Contract Insights

You may have seen or heard the term CLM tossed around in conversations and online.  However, perhaps you do not have a comprehensive understanding of what it truly means.  Contract management professionals, including general counsel and paralegals, should gain at least some conversance with CLM and how digital contract management software tools can be leveraged for success in contract lifecycle management.  Read on to discover an introductory overview of CLM.

If you work within the IT industry, you may find that the management and oversight of a high volume of IT contracts of ranging complexity can require many moving parts.  If your organization is taking on IT contract management with manual contract management methods - such as those involving many filing cabinets, decentralized spreadsheets, and scattered emails - your team runs the risk of facing wasted time, squandered revenue, costly mistakes, and missed opportunities (among other harmful consequences).  Leave obsolete and damaging IT contract management methods in the past; tackle the following three IT contract management best practices with centralized and user-friendly contract management software.

Introducing a new contract management software solution can be a painless process or a long and difficult one.  Taking steps to prepare for the CLM implementation helps ensure the process is efficient rather than arduous and helps guarantee success.  The following steps can help lead to successful implementation:

• Determine contract administrators for the project.
• Assess and track contract data.
• Consider contract processes and configure procedures.
• Increase security with contract management permissions.
• Define necessary contract management reports.
• Collect and clean contract management data.

Read on to discover how to leverage the above-mentioned steps to successfully implement your contract lifecycle management software.

Organizations in both the public and private sectors are experiencing an ever-increasing need to more efficiently manage their contracts as contract volume and contract complexity grow.  Each stage in the life of a contract becomes ever more critical as organizations embrace digital transformation to more effectively manage legal operations.  Before they can even begin to improve contract lifecycle management, organizations need to have a clear understanding of contract management objectives.  In this article, we provide a straightforward examination of the objectives of contract management - as well as how organizations can meet these objectives with user-friendly contract management software.