Technology has become an essential part of every business, by offering tools and platforms to improve both, internal and external processes. In legal departments, for instance, CLM automation software has become a very important resource to optimize processes and save time.
We are living in a digital transformation era and companies need to adapt and evolve to meet the demands of today’s world. Modern contract lifecycle management has become more dense and complex than it used to be.
Legal departments now have to face complex contracts, with hundreds of layers of terms and conditions, obligations and constant adjustments.
By implementing a CLM automation tool in your company, you will help your legal department save time and deliver better contracts, without complications or errors.
How can a CLM automation tool empower your legal department?
When it comes to contract lifecycle management, many companies use the same traditional system they had been using for years. However, as the market grows, business’s expectations increase creating new challenges.
CLM automation tools not only provide a customizable template, but they help you through every phase of the cycle:
A contract lifecycle management software gives you immediate access to all the contracts in your organization. Also, you can easily find any clause or contract with text searches. In addition, you can convert image files ( PDF, JPG) into searchable and editable text, and still keep the original image.
Another great function is the possibility to access configurable dashboards, reports, charts; getting repository information in a variety of formats.
Templates and clause libraries
You can create customized templates for contracts and workflow processes using the approved standard language defined for each agreement. Your legal team will also configure custom fields or specific cause library requirements with just a few clicks.
Workflow approval and execution
After creating the contracts with the custom template, then it’s time to send it for approval. Thanks to CLM automation tools, you can manage workflow with third parties through integrated SMS messaging platforms.
Changes and modifications to the contract are integrated into the document, allowing you to have easy access to modified versions as well as the original one.
A CLM software provides you with the tools to monitor, audit and control every aspect of the contract. This means that you can ensure compliance while taking notes of relevant metrics of the process.
If you want to empower your legal department, optimize contract lifecycle and improve productivity, then implementing a CLM automation tool can transform the way processes are carried out in your business.