With every business relationship governed by written contract agreements, it’s crucial to effectively manage contracts to ensure compliance and risk management. To achieve this goal, organizations must consider the technologies available to them that make up for the shortcomings of the manual contracting process.
Advanced Contract Management solutions backed by emerging technologies like Artificial Intelligence and Natural Language Processing is the only proven way forward for quick remediation of inconsistencies in contract performance.
According to Aberdeen Research. administrative costs associated with contracts are reduced by 25%-30% through implementing automation.
This whitepaper covers the top CLM solution capabilities that can bring in much-needed efficiency in the entire contract lifecycle management. Consider the following features when choosing the right contract management software for your organization’s needs:
- Centralized repository – The repository gives contract managers direct and easy access to contracts across locations and helps them keep an audit trail to stay compliant.
- Powerful security and compliance – Using highly secure servers and a powerful cloud-based contract compliance management framework provide high levels of protection for documents.
- Advanced search and reporting – CLM software save the legal teams’ headache of sifting through share drives and filing cabinet by offering contract metadata search and reporting.
- Post-award analytics – A dedicated analytics feature provides ultimate visibility on the performance of each document.
- CLM integration with business solutions – An integrated, secure, and reliable user interface extends productivity and reduces the need for multiple data entry.
- Artificial intelligence powered CLM – With AI-powered applications, businesses can accelerate productivity with reduced effort, address unpredicted risks, and optimize customer or vendor relationships.
- Customizable dashboards – Visual representation of key contract metrics on customizable dashboards provides access to key contract information at your fingertips.
- Flexibility to business processes and needs – An advanced contract management solution offers defined user roles, access permissions, single-click contract generation templates, configurable approval workflows, and version tracking.