a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
“both parties must sign employment contracts”
synonyms: agreement, commitment, arrangement, settlement, understanding, compact, covenant, bond; deal, bargain; indenture “a legally binding contract”
Contract Lifecycle Management, a systematic management of contracts from initiation down to termination or renewal. If your business is creating and accepting a lot of contracts then you definitely need CLM software. Managing your contracts will help your organization save money by avoiding penalties, missed some opportunities, and payment errors. Keeping an eye to your organization’s responsibilities will give the business a greater value to the customers that will lead to future business growth. It will also circumvent litigation from contract non-compliance and other major issues; keeping your business reliable and trustworthy to the customers.
Contract Lifecycle Management (CLM) Software
Handling too many contracts can be a struggle and a real pain in the ass, thank God CLM software is invented.
- Process Efficient – automate and streamline contracting processes and provides easy and flexible options to audit, track and report on any required contract data.
- Compliance Management – automates contract business rules and approval workflows addressing compliance management and legislation requirements.
- Approval Workflow management – driven by template-based collaborative contract generation, renewal and amendment capability as well as rules-based review and existing enterprise approval workflows.
- Collaborative Negotiation – some has the ability to import and work with contracts and legal agreements generated by other companies enables effective external and third-party negotiation and collaboration.
- Revenue optimization – through automation and streamlining of enterprise CLM process increasing business efficiency thereby reducing operating expenses. Dynamic calculations to support royalty payments, tiered pricing and other calculation-based processes to help ensure reconciled financial statements.
- Accessibility – allows on-demand, searchable access to all key contract data per contract user with full-text search query and custom search mechanisms
- Security – define based on an access control list (configured by role, level, customer, etc.) and can integrate with external systems.
- Revision history – document compare and edit tracking/redlining capabilities
- Metrics and Analysis – tracking and reporting software enables on-demand or automated reports, increasing contract visibility, record-keeping accuracy and provides actionable and extractable business intelligence.
- Integration – integrates with all major sales force automation (SFA), Customer Relationship Management (CRM) or Enterprise Resource Planning (ERP) solutions.
- Flexible Delivery – either fully managed and hosted on premise, hosted in software as a service (SaaS) or cloud contract management solution deployments, some software has this feature to best meet your enterprise environment needs as well as requirements.
Top CLM Softwares
According to Finance Online here are the top software for Contract Life-cycle Management with 100% user satisfaction rating.
- ManageEngine ServiceDesk
- SAP Ariba
- SAP Sourcing CLM
Hopefully, there will be a better mobile application for this too though I know it won’t be that long. For now, since it’s still a complicated task to manage the whole lifecycle of the contracts these software are truly sent from heaven!