It could be that your in-house understaffed team has been struggling to review the growing number of contracts. The Contract Lifecycle Management can be reduced by about 50% by contract management solution. Hence legal departments are eager to invest in such solutions.
Top 10 things to consider before investing in Lifecycle Management
1. Clauses libraries and Templates:
Your legal team using Cloud CLM can manage pre-approved alternative clauses and templates. It is possible within a single place. They also get access easily to whole history of changes. It also allows having formal publication and approval process. This, in turn, ensures changes to clause and templates are approved properly. It also ensures publishing the last approved version and making it available for use.
2. Self-service contract:
Using Cloud Contract Lifecycle Management, anyone within the organization will be able to use pre-approved clauses and templates to create transaction-ready contracts. This can be achieved in just a few clicks. Your team can derive plenty of control or liberty as you prefer to provide them.
3. Comparison tool and versions control to track contract negotiations:
Contract negotiation involves 2+ parties. At times, it could quickly get tricky by exchanging of different versions. With Cloud C\LM, it becomes possible to store properly each version as well as compare them easily between any two.
4. Faster contract TAT with real-time collaboration:
One essential business strategy will be to adopt CLM in your business. It allows your sales and legal team to collaborate efficiently on the contract. It helps reduce redline cycle and review. Google introduced Real-time collaboration is considered to be the very best as it ensures smooth collaboration.
5. Automated approvals that are predefined condition triggered:
With Cloud Contract Lifecycle Management, you derive the power to reduce significantly compliance risk. This is possible by automating contract approval method. It means, no more contracts are likely to go out for signature especially without appropriate approval. Top Financial management, business and legal executives range from complex MSA-approval to simple NDA approval. It is likely to be seamless for both approvers and requester.
6. Protects attachments and emails:
At times, merely saving contracts will not help safeguard your company interests. It is equally vital to save attachments and emails exchanged between different parties while carrying out negotiations. With contract management system, your email provider like Outlook, Gmail, etc. is integrated to offer seamless importing of attachments and emails. They can be linked with appropriate client or contact supplier to ensure safekeeping.
7. Central contract repository:
The first step to manage properly your contract is to establish central secured contract-repository. This ensures that your teams do not have to waste time trying to locate the signed contract. At one place will found all contracts that can be accessed easily. Only those authorized will be able to access it.
8. E-Signature tool integration:
One effective business strategy is to integrate cloud CLM with major market e-signature tool. It allows sending of contracts for e-signature, to track its proper signing and storing in appropriate place.
9. Reporting and Analytics:
Cloud CLM is designed with customizable Financial management reports and dashboards. It offers global view on the active contracts while highlighting exact data desired. It will involve effortless reporting to top auditors and executives. This way, your legal team will not get distracted from their regular tasks.
10. Post-signature contract management:
Cloud CLM permits establishing email reminders and alerts. This way, you will never miss out on the payment date, renewal date and key events.
The top Lifecycle Management solutions are found to provide diverse options. It allows you to adapt easily to your different urgent needs. At the same time, it can evolve to accommodate your growing business process.
