What is Contract Lifecycle Management?
posted by Anna Mar, December 22, 2011Contract Lifecycle Management (CLM) tools manage contract documentation, administration and compliance. They are primarily used by legal, sourcing (procurement) and sales departments. CLM are used to manage both buy-side and sell-side contracts. Common features include:
contract document repository
contract templating
contract authoring tools with terms and conditions libraries
automation of the contract lifecycle
automatic compliance tracking (e.g. ensure that contractual discounts are applied)
contract collaboration
contract comparison tools
matching of invoices to contracts
milestone based contract alerts
contract BI and analytics
contract text search
contract administration and approval workflows
CLM tools streamline contract authoring, reduce contract administration costs and improve contract compliance.
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