Managing contracts is an essential part of running a business, but it’s not always easy. Because of this, sometimes it’s overlooked by companies, leading to compliance issues, inefficiencies, and financial losses. Contract lifecycle management software makes it possible to automate the end-to-end contract management process, saving you time and money while increasing visibility into your contracts so you can focus on growing your business.
If you’re looking for a way to simplify this aspect of running your company, check out these five benefits of using contract lifecycle management software.
1. Financial savings
Contract lifecycle management software can help you save money in many ways. Firstly, you can reduce your costs by decreasing administrative overhead and the time spent on contract management. According to Aberdeen Research, automating the contract management process can reduce contracts’ administrative costs by as much as 30%.
CLM software can also help you avoid fines and penalties for non-compliance with regulations. Through proper contract management, you can ensure that your company is following the rules. This will help make sure that your contracts are legally binding and enforceable in court if necessary.
Contract management software can also make it easier for you to create, manage and track your contracts. This can help you avoid problems with duplicating vendors and purchases. Moreover, CLM software allows you to track renewals and deadlines, so you will never again forget to cancel or renew a contract – see how Concord’s Customer Sevita saved many dollars thanks to this feature.
2. Greater efficiency
Contract lifecycle management software enables you to automate and improve your contract lifecycle management process. You don’t need to manually perform repetitive tasks or spend hours searching through files for paper contracts. This gives you more time to focus on other essential activities, at the same time giving your organization greater visibility over the entire process.
With CLM software, you can also create and use contract templates to produce documents with the right information in place, saving you time and reducing the likelihood of errors. With CLM software’s real-time editing and redlining feature, you also save time on sending contracts and comments back and forth via email.
3. Increased visibility into contracts
Another benefit of CLM software is that it gives you greater visibility into your contracts. Thanks to an online contract repository, you know where all of your contracts are and how many people have access to them. It also helps you quickly retrieve the needed documents and provides a historical record of all changes made to the documents. This is especially helpful if you’re dealing with a large number of contracts, as it allows you to quickly locate the information you need.
With contract lifecycle management software, you can also create custom reports to analyze any data you need. For instance, you can generate and download a report with all contracts expiring within the next 30 days to see what actions you will need to take in the near future.
4. Increased contract compliance
Contract compliance is a big issue for businesses. The typical contract management process involves multiple steps, from creating contracts to managing them on an ongoing basis to ensuring that any amendments are handled appropriately. Contract lifecycle management software makes it easier to avoid contract compliance issues by enabling you to manage your contracts in an integrated fashion. This helps ensure that your organization is always compliant with the terms of its contracts, which can save money and reduce legal risks.
Contract compliance is about more than just managing documents. It’s also about making sure that your company’s contracts are getting signed and approved by the right people at the right time. This can be hard to do when you have many contracts to manage, but contract lifecycle management software helps you stay on track by providing a contract approval workflow feature that ensures the correct stakeholders get involved in the process.
5. More control over contracts
With contract lifecycle management software, legal departments can easily manage and oversee contracts from start to finish. With contract lifecycle management software, you can:
- Ensure compliance with corporate policies by using pre-approved templates and tracking each step of the contract process.
- Make sure your company is getting what it needs from its vendors by managing terms and conditions before they’re signed.
- Keep track of contract statuses, including when they are signed and what the next steps are in their lifecycle.
- Ensure that legal teams can easily find and share documents across departments.
- Keep important documents safe and accessible only to those approved to see them.
Contract lifecycle management software makes managing and automating your contracts much easier and faster, letting you spend less time focusing on administrative tasks, and more time on growing your business.
We’re big fans of contract lifecycle management software, and we’ve seen it transform businesses. Take a look at Concord’s customers’ testimonials to see how they have leveraged contract lifecycle management software to save time and money, secure more contracts, and grow their businesses.
If you haven’t already started looking into what this type of software can do for your company, then now is the time! Don’t wait any longer—get started today!