From the day a contract is signed or picked up to the day it expires or is voided, businesses have mountains of paperwork and file storage to manage. Contract lifecycle management software can make all of your business procedures and processes more streamlined and efficient by automating them.
Organize, manage, and track your contracts
One of the most important things to remember about contracts is that they are legal agreements between two parties. When you’re using contract lifecycle management software, it’s essential to keep your contracts organized so that not only can you track them more easily, but also so that there’s less room for error and confusion among your employees.
For example, if an employee has multiple contracts open at once and doesn’t know what each contract is for or why they signed it in the first place—that can lead to some serious issues. The same goes for if someone else signs a contract on behalf of your company and doesn’t take the time necessary to read through every word before they sign off on something. Will they be held liable? What happens if there’s something wrong with one of their signatures? With CLM software, all this information will be right at their fingertips when needed most.
It can be from contract creation and negotiation to automated reminders and redlining changes
Contract lifecycle management software can help you automate the process of creating, negotiating, and managing contracts. This includes tracking important events such as contract renewal or termination. It also helps you track and manage changes to your contracts, which ensures all parties are on the same page at all times.
Contract management software can also help you automate reminders for important dates like contract renewal or termination. This way, you won’t miss any deadlines that need to be met before these events occur. Additionally, some contract management software will allow users to redline changes in their contracts by using a visual system that makes it easier for everyone involved in the agreement to see where exactly alterations have been made without having to worry about trying to decipher what was originally written down.
Eliminate tedious manual processes
Reducing the time you spend on contract management is a no-brainer win. On top of that, you also get to reduce the risk of human error and missing important contract details, which can be particularly helpful in high-stakes situations like mergers and acquisitions.
The best CLM software will help ensure that your legal team doesn’t overlook any important contractual details when reviewing or signing new contracts—which means there are fewer surprises down the road.
Improving internal processes
With CLM software you’ll be able to see exactly where your employees are spending their time and make changes where necessary. If a certain process takes too long or results in high error rates, you can work with your team to find better ways of doing things.
By automating your contract management workflow, you can streamline your operations and save time. This frees up resources for more important projects and gives you a better overview of all the contracts in progress at any given moment.