Why You Need a Contract Management Software to Accelerate Your Business
To compete in today’s marketplace, knowledge of Contract Lifecycle Management software is a must. Clients expect the contract negotiation process to be accessible and transparent, and CLM systems exist to meet that demand. CLM also simplifies your business practices, optimizing efficiency, and organization.
What is CLM Software?
Contract Lifecycle Management (CLM) software, also known as Contract Management Systems, are systems that manage and organize your contracting processes from initiation to execution and beyond. Investing in a CLM system means utilizing technology to ensure that no part of the contracting process falls through the cracks – whether you are at the proposal phase, inactive negotiation, ready to sign, or need to review data in existing contracts.
Attention to all stages of the process is reflected in the term “lifecycle” in the CLM name. This software will support your business through the entire lifecycle of your contracts, from conception to archiving. Moreover, CLM software is designed to support both small businesses and large corporations, and everything in between.
Benefits of Contract Management Systems
More specifically, CLM systems centralize your business’s contract and contract processing data in one place that is easily accessible and searchable. You are able to navigate through data by searching for specific terms as well.
For instance, you could search for all the contracts signed during a certain time period, such as “April to October 2010,” or you could locate all contracts involving an individual, like “Anabel Rodriguez.” Additionally, you could use CLM software to search by contract type or duration, or by any specific term (“residential”).
Contract management systems also make creating and executing new contracts a simple, straightforward process – both for your client and your team. Through clear organization and templating, your business can expand on previous work done for existing contracts by duplicating texts and editing, as needed, for new clients.
The system also tracks the stage of all contracts, allowing you to see in an instant all contracts at any given phase, such as “All contracts in active negotiation” or “All contracts at execution phase,” etc.
In terms of accessibility, you control who on your team can see what information, and you can change these access rights at any time. Rather than repeatedly sharing information with different team members, everyone can access one secure, central location to view (as well as add and edit) necessary information. With all your documents accessible in a secured online space, the overall transparency of your organization will improve.
CLM software also enables you to effectively analyze efficiency and productivity through the ease of pulling reports. Evaluations of return on investment or overall expenses have never been easier. With all data in one place, you can say goodbye to the days of logging into multiple systems in order to measure milestones. In fact, users of contract management systems have found overall increases in productivity and efficiency directly correlating to the implementation of CLM software.
Another benefit to consider is the added ease of managing compliance and regulatory requirements, be they external or internal to your company. Whether through the use of common templates, the oversight of timelines, the organization of contracts into categories, or countless other benefits, your data will be easier than ever to evaluate.
With contract lifecycle management software, you can ensure that your business is effectively handling its legal responsibilities.
Accelerate with CLM Software Today
Especially in the era of COVID-19, clients expect that contracting processes can be completed virtually, from conception to execution. An automated CLM system makes this a reality for your business.
You are able to communicate with your clients virtually in a completely digital space, and, of course, easily add other forms of communication to your plan as needed. Working with clients remotely is the way of the future, and ensuring you have a CLM system in place will assure that you can meet the requirements and expectations of the digital age.