CLM- The new Revolution in the Legal Tech Space

Throughout the CLM industry insights we have read and heard that Contract Lifecycle Management (CLM) refers to managing the contracts to maximize business performance and minimise risk throughout the contract lifecycle and of course manual contract management makes it harder.

So, what’s fuelling the CLM expansion is the undeniable reality that CLM is not only analogous to revenue, it majorly takes attention of the stakeholders who are inclined to optimize productivity, efficiency and expedite business outcomes. Today, major legal tech players are on a constant path towards upheaval and set a new standard for the CLM excellence. The CLM industry is predicted to grow at 11.4% in the next five years, as the market is getting crazy by an increased number of acceptance of CLM for their end to end process of contract management.

Innovation is the core of Legal Tech Space, let’s check out some of?the features which makes CLM a new revolutionary engine in the Legal space and how it has eased the work from Traditional contract management.

Stages in Contract lifecycle Management:

1.??????Contract Request and Initiation

2.??????Authoring

3.??????Negotiation

4.??????Approval and Execution

5.??????Contract Obligation

6.??????Audit and Reporting

7.??????Termination and Renewals

The stakeholders have an ease over reading the complete lengthy contracts to quickly go through all important compliances and deadlines in one go. It provides a Seamless user experience, has a centralized contract repository, special engagements for Stakeholders and workflow management. Easy access to reporting and analytics allows you to measure the contracts performance and provides you with insights to play with and make changes.

This is a reality that with CLM implementation partners it’s not only about cost savings but an overall exciting journey without worrying about missing important milestones and elevating the effectiveness of your legal tech transitioning.