What does contract lifecycle management (CLM) technology do?

Contract Lifecycle Management (CLM) technology is an essential tool for any organisation aiming to achieve successful business outcomes. CLM technology streamlines the entire contract management process, from initial negotiation and drafting through execution, management, and renewal. By automating the manual processes associated with traditional contract management, CLM technology provides organisations with a valuable set of tools for improved workflow efficiency and compliance.

What Does CLM Technology Do?

CLM technology provides organisations with an automated solution for managing the entire contract lifecycle—from negotiation and drafting to execution, management, and renewal. By automating manual processes that often take hours or days to complete, CLM technology helps organisations save time and money while improving operational efficiency.

At its core, CLM technology is a software solution that streamlines the contract creation process by automating routine tasks such as document drafting, redlining, approvals, storage, and retrieval. Additionally, it can facilitate collaborative negotiations between parties involved in the agreement. This makes it easier for both internal stakeholders and external customers to approve contracts quickly and accurately.

CLM also assists in streamlining contractual relationships and agreements. With built-in tools for tracking contractual obligations and deadlines, it provides an up-to-date view of all contracts, giving organisations visibility into their entire agreement portfolio.

Finally, CLM technology also ensures compliance with legal requirements and industry regulations. By evaluating contracts against pre-defined criteria prior to signing, CLM technology reduces the risk of non-compliance and costly penalties.

What are the benefits of CLM?

The use of CLM technology offers numerous benefits when compared to traditional manual contract management processes.

Improves operational efficiency

By automating manual processes, CLM technology improves operational efficiency by reducing the amount of time it takes to complete essential contract tasks.

Reduces risk

By providing visibility into all contracts and obligations, CLM technology reduces the risk of costly penalties due to contract errors or non-compliance with legal requirements.

Facilitates collaboration

CLM technology includes built-in tools for collaborative negotiation, allowing parties involved in an agreement to approve contracts quickly and accurately.

Provides insight into the agreement portfolio

With its comprehensive overview of all contractual agreements, organisations gain valuable insights into their entire agreement portfolio.

Improves accuracy

Automation eliminates human error when drafting documents and tracking contractual obligations, which helps improve accuracy and reduce mistakes. 

Conclusion

Contract Lifecycle Management (CLM) technology is a powerful tool that helps organisations streamline the entire contract management process. By automating manual processes and providing visibility into agreement portfolios, CLM technology saves time and money while improving operational efficiency, reducing risk, and facilitating collaboration. 

With these benefits in mind, organisations should consider incorporating CLM technology into their contract management process. At SirionLabs,  we provide advanced CLM solutions to help organisations maximise their contract performance. Our technology-driven CLM platform includes built-in tools for collaboration, analytics, and compliance management, all in one easy-to-use system. Contact us today to learn more about how our Contract Lifecycle Management solution can benefit your organisation.