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Contract Lifecycle Management: the irrefutable need for technology

The argument of financial and reputational losses caused by poor contract management makes for a compelling case for streamlining contract processes. But what makes contract lifecycle management indispensable in 2021?

 

Contract lifecycle management (CLM) matters more than ever before, moving from ‘cool-to-have’ to ‘crucial-for-survival’ and we outline key tools that legal departments must invest in to streamline contract lifecycle management.

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Related insights: CLM

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Contract lifecycle management in today’s post-Covid era
As the legal department, your primary role is to protect your business by proactively identifying and mitigating risks. This brings us to the core function of every legal department - managing contracts throughout their lifecycle; creation/drafting, negotiation/ reviewing, approval, finalisation, renewal/ closure.
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How the pandemic catalysed the transition of CLM from ‘preferable’ to ‘business-critical’
Before the pandemic, CLM software was considered nice to have. Businesses recognised the value of CLM software to slowly and steadily streamline and automate contract processes. However, many continued to keep manual processes (despite understanding the risks). Others digitised only selected parts of processes.
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How legal departments can automate document creation
As agile working has become the norm for many legal departments, so has the need to automate contract creation. Drafting contracts with NO overview over who is doing what, when, how and where can result in an act of “the blind leading the blind”.
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Software solutions to help with CLM

Legisway Essentials Legal Dashboard
Legisway
Legisway is an all-in-one legal management software, designed to empower legal departments drive digital transformation and help legal professionals be more effective at contract lifecycle management, mitigating risks and creating value for the business. Learn how you can mitigate contract risks proactively and provide better reporting on CLM to the business to make informed decisions thanks to Legisway. 
Discover Legisway

FAQ about CLM

  • What is CLM?
    Contract lifecycle management (CLM) automates and streamlines contract processes during key stages. These stages include: initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance (within the repository), and contract renewal.
  • Why is CLM important for lawyers?
    As the legal department, your primary role is to protect your business by proactively identifying and mitigating risks. This brings us to the core function of every legal department - managing contracts throughout its lifecycle; creation/drafting, negotiation/ reviewing, approval, finalisation, renewal/ closure.
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