What Makes A Good Contract Lifecycle Management?
A contract lifecycle management (CLM) system is a business solution that helps companies manage contracts throughout the entire deal lifecycle – from inception through execution and renewal. In this digital age, it’s becoming increasingly common for businesses to outsource their legal needs to cloud-based CLM software solutions.
Here are four factors to consider when choosing a CLM system:
Contract data integrity: When you choose a CLM system, you’re entrusting the system to handle sensitive information related to your company’s contracts. Make sure the system you choose is secure and reliable enough to protect your company’s data.
Data collection and management: As your business grows, you’ll likely need to collect additional contract details, such as pricing, terms, and service levels. A successful CLM system should provide tools to easily capture and store this information.
Automated processes: To ensure efficiency, a successful CLM system must automate certain aspects of contract management. For example, a system can automatically send out invoices and track payments, create new contracts, and assign tasks to appropriate team members.
Integration with third party systems: When looking for a CLM system, make sure it integrates well with other applications within your business, including accounting software, CRMs, ERPs, marketing automation platforms, eCommerce websites, and more.
We recently conducted a survey of over 1,500 small business owners across North America to identify their top concerns regarding their current software. We found that among these respondents, 83% said they were “very satisfied” or “fairly satisfied” with their current software, while 77% indicated they would like to upgrade their existing software. Here are some highlights of our findings:
The biggest challenges faced by small business owners today include:
• Data security (68%)
• Managing large amounts of data (67%)
• Time spent on managing data (63%)
What Is Contract Lifecycle Management Software Contract lifecycle management (CLM) software helps companies manage contracts from start to finish. This includes creating new contracts, managing existing ones, and tracking them through the sales process.