What is Contract Lifecycle Management (CLM)?
CLM stands for Contract Lifecycle Management. CLM software optimizes and streamlines an organization’s contracts from Authoring to Execution, Performance and Post-award tracking. An efficient CLM software help centralize Contract Storage, improve Contract Turnaround times, and limit Business Risks with Obligation and Compliance Management.
Contracts are not just an administrative tool, but a strategic tool for any organization. Without an efficient contract lifecycle management software, organizations may not be able to realize the full value of every contract. Missing a key milestone or an accidental expiry of a contract can handicap businesses.
CLM system can come to your rescue here by automating and accelerating the entire contract management process end-to-end ensuring in-depth study of contracts with timely alerts and remainders for meeting contract obligations and compliance requirement improving operational and financial performance and productivity, leading to a more progressive and well-functioning organization.
Efficient Contract Management System
Today legal departments are pressurized to speed up their contract creation and execution. With an efficient contract management system also known as Enterprise Contract Lifecycle Management Software or CLM Software your legal teams are empowered with an integrated set of contract management tools to optimize every stage of contracts from creation to renewal or expiration.
Further, it allows your procurement, finance and sales team to self-serve from legally approved contract templates so routine business can be managed and agreed at a scale from a unified workspace speeding up the process of contract creation and execution.
What is Ultria CLM Software?
Take control of your contracts without lifting a finger with Ultria CLM software from anywhere in the world. Ultria CLM – A Cloud-based contract management software stores all your ongoing and future contracts in a single scalable, searchable and secure contract repository as well as creates fully compliant and legally binding contracts with automated and legally approved templates.
A single unified access-based enterprise contract lifecycle management software workspace with seamless integration into supporting systems in your organization – Ultria CLM Solution is built for every department. The best in breed contract automation software keeps all your legal, procurement, finance, sales and other business teams in line with changes at every stage of the contract lifecycle enabling better contract performance and negotiations at time of execution and renewals with increased visibility throughout the lifecycle of the contracts.
Your legal departments works faster and smarter with custom built legally approved templates leading to hassle free contract creation that are free from compliance risks. Timely alerts and remainders let them stay ahead of obligations with improved data visibility across contracts ensuring total control of contracts.
Your procurement team gets greater visibility of vendor compliance and performance of contract obligations ensuring better negotiation and enhanced productivity using AI-powered insights into contract data.
Your sales departments close deals faster with CRM integrated Ultria Contract Management system that accelerates time-to-contract by simplifying contract request process and minimizing delays by tracking progress from within your CRM system.
Your IT department manages and protects your entire contract data in the cloud based centralized contract repository software with single sign-on and safe, secure and user-based access that offers complete contract management security.
Why Ultria CLM?
Artificial Intelligence in Contracts Management
With advanced Contract Management solutions, you never miss a milestone, stay ahead of obligations and be aware of legal terms and compliance clauses hidden in your contracts by AI-powered metadata extraction ensuring maximum performance and error-free execution with cloud-based contract management software Ultria CLM.
End-to-End Contract Management Tools
Ultria CLM empowers end-to-end enterprise contract lifecycle management software with artificial intelligence – Ultria Orbit and machine learning to unite human expertise and technological insights by innovating across every stage of contract lifecycle with powerful and tailor-made contract management tools to suit your organization.
Centralized Contract Repository Software
Ultria CLM stores all your contract in a single, secure, scalable and cloud-based contract repository software so that you don’t lose track of any individual contracts. With remote working teams and contract parties dispersed globally:
- Your teams always need access to disparate information at all times for the efficient execution of the contract.
- All contracts and supporting documents are stored in an organized way
- Up-to-date versions are easily accessible without duplicates and searchable via permission-based access from anywhere delivering accurate answers to customers based on real-time information.
Ultria’s Central repository software not just stores your contracts – but enables to derive complete value of your contracts and data leading to increased productivity, revenues and savings with reduced risks.
Standardized Contract Creation & Execution
The cutting-edge document assembly software with an intuitive interface, Ultria CLM enables your contract and legal teams:
- To create fully compliant and legally binding contracts with less or no help from your in-house legal team.
- To have an inbuilt clause and template library that is legally preapproved and constantly updated
- To just drag and drop the required templates as well as manage multiple templates and document versions in standard file formats.
Empowered with MS Office plug-in document editing and contract creation is more time-efficient without having to leave the CLM space.
Automated Contract Workflow
Once a contract request is created Ultria’s contract automation software designs, customizes workflows and processes predesigned steps to
- Notify the right people at the right time for requests and approval with virtually unlimited contract notifications
- Sent alerts and workflow task reminders so that the contract process is pushed swiftly to execution stage without any delays at the approval stage.
- Efficiently negotiate, collaborate, approve, set key milestone dates or even a group of clauses that needs to be brought to notification are brought to alert keeping the managers at task.
Integration with DocuSign
Only when a contract is signed it is propelled into the real action.
- Ultria CLM integration with leading E-signature solution provider DocuSign reduces signature bottlenecks as well as send-to-sign time.
- Allows contract parties to sign individually or in bulk the contracts from anywhere in the world safely and securely with just a click of a button.
Digitally encrypted end to end, E-signatures mathematically verifies if the digital documents are authentic and guarantees signature dates are true rendering tamper proof contracts that has audit trails and are legally binding and secure assuring contract management security.
AI Powered Contract Management System for Contract Analytics
Intelligent contract analytics can convert your static contract documents into strategic tools and create risk mitigation strategies by identify performing and nonperforming contracts.
AI Powered Ultria CLM backed with Machine Learning capabilities fishes out key meta data and other elements creating real-time metrics which allows organizational teams to:
- Gain valuable insights into contract compliance and vendor compliance
- Identify different type of risks such as financial, legal, performance and third party that is critical to your business process.
- To find any changes in clauses, compliance conditions or legal obligations from standard dynamically triggers actions and sets the change in motion updating contracts according to changes and bringing it into alert.
- To bring in third-party papers in any format and compare it with standardized contract language of the businesses highlighting changes that need action.
Access-based user-friendly dashboards and reports
Your contract repository contains a wealth of information which can provide valuable and actionable insights about the contract performance. But it also contains sensitive inside information that not everyone should get access to.
Ultria CLM’s user-friendly intuitive interface offers access-based dashboards tailored to specific users that allows them to:
- Access summary of detailed data that enables them to track contract versions, access supporting documents like purchase order, invoices related to the contract
- View the audit trail on the real time changes in the contract.
- Generate reports in no time by selecting the relevant columns or search data and filter, group or sort them and create a report.
These reports can be saved and shared and run wherever they want to keep them informed what is going on in the contracts at all times with real-time information.
Choose Ultria CLM (Contract Lifecycle Management) Solution
At Ultria your contract management system is the center of our universe. Boost your contract management process with our cloud-based contract management software that has a collaborative culture of bringing together all contracting functions like Sales, legal, Procurement, IT and HR onto a common platform.
Our enterprise contract lifecycle management software maximizes business agility and allows teams to discover new opportunities and experiences with seamless integration with other platforms like CRM and Microsoft office bringing all your contracting information and ecosystem into a unified solution. With smarter and successful contract management solutions accelerate your contract performance and transform your contracts into valuable corporate assets with valuable real-time insights, enhance compliance across multiple legal and government regulatory systems and stay ahead of your peers.