This infographic shows you the contract lifecycle. A good contract lifecycle management (CLM) system helps you control every stage across each of your contracts at the click of a mouse. From first draft through to compliance and renewal, it helps you create revenue, drive down costs, speed up sales and stay robustly compliant.
Contract lifecycle management
What is contract lifecycle management?
Could Contract Insight work for you?
- If your contract manager(s) suddenly left, would your organisation have a problem locating information?
- Do your sales employees present non-standard contract terms to potential or prospect clients?
- Have key contract dates, such as option renewal, or automatic term rollover, ever been missed by your organisation?
- Can you quickly recall the number of contracts you manage that will expire in the next 3 months? 6 months?
- Has your organisation ever paid for something not wanted due to missing a negative option on a contract?
- When an executive asks about specific contract(s) are you able to respond while the executive is still there?
- Could risk and/or business levels be exceeded with a specific supplier due to different departments unknowingly contracting with the same supplier?
- Can you track organisational cash flow back to specific contracts?
- Do you know and can you manage the status of contracts anywhere in their lifecycle?
- Can you provide a summary of your organisation’s contractual liabilities for a supplier/a department/a time-frame?
- Can you quickly determine and account for bottlenecks in the process or flow of your contracts?
Assessing your risk
If you can answer yes to any of the above questions, then an intelligent contract data management system might just be the right investment for your business. Contract Insight mitigates risk by making details visible to all necessary business users with automated and in-depth reporting.