Key features of a contract lifecycle management solution, what are they?
Contract lifecycle management (CLM) solutions have become essential for businesses of all sizes that need to manage their contracts effectively. These solutions offer a range of features and benefits that make it easier to create, negotiate, manage, and track contracts throughout their lifecycle. In this blog post, we’ll explore some of the key features of a contract lifecycle management solution.
- Contract authoring: A good CLM solution should have an easy-to-use contract authoring tool that allows users to create and customize contracts quickly and easily. Users should be able to create contracts from pre-approved templates, add clauses and terms, and include electronic signatures. These contracts should clearly record when changes are made and by who the change is made. In ALOE, contract tasks are assigned to users along with the ability to assign comments, subtasks, approvals, and send a signature request.
- Workflow automation: Workflow automation is a critical feature of a CLM solution, as it allows users to automate tasks and approvals throughout the contract lifecycle. This feature ensures that all stakeholders are notified and can provide input on the contract. It also ensures that the contract is reviewed and approved by the right people before it’s executed. At Bigfork Technologies, our implementation team works with your legal team to find the best strategies that optimize your team’s goals. From there, we build your workflow automation instances leaving your team free to focus on legal work.
- Contract repository: A CLM solution should have a centralized repository for all contracts, allowing users to store and access all contracts in one place. This feature helps ensure that all contracts are easily accessible and can be searched and filtered by metadata such as contract type, status, or expiration date.
- Contract tracking and management: A good CLM solution should provide contract trackings and management features, such as automated reminders for contract renewals or expirations, tracking of contract performance, and alerts for key contract milestones. This feature ensures that contracts are managed effectively and that stakeholders are alerted when action is required. ALOE takes this a step further by providing version control history. Users can access older versions of documents with a click of a button. When redlining is complete, or a task is updated, the necessary parties are updated on the status of the task.
- Reporting and analytics: A CLM solution should provide reporting and analytics capabilities, allowing users to track contract performance and gain insights into their contract portfolio. These insights can help businesses identify areas for improvement, such as which clauses or terms lead to more disputes or which contracts are most profitable. ALOE’s reports can be shown on dashboards, Kanban boards, and our timeline (Gantt chart). ALOE users can create dashboards showing a list of contracts along with selected fields – this could be due dates, effective dates, expiration dates, or renewal information, along with who is responsible for the contract. Any field in ALOE can be shown on dashboard reports. Dashboards show data in lists, charts, and grid views.
- Integration with other systems: A CLM solution should be able to integrate with other systems, such as ERP or CRM systems, to streamline workflows and ensure that all data is synced across systems. Integration with other systems can also help users create contracts more quickly by pulling data from other sources. The benefit of working with Bigfork Tech is our in-house development team. We can create custom integrations to make your transition to ALOE, seamless.
In conclusion, a contract lifecycle management solution is essential for legal teams and businesses that need to manage their contracts effectively. With features such as contract authoring, workflow automation, contract repository, contract tracking and management, reporting and analytics, and integration with other systems, a CLM solution can help businesses streamline their contract processes, reduce risks, and improve their overall contract management efficiency.
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