CLM in legal means Contract lifecycle management which is a methodology to optimize contracting activity, saving costs, and time.
Digitalization has become an essential step for growth in all industries, for instance, applying CLM in-house legal counsel is now a key element to mitigate risks while improving productivity and efficiency.
The automation of contract processes improves the way legal organizations function, even when the budgets don’t expand as fast as the demand for their services.
Although CLM in legal organizations offers a series of important benefits, processing contracts manually usually leads to undesired complications. Such as:
- higher legal risk
- poor contract approval processes
- difficulty auditing contract paper trails
What are the features Legal organizations look for in a CLM tool?
CLM software solutions are designed with the clear purpose of helping clients manage their contracts throughout every step of the process.
Thus, the best options for contract management should include these main features:
- OCR: allowing or converting image files to researchable documents
- Word and PDF Editable files
- Track of every document revision (Even comparing different versions)
- Automatic contract creation, with just a few clicks
- Free document conversion between PDF and Word
- Integration of electronic signature.
Benefits of applying CLM to in-house legal counsel
There are 4 core benefits of CLM in legal departments and organizations:
Promotes a transition to becoming a strategic partner
Having a CLM software provides easy access to all necessary contract information because it reduces research time significantly allowing legal departments to focus on planning strategic activities.
Using CLM software to create contracts mitigates the risk of mistakes from the beginning. It also provides deep visibility and analysis of risks and obligations.
Implementing CLM for in-house counsel promotes productivity since it offers an automated process to create, negotiate and approve contracts in a simple and error-free way.
Due to its authoring and negotiation tools, professionals can create contracts that follow all corporate standards. All of this, using technology they already know. Wonderful!
Provides visibility into all your contracts
It offers full visibility of your active contracts. Thanks to CLM you also have easy access throughout every stage of the contract lifecycle.
In conclusion, CLM software makes your contract management processes simpler, more effective, and more secure. If you want to understand how they can help your organization…Get a personalized demo today to see how we can meet your business’ needs.