TOP-5 CLM Software Tools 2021 Not to Miss
CLM (contract lifecycle management) software is booming in popularity as of 2020, and it’s really no surprise why; the need for contract lifecycle management software has always been present, but COVID-19 has forced many businesses to switch to digital.
Not only are contracts becoming more complex but the volume of contracts has given birth to new trends in CLM software tools as well.
CLM Solutions: Trends
Online contract management was once a widely unknown genre of software that was little-used yet greatly appreciated by businesses who were quick to incorporate it into their business operations.
Now, it appears as though the majority of modern businesses use CLM solutions to help manage the copious amount of contracts they must manage every single day.
The benefits of CLM software solutions are endless; contracts are safer than ever before, no longer stored in file cabinets but now hidden in password-protected software. No more packed-full file cabinets are necessary, either – now, thousands of contracts can be saved within a ‘cloud’.
CLM software solutions improve the efficiency of contract workflows, automate processes that were once done manually, and reduce (or completely eliminate) most human-caused errors thus cutting costs down and saving precious time to focus on more important tasks at hand.
This year has seen new trends in CLM systems that help with the complete contract lifecycle, from start to finish. Before, many CLM software solutions offered tools focused on particular stages in the contract lifecycle; now, however, because of the pandemic, these CLM solutions support the entire contract process.
Here are some of the top five tools that are trending in CLM software:
Easy Contract Requests & Approvals
The request and approval stages of the contract lifecycle can be difficult; dealing with multiple parties, different teams, and various business locations is a process in and of itself.
Many of the problems associated with the contract request and approval process are fixed by the best CLM software solutions.
With CLM solutions, there is no question as to what needs to be approved and by whom it needs to be approved – the guessing game is eliminated, and every involved party in a contract is instructed as to exactly what action is required of them.
Notifications and alerts streamline the process of contract approvals, as well as updates about any changes in the chain of approval.
Automated Contract Assembly
Automated contract assembly is another major trend in CLM software solutions.
With this tool, contracts are generated and created automatically; no more manual drafting, thus decreasing labor hours and freeing up time.
With CLM systems, contract assembly helps businesses create compliant and accurate contracts from templates and past versions of contracts. These templates can be modified in order to stay up to date, making the contract lifecycle stage of contract creation as easy as possible.
Contract Negotiation Automation
Thanks to the trending CLM software tool of ‘contract negotiation automation’, constant back-and-forth communication between departments is no longer necessary.
With this CLM system tool, collaboration is made simple; tracking is automatically logged so that all edits and modified contracts are available for recall at all times. What this means is that less time has to be spent focusing on the meticulous details of negotiating contracts and more time spent on actually negotiating.
Relevant contracts and documents are also able to be viewed by all involved parties; also, approval collaboration can occur in a centralized location in order to reduce delays.
Contract Obligation Fulfillment Observance
The tool of contract obligation observance is included in the best CLM software solutions.
Automated alerts, approval routing, task escalation, and notifications all help teams fulfill their specific contractual obligations – this workflow makes it easier for teams to keep up with their side of the contract specifics.
Compliance & Auditing
Compliance and auditing tools are very useful features found in CLM software, and it makes sense why they are becoming increasingly common.
These tools give teams the ability to look at their contracts throughout the entire business – this means compliance standards are more easily met.
Renewals and key dates are more easily monitored, and metrics can be summed up in a report with only a few clicks.
Why Your Business Should Use CLM Systems
CLM software solutions are no longer a bonus but are now a necessity for any business that deals with contracts throughout daily operations.
These CLM systems streamline the entire contract lifecycle process and allow businesses the ability to manage contracts much more efficiently, preventing legal complications and missed deadlines; the benefits of this software can take your business to the next level and grow exponentially, as it has done for many around the world.
Before investing in software, make sure to conduct diligent research on CLM software vendors and reviews.