

AI and Machine Learning in CLM

Your CLM software solution integrates document AI, generative AI, and decisioning AI to automate processes throughout the contract lifecycle. AI can validate that the contract is an original document and extracts key data from customer or vendor contracts to help populate requests and records in the contract database. Generative AI uses a natural language engine and large language models to engage data and documents and help identify risky or unfavorable language in the contract. Decisioning AI can help assign percentages and risk factors and other arithmetic elements to provide quick and easy values and percentages to interpret about the process or transaction.. These tools eliminate the need for humans to scour contracts for content needed for the contract request record or to find risky content that needs to be marked up or redlined., This can turn the initial triage from days of work into seconds.

Intake & Drafting

CLM software provides a simple contract request form for users to populate with basic data to begin the process.

With CLM software, there are also systematic tasks that can be used to populate a contract request. These systems have enough information where the contract lifecycle management software can look for triggers and automatically get the data to create a new contract request rather than a user manually creating the contract request. Below are a few examples of data that can be used to create a contract request with CLM software.

OCR external contracts to capture data elements required for contract request.
A CRM system with a customer project or opportunity in a certain stage.
A new vendor in your ERP system that has a certain vendor type associated with it.

Negotiate - Redline - Approve

Users can review the contract draft, negotiate with involved parties, and approve the draft. The solution enables users to perform the negotiation within the CLM software and to review and redline the contract externally with enterprise file sync and sharing.

eSignature technology within the solution or in conjunction with the solution (i.e. DocuSign or Adobe Sign integration) allows parties to securely and digitally sign documents which saves time compared to snail mail, scanning, email, or fax.

As documents are edited internally or externally, your CLM software will store each revision as an audit trail. Major and minor revisions are kept so users can refer back to see what has been changed and at what stage in the process it was changed. A compare tool allows different revisions to be compared to show the differences between revisions.

Contract Request Workflow

Processes that control and traffic a contract request throughout its lifecycle can be simple or complex, defined or ad-hoc. You’ll be able to eliminate the need to manually track and facilitate each step, and workflows can differ by role, contract type, or data within a contract record.

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Contract Lifecycle Management Software Overview

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Blog

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Contract Lifecycle Management: What It Is and Why Your Business Needs It

January 24, 2024

Managing contracts is an essential operation in any organization, and it’s one that poses significant risk if left to manual methods. Businesses run almost every function based on contracts—from supplier arrangements to client work to leases, contractor agreements, and more. Keeping up with dozens of contracts’ renewal dates, ensuring you redline each accurately, and getting […]

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Contract management is about more than just renewing deals and establishing project parameters. It’s about ensuring your business stays compliant and minimizes any risks from both financial and legal perspectives. Contract lifecycle management (CLM) software not only helps organizations significantly reduce risks and stay compliant but also improves efficiency and cost savings. Learn more about […]