Contract lifecycle management (CLM) software is usually a cloud-based technology solution that helps legal and business teams to create, negotiate, sign, renew and analyse contracts digitally. It streamlines the contract lifecycle and enables business users to self-serve and manage routine contracts at scale, all in one unified workspace.
Some figures about contracts
- From 250 contracts per year it is worthwhile to buy a CLM package
- The payback period of a CLM package is often 6 months or less
- 25% of the contracts cannot be found and are therefore not followed up
- 65% of the contracts are not complete
- 30% of contracts are poorly or not executed
- 70% of contracts are tacitly renewed often without management being informed
What added value does a CLM offer?
- Less (financial) risk
- All contracts on 1 Saas platform and accessible to those who have the rights
- Easily decide who can see, comment, modify and approve which contract.
- Contracts that always start from the most recent clauses
- Approval flows that ensure that the right level can/should screen and sign the contracts
- Contract protection and privacy best practices
- Higher productivity
- Bulk contract generation and pipeline management (CLM linked to CRM)
- CLM is (usually) linked to E-signing software so that the signature also comes in smoothly with automatic reporting
- The business can already prepare a contract proposal without the help of the legal department
- Update a contract in 1 place by both employees and external parties with a full history of the changes
- Accelerate contract review and execution
- Better reporting and follow-up
- Show the productivity of departments related to contract management, contract creation and lead time
- A powerful search function to easily find the right contracts
- Increase the visibility of contracts and thus gain an insight into the rights and commitments of your company over time
- Notification when your contract is commented, amended or approved by both colleagues and external parties
- Automatic reminders about cancellation and end dates; or other agreements such as year-end discount, indexation, ...