Contract Lifecycle Management (CLM) Software automates the many tasks involved in managing a contract.
Typically, it allows professionals to efficiently:
- Create new contracts;
- Review drafts for risky clauses; and
- Store copies of the final contract.
Some CLM software offers the ability to draft entire clauses automatically, using artificial intelligence and pre-prepared clauses.
However, this is not very useful outside of some standardised contracts.
A major benefit of CLM Software is features that capture data (revenue, costs, contract milestones) about the contract and share it with stakeholders.
One such feature is automatically applying for finance when milestones are reached.
Contractual milestones and obligations can be automated and the progress shared with the whole business.
CLM Software has advantages and disadvantages, so before investing in one, it’s important to know exactly what each option provides – and what is best for your business.
For some larger companies, no one system that fits all their needs exists.
Therefore, it is best to use a combination of software to meet all of your needs.
Key Takeaways from Webinar: Contract Management: Creation, Automation & Lifecycle Management