Your contracts are not just an administrative part of your business, they are strategic. They are core to your strategy of minimizing your legal, financial, and even public relations risk. So, let’s look at how contract lifecycle management works and the benefits it provides.
Replacing manual legacy contract management with an automated contract lifecycle management (CLM) system will streamline your processes and accelerate your velocity to contract value. It will improve accuracy and decrease things that “fall between the cracks.” It will protect your organization from an audit. It will save time and money. And when we talk about contract RISK, we could be talking about a LOT of money.
In a nutshell, here’s how CLM works:
The IACCM estimates the cost of inefficient contract management to be more than 9% of total annual revenue.
Source: The International Association for Contract & Commercial Management
At Contract Logix we have leveraged our many years of experience with organizations like yours to translate the complexities of contract lifecycle management into software products that make it easy for users create, negotiate, approve, execute, and manage their contracts.
Whether you choose our Express product to simply store and managed your executed contracts, or our Premium product to create contracts and manage them through their entire lifecycle, here are some of the ways Contract Logix makes CLM work for you.