What is contract lifecycle management?
Contract lifecycle management (CLM) automates and streamlines contract processes during key stages. These stages include intake, authoring, process and workflow, negotiation and approval, repositories, execution, ongoing management and compliance, and contract renewal.
A great clm will work for you and not the other way around. Bigfork’s CEO & COO are lawyers who were upset with the legal technology available, so you know what they did? They created ALOE legal software as a brand new market solution made by in-house counsel for in-house counsel! What we focused on was maximizing efficiencies while making ALOE a one-stop shop for it’s users.
1) Improve Visibility
Contract lifecycle management technology increases legal team visibility through improved reporting on new contracts.
2) Time and Cost Savings
Save time and money by reducing administrative work.
3) Reduce Errors
By using your workflow automation, not only are you saving time, but you are reducing errors.
4) Automatic Executed Contract Storage
Great CLM tools will automatically store your executed contracts in a central location.
5) Avoid Non-Compliance
With date tracking, reports, and the ability to highlight contracts with special terms, you can stay on top of contract compliance easily.
6) Clear Renewals and Expirations
Know which contracts are renewing and when, and even automate parts of the process with automated workflows.
7) Accessible Negotiation History
See your entire negotiation history with a client – even if you’ve had employee turnover.
8) Robust Tracking / Reporting
See the stages of your contracts, know what’s due to help you prioritize, uncover bottlenecks, track expirations, and more.
To get our full breakdown of the 8 Benefits of Contract Lifecycle Management Technology you can download our free guide here.
If you want a 30-day free trial of our non-customizable contract lifecycle management you click here to get set started. If you are interested in getting a demo for our fully-customizable version of ALOE sign up for a meeting today and ask about any current offers we have.