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Jan 27, 2016 3:46:13 PM Michael Myers Contract Management

Key steps in the contract lifecycle management process

The contract lifecycle management (CLM) process goes beyond simply creating and managing contracts – it can be transformative to how organizations manage risk, enabling them to shorten cycles and reduce costs.

Contract LifeCycle

Contract lifecycle management software uses a combination of information technologies, including intelligent capture, enterprise content management, business process management workflow, and electronic e-signature to address the development, approval, and execution of contracts.

Request: It begins with a purpose and a request. Users need to be able to find pertinent documents to associate with their contracts. Having a single document management repository can help capture paper documents, track physical records, and store electronic records.

Authoring: Most user prefer to use their system of choice, like Microsoft Office, to perform all authoring activates including contract construction, redlining, version control and validation.

Negotiation: The ability to compare redlined versions of contracts and relevant attachments in one document repository, reduces negotiation time by half.

Approval: Contracts can be routed for review and approval using automated workflows, giving you real-time visibility and notifications, to help keep the cycle time short.

Execution: The quickest way to close the deal is to get it signed electronically. Digital Signature allows for quick execution from your desktop or mobile device, including a smartphone. For quick validation, approval and processing, use your smartphone to take a picture of the wet-signature and submit it. Fully executed contracts with wet-signatures can be scanned into the system using data capture.

Obligations management: Ensures that deliverables are being met and maintain compliance at all times using automated alerts and notifications linked to expirations, renewals, and key events.

Amendment: Contracts change overtime, especially in long term partnerships. It’s important to keep track of the original terms in addition to the current obligations to deliver on obligations. Having everything available in one repository provides a consolidated view.

Audit and reporting: Access to your entire contract repository for audits with contract compliance alerts, audit tracking, report generation, and easy integration with third-party reporting tools.

Renewal: Revenue is lost when contract renewal dates are missed. Setup alerts on expiration dates allowing you more time to access up-sell and cross-sell opportunities.

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