Believe it or not, contract lifecycle management software (CLM) isn’t just for the legal department. In fact, CLM platforms can be used by any number of departments in any organization. From procurement and accounting to marketing and human resources, CLM can help manage the entire contract lifecycle. We’ll show you how to make your CLM work for you and your team.
What is contract lifecycle management software?
Contract lifecycle management software is software that allows businesses to manage and keep track of their contracts throughout their life cycle. This can include everything from contract creation to contract expiration. Contract lifecycle management software can automate and organize the entire process, making it a valuable tool for businesses of all sizes.
There are many different CLM software options on the market, so it’s important to find one that fits your specific needs. Once you find the right CLM software, it can help you save time and money while keeping your contracts organized and under control.
The benefits of contract lifecycle management software
Contract lifecycle management software is designed to make the process of managing contracts easier. But what are the benefits of using CLM software? Here are a few:
- CLM software can help you track contract deadlines and renewals. This is especially helpful if your team is juggling multiple contracts at once.
- CLM software can automate contract creation and management tasks, saving you time and energy.
- CLM software can help you identify and prevent contractual risks before they become a problem.
- CLM software can provide a central repository for all your contracts, making it easier to find the document you need when you need it.
The features to look for in a contract lifecycle management software
So, what features should you look for in a contract lifecycle management software? A good starting point is to consider the different parts of the contract lifecycle and find software that can automate as many of those processes as possible. For example, you’ll want software that can help you create contracts, store them securely, track approvals, notify relevant parties when changes are made, and so on. Of course, the software should also be easy to use and configure, so you can get up and running as quickly as possible.
How to implement contract lifecycle management software
Now that you understand the basics of contract lifecycle management software, it’s time to learn how to implement it in your own business. The first step is to create a system for organizing your contracts and related paperwork. This can be as simple as creating a dedicated file folder for each contract or as complex as setting up custom fields and folders in your software.
Once you have a system in place, you can start importing your existing contracts into the software. Be sure to tag each one with the appropriate keywords so you can easily find them later. You may also want to create templates for common contract types so you can quickly generate new contracts without starting from scratch each time. Finally, make sure to train everyone in your organization on how to use the software so they can take advantage of all its features.
Contract lifecycle management software can help your business manage its contracts more effectively. By automating contract-related tasks and providing a central location for all contracts and associated documents, contract lifecycle management software can help your business save time and money. When looking for a contract lifecycle management software, be sure to consider the features that are important to you and how the software can be implemented in your business.