Contract life cycle management systems (CLM) allow users to centralize contract storage and management, plus aid in the creation of new ones that fully comply with the company’s policies and requirements. This breed of systems provides all of the features of a CMS but add workflows to request, author, negotiate, approve, present, execute, manage obligations, amend, renew, etc.
Contract lifecycle management is the process of controlling, coordinating, and streamlining all stages in the life of a contract. A CLM solution helps companies optimize contract performance, especially in procurement and sales. These tools enable CFOs, business unit owners, and legal to reduce costs, more accurately forecast revenue, and improve regulatory compliance.
As CLM systems are gaining popularity, companies are deploying these systems enterprise-wide, rolling them out across their global organizations. Not only will they give you the ability to get all your current and past contracts into the system, but since they assist in creating contracts, all new contracts are stored, tracked, and managed – so you never get behind in organizing them again.