If you’ve been in business for any amount of time, you know exactly how important contracts are to your growth and success. Contracts ensure that both parties in a deal know what to expect and what’s expected of them. But coordinating and finalizing these agreements can be difficult when relying on email, paper documents, sticky notes, or memory alone. This is where contract lifecycle management software comes into play.
With this software, you can automate the contract lifecycle management process. You won’t have to manually create or store documents, track progress, update documents, communicate updates and send documents to clients. This saves you time and money in the long run because it ensures a smooth transition from one stage of a contract to another.
It also helps ensure that all parties are on board with the changes in their contracts so there are no misunderstandings or disputes later on down the line.
Contract lifecycle management software allows you to see how much money is being spent on each contract at every stage of its lifecycle—from initial drafting through renewal—so that if any contracts are costing too much money or taking too long, they can be renegotiated or canceled without affecting the rest of your business operations.
Plus, you’ll be able to make sure that every contract has been reviewed by the right people before it goes live, which will help you avoid lawsuits or fines down the road.
Contract lifecycle management software enables you to keep track of all contracts in your organization. This kind of software is particularly beneficial for large organizations that have multiple departments and people working on different projects simultaneously. A tool like this ensures that everyone is accountable for their part in the process, aware of what is going on, and aware of the status of the contract or project at any given time.
Mitigation is an important part of the contract lifecycle. As such, you must understand what risks exist and how to mitigate them. Mitigation will help you reduce your risk exposure, thus improving your chances of success in any given situation.
As a business owner or manager, you need to know how to identify risks so that they can be managed properly before they become issues. Using contract lifecycle management software helps in identifying and managing risks as well as monitoring them during a contract’s lifetime.
Streamline the contract process with customizable features:
Customizable workflow: Streamline project management and compliance processes with customizable standard workflows that are mapped to your corporate policies.
Customizable reports: Get real-time visibility into key metrics such as billing, payments, and contract status through custom reports that can be scheduled or on-demand.
Customizable dashboards: Stay informed about what’s happening across projects—at a glance. You can create customized dashboards for an individual user or group of users that provide quick access to key insights from across all contracts in one place.
Customizable user interface (UI): Create user profiles based on role so users can log in and see only what they need to see within contract lifecycle management software (CLMS) based on their role within your organization—without compromising security or permissions by granting access beyond necessary data points, approvals, etc., which protects sensitive information while enabling faster turnaround times on decisions necessary for effective alignment between teams throughout every step of the contract lifecycle process.
We’ve only scratched the surface here, but hopefully, you are starting to get an idea of how extensive and beneficial modern contract lifecycle management software is. In today’s competitive business environment, every aspect of your business must be as efficient as it can be. With a comprehensive CLM solution, you can rest assured that your contracts will always be organized and up-to-date by your company’s policies and procedures—and that you are never missing out on an opportunity to maximize revenue or reduce costs.