Generation of contracts can be challenging for contract, procurement, and legal professionals. Manual contract generation can be tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly can inadvertently put organizations in the precarious position of facing significant process bottlenecks, compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual contract generation process into a value-centric strategy with the help of leading contract management software.
Contracts are legally binding - and thus need to be executed properly. As such, organizations should be equipped 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 said requests are fulfilled - with the possibility of contract renewal. Learn about the eight stages of the contract lifecycle below.
No matter what industry you operate in, no matter what the economic landscape is, and no matter where you do business, ROI is critical. Contract lifecycle management software helps organizations across the world see a real return on investment. It really is a beautiful thing- leveraging technology to help manage your organization at a lower cost.
How does a CLM product provide return on investment? The following acts as an incomplete list that shows the real ROI possibilities when choosing an industry leading contract management software solution: