Contract Lifecycle Management (CLM) is the catch all term for the management of any type of document, including contracts. The number of documents the average organization handles has grown exponentially over the past 30 years, and accompanying this growth has been an increased sophistication of how businesses stay organized, increase efficiency, and promote a culture of transparency and compliance. 

Advances in document automation have made strong CLM skills more than just an added benefit, but a prerequisite of doing business. But how exactly do companies benefit from Automated Contract Lifecycle Management?

Legal

Negotiation is a core component of any attorney’s job description. Whether it is collaborating internally with colleagues or hammering out terms with opposing counsel, keeping track of a contract during its entire lifetime, even after it has been finalized, is as important as the content itself. Automated Workflows build transparency into the negotiation process, automatically sending documents to the correct parties. Combined with Document Compare features, document integrity is ensured since the same file is shared, rather than multiple versions being sent via email.   

Accounting

Data entry may seem like a simple task, but in an industry where a high value is attached to accuracy, the ability to automatically populate forms and documents with information Imported From Sheets is incredibly useful. Not only will you reduce the risk of human error when creating documents, but later in the document’s lifecycle, using Automated Data Extraction tools, key document information can be pulled into detailed Document Records for quick retrieval. 

Human Resources

Handling employee information is one of the more sensitive tasks any organization must manage well. Failing to treat individual’s data with care can leave companies exposed to enormous fines, and lack of consumer confidence. CLM features that boast strong security tools like User Groups and User Permissions help protect confidential data; Further protection can be found using Data Anonymization functions.

Real Estate

In no other industry is speed and accuracy more valued than in Real Estate. Once parties agree on a transaction, there are a slew of reviews and inspections to perform and documents to complete before the deal can close. There are often many different groups of players involved. Throughout the different stages of the process however, it is often the same information that is used in the various documents, indeed the managing a matter may involve managing data across the lifecycle of many interrelated documents and contracts. The ability to automatically populate forms with information Imported From External Sources not only help reduce the risk of data entry error, but also save time. Electronic Signature solutions give parties the flexibility to sign documents anywhere, as soon as they are ready, and Data Summary tools automatically pull key information to fill document records, or power Notifications, for key payment dates, or renewals.

The best Document / Contract Lifecycle Management tools not only allow users to automatically draft, collaborate on, and execute documents with ease, but also to provide added value every step of the way.

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