The pandemic throttled organizations into a digitalization spree. From being a ‘nice to have’ contract lifecycle management technology, it has soon become a ‘must have’ for organizations. The sudden shift to remote working and breakdown of global supply chains has put businesses on hold due to the inability to source local suppliers and even if sourced, extreme delays in initiating a contract and executing it. According to a report by Aberdeen, organizations spend almost 3.4 weeks for a contract to get approved. With a robust cloud-based contract lifecycle management like Ultria CLM, you can reduce this time by 82%.
The below chart shows the contract flow in any organization. With Ultria CLM software you can speed up the entire process. A CLM software should not just stop in creating a repository for storing existing contracts and add new contracts, it has to evolve with your organization. Ultria CLM powered with AI is not just a contract repository software but provides end-to-end contract lifecycle management with focus on post award contract management and intelligent contract analytics. It is a journey not a destination.