How We Chose the Best Contract Lifecycle Management Software
Businesses encounter multiple contracts in their day-to-day activities, from invoices to employee applications. These legally binding documents are beneficial to your company, but they can get complicated and require a lot of care to avoid trouble down the road.
Recent technological advancements have introduced more straightforward ways of managing agreement flow. Contract life cycle management (CLM) software is among such trends, facilitating document administration, and preventing risk exposure.
These tools control, coordinate, and streamline contracts over their entire life cycles, helping companies optimize agreement usage, reduce costs, and even forecast revenue. However, contract life cycle management is still a new trend, and it can get complicated.
Here, we’ve examined the prominent solutions available today. Using the following criteria, we built a list of the top five software products to help your company manage documents.
Contract Life Cycle Features
The best CLM solutions include numerous helpful features for life cycle management. The software should help draft your agreements using tools and templates. It should also let you oversee their flow from creation to entry into force to the termination date.
- Contract drafting
- Workflow management
- Completion tracking
- Full-text search
- Compliance assurance
- Approval management
- Notifications and alerts
Complex operations with many moving parts often consider introducing CLM software to simplify the workflow. Ideally, CLM will smoothly integrate with other programs the company is already using, including:
- ERP solutions
- Accounting tools
- Office 365
- CRM systems
CLM software should generate detailed reports to help you assess and promote your contract life cycle management practices.
The reporting features should help you find ways to improve your contractual terms. These features help locate the information you need through contract specifics or search queries become much quicker and more comfortable.