Definition of Contract Lifecycle Management
Contracts
Contracts are the currency of your organization – they govern your company’s relationships, its obligations to its customers and employees, and the deliverable it expects from its business partners and vendors. They directly impact your organization’s profitability and risk profile – and must be created, negotiated, and managed efficiently and effectively.
Contract Lifecycle Management (CLM)
Contract Lifecycle Management (CLM) is the management of the entire lifecycle of the contract. It begins with the creation of the contract and progresses through to negotiation and signature. Once signed, key elements of the process include identification and management of important contract terms, contract renewals and terminations, tracking and management of spending, and compliance and obligation management. The process is essential for organizations who sell goods and services – as well as those who buy.
Contract Management or Contract Lifecycle Management (CLM) Software
Organizations can better manage this complex process by leveraging technology and automation. Robust contract management software applications provide support for all aspects of the contract’s lifecycle. Contracts can be automatically created to address standard and unique business requirements through an easy-to- use wizard experience. Negotiation processes can proceed seamlessly with automatic redline and check-in check-out functionality.
With the right technology, organizations can effortlessly assign tasks to the relevant role(s), escalate bottlenecks where appropriate, and route approvals based on a variety of different criteria. Once signed, the contract can be stored in a central repository with unique or standard permissions, key contract terms can be identified, complex contract relationships can be managed, reporting on multiple data elements can take place, and obligations can be systematically tracked and managed.
Industry Statistic
World CC, World Commerce & Contracting, cites that roughly 9.2% of gross revenue is lost on poor contracting processes.
Cut this figure in half. Cut it in half again.
The impact to both the top and bottom line is staggering.
Contract Economics
An in-depth review of the production, distribution and consumption of contracts and their financial impact on your company.
For more whitepapers, check out our Resources.
Purpose-Built Contract Lifecycle Management Tools From An Industry Leader
At Contracts 365, we believe that the process of managing contracts must be a simple experience for all users, despite being an inherently complex process. That’s why we created Contracts 365, an extremely powerful contract management solution with an easy to use, intuitive interface designed for simplicity and to maximize user adoption. Every aspect of the Contracts 365 user experience is designed from the perspective of multiple audiences such as contract managers, contract requesters, workflow approvers, salespeople, vendor managers, procurement professionals, executive management, and many more. An interface designed for maximum usability across a variety of user audiences ensures a streamlined and efficient experience and the highest levels of process compliance.
Contract Management Solutions For Any Business
Contract management is a crucial part of any organization’s workflow—contracts act as your company’s currency, they govern your relationships, and they provide you with legally-binding obligations to help manage expectations and deliverables with your customers and vendors. We believe that contract requests, creation, negotiation, tracking, and management should be simplified and streamlined. That’s why we developed Contracts 365, a solution that seamlessly integrates the process of contract lifecycle into your company’s critical operations. Contracts 365 is focused on helping organizations simplify the complexity of contract lifecycle management through smart user interface design, robust automation, and easy to use self-service tools. Progress tracking, obligation management, and active compliance monitoring help you quickly identify and eliminate performance bottlenecks. Contracts 365 contract management solutions are intuitive, easy to use, easy to adopt, and expertly developed to deliver contract management improvements for any type of business.