The need for automated processes has become a need for businesses. Especially for law firms that require more efficient document management. If you want to streamline your contract lifecycle, you should know that using CLM software means lower costs and better compliance. Discover why.
Basic features of a CLM software
CLM software can oversee thousands of documents accurately. So, to properly manage your business contracts, you can implement a special software to eliminate bottlenecks, improve security and minimize human error.
Moreover, you won’t have to invest days or weeks drafting your most important contracts. With the proper lifecycle management program, you can say goodbye to non-compliance, costly errors or unmet terms and conditions.
Improve management cycle steps
When you analyze the contract lifecycle closely, you understand the importance of every stage. A CLM software can help you realize where exactly you’re losing value. Thus, you can optimize performance, refine your portfolio, seize opportunities and lower the incidence of risky documents.
Also, by including this solution, you can make significant improvements in your steps’ process:
Templating. Using a template library can speed up turnaround and better contract risk management. Also, authorized personnel can insert custom text and tag metadata; including annexures and exhibits. This goes through a verification process before any creation.
Drafting. Set with rule engines, this program gives you a dynamic creation using clauses and templates. The content is put together automatically, considering criteria like prices, services, terms, products, region, etc. In addition, you can integrate CRM for auto-build based on procurement guidelines.
Reviewing. CLM software has the ability to identify commercial terms of prices, products, services, discounts, and incentives. This allows you to combine business data for exact term execution which means workflows that deliver accurate compliance.
Approving. Effective contract approval demands that you take advantage of information using proper definitions. Furthermore, through automated workflows, you have support for sequential and parallel approvals based on negotiation updates.
Executing. You can access from any connected device. Likewise, this program allows electronic integrations with Adobe Sign or QR codes as needed for signing and contract updating.
Performing. The days when programs could not understand contract terms are over. A CLM software has an analytic function that can give you insights about risks, deviations, cycle times and more. Besides, you have a better tool for creating simple or complex commitments.
So, if you own a business or a law firm, our CLM software can give you a full view of contract processing. Give us a call.
