11 Reasons to Move to Contract Lifecycle Management (CLM) in 2023
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The document outlines 11 reasons organizations should switch to Contract Lifecycle Management (CLM) in 2023, including increased transparency, improved collaboration, and streamlined approval processes. CLM systems automate repetitive tasks, provide real-time reporting, and assist in risk mitigation while ensuring cost savings and easier auditing. Additionally, they offer adaptability, security, and scalability to meet changing business needs.
11 Reasons to Move to Contract Lifecycle Management (CLM) in 2023
- 1. W W W . S I R I O N L A B S . C O M 11 Reasons to Move to Contract Lifecycle Management (CLM) in 2023
- 2. ABOUT The world of contract management is ever- changing, and businesses are constantly on the lookout for new solutions to increase efficiency and reduce costs. The move to Contract Lifecycle Management (CLM) in 2023 is an important step toward modernising your business operations. This blog post will provide 11 compelling reasons why organisations should make the switch to CLM systems in 2023.
- 3. INCREASED TRANSPARENCY CLM eliminates manual processes associated with contract management, making it easier to track who has access to which contracts, when they were created, and any changes made since then. This level of transparency improves accountability and visibility across the entire organization.
- 4. IMPROVED COLLABORATION Contracts are often complex documents that require input from multiple stakeholders such as legal, finance, and sales teams. CLM systems provide an efficient platform for collaboration between these departments so that everyone can be on the same page when it comes to contract development.
- 5. STREAMLINED APPROVALS Manual processes related to contract approvals are time-consuming and difficult to track. With a CLM system, approval processes can be automated with customizable workflows that streamline the process by ensuring all necessary approvals are completed in a timely manner.
- 6. AUTOMATION OF REPETITIVE TASKS Contract management involves many tedious and repetitive tasks such as renewals, amendments, and follow-up emails. By automating these tasks with a CLM system, organisations can save time and resources while reducing the risk of human error.
- 7. REAL-TIME REPORTING CLM systems provide real-time insights into contract performance, enabling businesses to gain a better understanding of the landscape and make more informed decisions about their operations.
- 8. RISK MITIGATION One of the primary benefits of moving to CLM is that it helps organizations to identify potential risks associated with contracts, such as undiscovered obligations or missed deadlines, and take action accordingly before they become liabilities.
- 9. COST SAVINGS As organisations move away from manual processes and towards digital solutions. They can reduce overhead costs while increasing efficiency across the entire organisation.
- 10. EASIER AUDITING CLM systems provide a comprehensive audit trail that is accessible to all users, making it easier for organisations to track contract activities and look for areas of improvement.
- 11. ADAPTABILITY The ability to quickly adapt to changing market conditions or customer demands is essential in today’s competitive business environment. A CLM system provides the flexibility needed to make necessary adjustments without disrupting operations.
- 12. SECURITY CLM systems ensure contracts are stored securely with access restricted to authorised individuals only, reducing the risk of data breaches and unauthorised access.
- 13. SECURITY CLM systems ensure contracts are stored securely with access restricted to authorised individuals only, reducing the risk of data breaches and unauthorised access.
- 14. SCALABILITY CLM systems ensure contracts are stored securely with access restricted to authorised individuals only, reducing the risk of data breaches and unauthorised access.
- 15. SCALABILITY As businesses grow, their needs can change rapidly and require them to add new features or capabilities quickly. A cloud-based CLM system can be easily scaled up or down as needed to support the organization’s changing needs. In today’s dynamic business environment, companies must stay ahead of the curve in order to remain competitive. Moving to Contract Lifecycle Management (CLM) in 2023 is an essential step toward modernizing contract management processes and improving organizational efficiency. CLM systems provide organizations with a comprehensive platform for managing contracts, offering a range of benefits.