Stages of Contract Lifecycle Management
The Role of Contract Lifecycle Management in Business
Contract lifecycle management is a critical operation within every business. Due to the legal nature and complexities involved in contract lifecycle management, legal teams and sales departments might find the CLM process to be rather daunting. Contract lifecycle management (CLM) software simplifies CLM processes, making it vastly easier when compared to traditional CLM practices.
Effective contract lifecycle management can significantly influence the success of your organization, so it is essential to learn how this process can impact your business. An intelligent approach to contract lifecycle management consists of timeliness, accurate data, and strategic administration. All of which will benefit your business and the client or vendor experience.
What is Contract Lifecycle Management?
In simple terms, contract lifecycle management is the process that an organization’s contracts undergo during contract requests, authoring, approvals, execution, and renewal. Contract lifecycle management (CLM) software can make this entire process efficient and easy to manage. This software not only enables intelligent processing and management of your contracts, but also offer competitive advantages in cost-efficiency, productivity, risk management, and increasing compliance.
Why Your Business Needs Contract Lifecycle Management (CLM) Software
Businesses should invest in CLM software to maintain competitiveness. Minor errors in contract lifecycle management can result in significant financial impacts and can inhibit your brand’s identity and business reputation. Customers, clients, partners, and legal authorities expect diligence and accountability from organizations where contracts are concerned. The smartest way to develop accountability, increase compliance, and manage risk is by leveraging CLM software.
How Secure is Contract Lifecycle Management (CLM) Software?
Any business process that handles sensitive and confidential data should be provided with the best security. Contract management is critical, and data security must be prioritized throughout contract lifecycles. Here are some key factors to consider pertaining to CLM software security:
- Where is data stored
- Availability of data encryption
- Two-factor authentication
- Ability to restrict access to users based on roles and projects
Contract Lifecycle Management software that is powered by Microsoft 365 is a top-notch option for data security and encryption. Microsoft’s security features are optimal, and you will reap all of the Microsoft benefits as standard. Dock 365’s CLM software also offers the ability to distribute access and control among users based on their roles and responsibilities.
One major highlight of CLM solutions is their user-friendly UI that makes it easy to navigate and locate items. A well-designed and developed CLM software can ensure improved contract request functionalities and approval workflows. These are simply the starting points of the most successful businesses.
A centralized contract repository and the ability to track the history of the contract are additional features that make a difference. Dock also offers capabilities to create vendor profiles and store all details for quick decision-making and contact. You can also give a rating and review their performance.
Download your copy now and stay secure and productive with your contract management processes.
The e-book consists of 10 chapters. Here are those topics you get to explore:
- Chapter 1: Contract Lifecycle Management?
- Chapter 2: Contract Request
- Chapter 3: Contract Authoring
- Chapter 4: Contract Approval
- Chapter 5: Contract Execution
- Chapter 6: Contract Storage
- Chapter 7: Records Management Stage
- Chapter 8: Search & Retrieval Stage
- Chapter 9: Reporting & Data Analysis
- Chapter 10: Contract Renewal
Download the E-book here!
How a CLM Software Standardizes The Contract Creation Process
The most basic purpose of contract lifecycle management software is to efficiently standardize and coordinate all data and workflows. Contract creation is a detailed process that can be especially complicated if your organization does not have standardized contract authoring procedures in place. With CLM software, you can create templates and make them available for specific teams to ensure everyone creates contracts based on the latest laws, terms, and approved templates.
The benefits of standardizing contract creation:
- All contracts become unified statements
- Finding and following templates is simplified
- Multiple people can collaborate during contract creation and approvals seamlessly
- Your sales processes become more effective and refined
The Purpose of Contract Lifecycle Management
Contract lifecycle management is composed of different stages. Learning about each stage can help you understand what exactly CLM is all about, and our E-book will give you a detailed insight into each of these stages. Here are the stages of the contract lifecycle management process:
- Document Storage
- Retrieval and editing
- Renewal and notifications
Maximize Your Value With Integrations
The biggest innovation of today’s contract lifecycle management software is the availability of an e-signature facility. This is made possible through the integrations of various electronic signature providers such as Adobe Sign, DocuSign, Sertifi, and more. Signing a contract from remote locations with ease and security is now made possible.
Other integrations like Microsoft Teams, Microsoft 365 solutions, Microsoft Dynamics 365 and Jira, make things even more favorable.
Learn About the Stages of Contract Lifecycle Management
We hope to have provided a clear picture of the role of contract lifecycle management in businesses today. To enhance your knowledge, we encourage you to learn about the different stages of CLM.
We have created an elaborate E-book to provide you this information. Download the E-book for free to gain additional knowledge and empower your organization’s contract management processes.