In many ways, a contract is like a child. You create it, watch as it grows and matures, even get some help from your community to shape its personality!
Then, finally you can send it to the world, more or less independent, but fully informed—with a sigh of relief.
Given the parallels, we use the word lifecycle when we talk about contracts. But just as with people, successfully seeing a contract through to its logical end, is less about the raw material you’re given than how you use it.
Contract lifecycle management is key to all the things that matter most in a business: efficiency, cost savings, accuracy, and speed.
Achieving those objectives, though, is often so much easier said than done. Legal teams occupy a friction-filled position within the organizational structure. They have to match the larger business goals with the labour-intensive due diligence.
At the same time, they need to manage agreements, partnerships, and contracts compliant, standardized, and properly proof-read—for all teams and functions. Automating those processes can of course ease much of that concern.
When businesses sign-up for an automated solution for CLM, they follow these simple steps to improve visibility, reduce risk, and, more importantly, simplify and speed up the entire process start to finish:
To explain it better, we have put together this handy Five Step Guide to CLM Automation Success...