Contract Lifecycle Management Streamlines the Contracting Process
Contract lifecycle management proactively manages contracts from initiation through award, compliance, and renewal. It helps companies achieve commercial objectives and ensures contracts are not hindering success by storing agreements in a searchable, organized repository.
It also strengthens compliance and enables better reporting. The six contract phases are: creation, negotiation/collaboration, process/workflow, approval/execution, ongoing management/compliance and renewal.
| Contract Management |
What is Contract Lifecycle Management?
Contract lifecycle management is a process that manages the entire cycle of contracts, from drafting to signing on the dotted line. Effective CLM can help organizations minimize risk, ensure compliance with regulations, audit contracts for performance, and keep teams organized from start to finish.
The first step in the contract lifecycle process is contract creation. This involves drafting new agreements or amending existing contracts to meet the needs of the business and stakeholders. Contract creation is often a collaborative process with multiple internal and external parties. It can be challenging to keep everyone on the same page and ensure that contracts have all the right clauses.
Advanced CLM systems can automate this process, and they integrate with other line of business systems like CRM, sourcing, and procurement to eliminate manual data entry. This can significantly improve the speed and efficiency of contracting, while also reducing legal operating expenses. Some CLM solutions offer a complete contract management system, while others focus on specific aspects of the contract lifecycle.
What are the Benefits of Contract Lifecycle Management?
Contract management is a complex process that requires careful attention to detail. Without an effective system in place, it’s easy for companies to make mistakes that can result in costly delays and inefficiencies. Contract lifecycle management software simplifies the contracting process by automating and streamlining tasks that would otherwise be manually completed by in-house teams.
A key benefit of CLM is providing a secure, central location for all contracts to be stored. This ensures that contract documents are always readily available and easily accessible by authorized personnel. This eliminates the need to manually manage multiple versions of contracts in a variety of formats and locations, which can lead to miscommunication and misunderstandings.
A contract repository also improves organizational efficiency by allowing teams to review and negotiate contracts in one unified workspace. Users can communicate in real-time using the document sidebar, add redlines and view earlier versions of a contract with a single click, making the negotiating process more efficient and effective.
How Can Contract Lifecycle Management Benefit Your Organization?
Contracts are a critical part of every business, and the process of managing contracts involves several stages that must be handled effectively. These include drafting, negotiation, and approval. They also require monitoring and renewal or termination. Contract lifecycle management software streamlines these processes and eliminates costly human error.
Contract managers need to be able to easily track contract terms and conditions, redline edits, and have access to a single source of truth when negotiating with stakeholders. They also need to be able to manage multiple versions of a contract without losing track of which version is the most current and up-to-date.
Advanced CLM solutions can even make it easier to create contracts by integrating with line-of-business systems such as CRM, sourcing, and procurement. These tools can automatically take input and build contracts based on defined business rules, eliminating the need for legal or sourcing teams to manually draft and e-sign contracts. Additionally, they can be accessed in bulk to accelerate the creation of contracts by business users.
How Can Contract Lifecycle Management Benefit Your Clients?
Contract management processes are often complex, involving multiple teams and stakeholders. A unified contract management solution can help you streamline these processes, increase efficiency and reduce risk. This means you can sign contracts faster, gain visibility into contract terms, and make smarter business decisions.
The first stage of contract management is the creation process, which involves drafting and putting a verbal agreement into writing. This is similar to the planning process you go through before hiking with a friend -- this is where you figure out who's in for what.
After the contract has been created, you'll need to monitor performance and obligations. This requires a system that allows you to easily track and search contract data. Then, as the contract nears its end, you'll need to re-negotiate or terminate it. Contract management software can automate this entire process for you, ensuring compliance and saving time. It's like having a sous-chef guiding you through the process.
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