Contract lifecycle management (CLM) software can seem like a significant investment. However, there is a high price to pay for low cost, poor contract management that will ultimately cost your organization much more in the long run. What’s more, you can plainly see the ROI contract management software provides if you know what to look for. As such, let’s take a look at 11 ways your organization can enjoy a strong contract lifecycle management ROI.
Contracts are legally binding - and thus need to be executed properly. Legal teams should equip themselves with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed.
The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution. The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal. Let's further explore the eight stages of the contract lifecycle below and how contract management software can help streamline your contracting processes.
Traditional paper contracts were replaced long ago by better contract processes. The paper document has been foregone in favor of digital contracts. However, not all computer-based contract management processes are created equal.
Oh no! It happened: contract lifecycle process failure. Something went wrong during contract lifecycle management - resulting in contract failure. But fear not; as a contract management professional, you are a worthy investigator. It is time to put on your detective hat, grab a notepad, and piece together the clues as to why your contract lifecycle process failed. You can also inspect how this tragedy could have been avoided with contract management software. Let the investigation begin!