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Are you planning to adopt a new contract lifecycle management (CLM) software solution into your business? If so, we recommend taking some key things into consideration prior to implementing your new CLM software.
In recent years, enterprises and various organizations have devoted more time and attention toward strategic contract lifecycle management (CLM) initiatives in efforts to drive business growth and profits. With the objective of reducing contract lifecycle times, many have redirected CLM processes from manual systems (i.e., physical storage and shared drives) to online CLM software solutions. In this way, companies can get the most out of their CLM with contract automation capabilities that can improve workplace productivity, compliance, and risk management all while shortening contract lifecycles.
In recent blogs, we have discussed the stages of contract lifecycle management and the definition of contract lifecycle management to unpack exactly how critical it is to strategize your business is contract lifecycle management (CLM) initiatives.
It’s necessary to have a basic understanding of what contract lifecycle management is. Contract lifecycle management refers to the administration of contracts and how contributors plan for each stage of a contract’s lifecycle from contract request, to contract renewal or expiration. Effective contract lifecycle management results in the elimination, mitigation, or reduction of risks.
There are many integrations available today that help improve contract lifecycle management. Here at Dock, we utilize several integrations to help provide powerful contract lifecycle management. Want to learn more about some key integrations that help with contract lifecycle management? Here is a guide to contract management integrations that will give you a broad overview. Today, we will discuss DocuSign as an integration option for contract management in more detail.
One of the most powerful integrations available for contract management is Microsoft Teams. Microsoft Teams provides powerful features that enhance communication and collaboration both internally with your contract management team, and externally with clients, vendors, and other contract stakeholders. Many businesses have produced incredible results and seen vast improvements in their contract lifecycle management strategies by making the transition to Teams.
This is the concluding blog in our stages of contract lifecycle. We have discussed each stage that occurs in a given contract’s lifecycle, and we will cover the final stage below. For more information on the first eight stages that occur within the lifecycle of a contract, view the following links below:
In this contract lifecycle management series, we have discussed the first seven stages that occur within the lifecycle of a contract. These stages include the following:
In this contract lifecycle management series, we have discussed the first six stages that occur within the lifecycle of a contract. These stages include the following: