Manually importing and analyzing contracts can be time-consuming, frustrating, and often results in lost documents or other mistakes. Having an expert handle data extraction for your organization can provide better results and a seamlessly organized contract repository. Artificial Intelligence (AI) can detect and prevent predicaments that cause your organization to be at risk. Learn from this real-world case study how a CobbleStone Software client utilized contract data extraction services and text mining smart tools, transforming their contract management process to be supported with data-driven strategy.
The terms "contract management" and "contract lifecycle management" may seem synonymous however, there are clear lines that can make or break the positive impact and value that contracts create. Organizations looking for opportunities to improve processes, profitability, compliance, and security must develop an understanding of the difference between contract management and contract lifecycle management so when the time is right, they can adeptly leverage contracts to achieve organizational goals and reach new heights.
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How many steps should be in a contract workflow?
The correct answer is: It’s dependent on your organization’s needs.
There is no set number of tasks for a “perfect workflow”. You must determine what steps are necessary and in what order they should be executed, establishing the best workflow for your organization to achieve CLM (contract lifecycle management) success.