The Complete Business Guide to the 8 Phases of CLM
Contract lifecycle management (CLM) is how organizations handle all their contracts.
Overview of the Contract Lifecycle Phase Basics
Organizations depend on contracts, making contract management an essential business process. From request to post-execution activities, understanding each of the eight phases of contract lifecycle management (CLM) is paramount to informed decision-making and successful contract execution. Digitally transforming contract management by leveraging CLM software amplifies these benefits, ensuring seamless navigation through complexities and enhancing overall organizational efficiency.
Key Takeaways From This CLM Guide
- Contract lifecycle management consists of 8 key phases: request and intake, authoring and drafting, negotiation and collaboration, reviews and approvals, execution and signatures, obligations and commitments, auditing and reporting, and end-of-contract actions.
- Effective contract lifecycle management can make your organization more efficient, more profitable, and more competitive.
- CLM software streamlines the contract management process through automation and tracks every step of the process.
Download the full eBook to learn more about the 8 Phases of contract lifecycle management.