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5 Reasons Why Your Business Should Adopt Cloud-based CLM Software

The emergence of cloud computing has revolutionized the way many businesses and industry leaders manage their contract portfolios. Due to the inherent legal nature of contracts and the variances in contract complexity and volume from organization to organization, modern contract lifecycle management (CLM) solutions now leverage the capabilities of the cloud to assist in the secure storage and sharing of contracts. With a cloud-based contract lifecycle management system, you can develop greater levels of efficiency and productivity for your organization’s contract management strategy. Cloud-based contract lifecycle management is rapidly becoming the norm for companies across a variety of industries within the United States. A contract lifecycle management built on a cloud platform supports businesses and organizations with increased contract accessibility and insights into all contract data.

The Benefits of A Cloud-Based Contract Management System

Contracts are at the core of any organization, and proper management of these important documents can lead to some pretty incredible outcomes. However, poor contract management strategies can put your organization on the fast track to bottlenecks, increased risk potential, and failure to follow through on contracted obligations. The Institute for Supply Management reports that written agreements oversee between 60 and 80 percent of business-to-business transactions. Their report additionally notes how Fortune 1000 companies typically manage anywhere from 20 thousand to 40 thousand contracts at all times.

Cloud Computing: How it Enhances Contract Management

Over the past years, enterprise business processes have been revolutionized by cloud computing technology. The very convenient means of accessing resources, be it data or computing power in the form of any software solutions, has made cloud computing very favorable for enterprise business operations. It effectively eliminated the need for having mainframe hardware readily available on-premises. Cloud computing technology is helpful especially for operations that are not based in a single location. Users are now able to collaborate and work effectively on projects even from remote locations. Companies can also operate without worrying about the risks of data security because cloud service providers like Microsoft and AWS have a very reliable infrastructure to manage (encrypt) data at REST and in transit.

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