ECM Briefs

This week we’re talking about Contract Lifecycle Management, or CLM. In this brief, you’ll find some key terms and information on what it is and what it can do for your organization.

About 60-80 percent of business-to-business transactions are reinforced by legally-binding contracts and agreements, which, once signed, are often archived away in filing cabinets making them difficult and time consuming to find if someone needs to look at one right away.

Contract Lifecycle Management is the term used to describe the entire process of creating, negotiating, storing and managing these contracts and agreements. It ensures that people in various company departments, divisions and regions can work together to support all processes relating to a contract throughout its lifecycle—from creation through fulfillment and modification to termination.

A lot goes into this particular software solution – here are a few of the features that help to make life a little easier:

• Central repository and access control
• File management
• Paper capture
• Follow-up management
• Information retrieval
• Process automation
• Revision-proof archive
• Distributed teams
• Systems integration
• Client management
• Reporting
• Virtual Folders

For more information on CLM and these features click here.

We’ve also compiled a few more resources to help you get more acquainted with CLM:

• A whitepaper discussing contract management as a strategic asset
• A product overview of the solution components