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Contract Management Software
Contract lifecycle management (CLM) Software stores and manages: • Legal agreements Contract management software is a program • or. Vendor series of contracts related programs for storing and • managing Leases legal agreements such as contracts with vendors, leases and licensing agreements. • Licensing agreements
The Purpose of CLM software: • Streamline administrative task • Reduce overhead • Provide unified view of contact process
CLM Software can also: • Follow contracts through reviews & approvals • Provide documentation for digital signatures • Generate the contract in Word, PDF • Include post-execution tracking
In enterprises, CLM can be used to: • Manage new contract requests • Capture data related to contract • Document authoring • Track contract creation & negotiation.
CLM provides business owners with better visibility into the status of a specific contract and facilitates reporting & compliance.
Contract Management Software provides alert notification for critical contact renewal dates.
Some low-end CLMs simply provide: • Templates and guidelines • Creation & storage of hard-copy contacts More robust CLMs provide ability to: • Create and manage contracts • Store in an electronic database • Automate contract lifecycle management
Losing Money “ To Of an Organization's Contracts Underperform…. . Translating into 9% of annual revenue” - Association for Contract Management (IACCM) $50 Million business is losing $4. 5 MILLION per Year!
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