Contract Lifecycle Management (CLM) software is used to efficiently create, collaborate, approve, store, and manage contracts. It ensures compliance, reduces risks, and helps organizations track key dates, renewals, and costs. CLM software integrates with other systems, offers security, and generates valuable insights for better contract management.

Contract automation software is a type of technology that automates the creation, management, and processing of contracts. It uses predefined templates, standardized clauses, and rules to streamline the
contract lifecycle. This
software helps organizations generate contracts faster, reduce errors, and enhance efficiency by
automating repetitive
tasks like data entry and approval workflows. It can also facilitate contract collaboration,
storage, tracking, and
compliance, ultimately improving the overall contract management process.

You can measure ROI from Contract Lifecycle Management (CLM) by comparing the cost savings,
efficiency improvements, and
risk reduction achieved through CLM software against the initial investment in the software and
ongoing operational
costs.

A contract management workflow outlines the steps in creating, reviewing, approving, and overseeing contracts within an organization. It commences with drafting, proceeds to internal reviews and negotiations, culminates in formal approval, and execution. Post-execution, the contract is stored and monitored for compliance and key milestones, like renewal dates. This process guarantees efficient and consistent contract handling, reducing risks and upholding legal and regulatory compliance.

The contract lifecycle management (CLM) process involves managing a contract from its initial creation through to its execution, performance monitoring, and eventual renewal or termination. It typically includes stages such as drafting and negotiation, approval, signing, implementation, compliance tracking, and reporting. Effective CLM helps organizations streamline workflows, ensure compliance, mitigate risks, and enhance the efficiency and visibility of contract-related activities. This process is crucial for maintaining organized, efficient, and legally sound contract management practices across various industries.