21 Mar Five Step Guide To Effective Contract Lifecycle Management
In some ways, a contract is like a child. You create it with high hopes, watch as it grows and evolves. Then get some help from your local community to shape its character!
Then, finally you can release it to the world, more or less independent, but at least fully formed—with a sigh of relief.
Given those parallels, it’s no coincidence we use the word “lifecycle” when we talk about contracts. But just as with humans, successfully seeing a contract through to completion is less about the raw material you’re given than how you manage it.
Contract lifecycle management (CLM) is key to all the things that matter most in a business: greater efficiency, cost savings, accuracy, and speed.
Achieving those objectives, though, is often so much easier said than done. Let’s face it, legal teams occupy a friction-filled position within the organizational structure. They have to square the larger business goals with the labour-intensive and under-appreciated merits of due diligence.
At the same time, they need to keep agreements, partnerships, and contracts compliant, standardized, and properly vetted—for all teams and departments. Automating those processes can of course alleviate much of that concern.
Management is a nice idea, but how do you find the right system?
When businesses commit to an automated solution for CLM, they follow five simple steps. They do this in order to improve visibility, reduce risk, and, more importantly, simplify and speed up the entire process start to finish.
To fully explain, we put together this handy Five Step Guide to CLM Automation Success...