Now that automation of contract lifecycle management has become more accessible and customizable, companies can leave behind their old ways. Since this process can be quite slow, there is a greater need for more efficient solutions. That’s why we will compare manual procedures vs a CLM software.
A CLM software solution to solve your problems
Every business has to deal with many types of contracts, especially law firms. If the lifecycle of such documents is messy rather than automated and centralized, the difference can have an impact on the overall performance. This means that your business loses time, resources, and could increase risk or non-compliance.
When you use manual contract management, your enterprise faces problems like:
Wasting time writing emails and making calls
Contacting law experts using these means to check document status is not very efficient. Instead, a CLM software is a business intelligence solution that provides experts with a smart dashboard for fast contract review.
Too many unattended contracts
Large companies face tremendous pressure and lack of control when using a manual contract lifecycle. Upon many requests and submissions, the documents end up in the wrong hands instead of getting a proactive approach. To solve this, a request form from a systematic process saves effort and provides standard guidance.
Lack of tracking for obligations and renewals
To keep track, many businesses use resources such as cabinets with post-it notes, One Note or Excel. Unfortunately, these methods need someone to handle the updating process manually, which leads to renegotiations and recurring charges. Using a CLM software, you can set up an obligations alert system to comply before deadlines.
Before and after using a Contract Lifecycle Management software
When your business has a manual contract management system, there is no database nor uniform templates for documents. Moreover, other negative outcomes could be:
No standardized terms and formats
Different templates such as RFPs, NDAs and others are all over
Security issues by sending drafts for reviewing via email
Difficulty to find the final version allocation and to know the time of execution
On the other hand, CLM software can give you streamline processes and guarantees:
Reduction of lifecycle
Definition of SLA terms
Creation of a rule-driven selection
Tracking and enforcement of SLAs
Standardization of your library of clauses and templates
Our final word, your company can do better with a CLM software solution to automate your operations. If you need help, contact us.