An organization’s contract activity is an important business aspect. Contracts require proper oversight to ensure profitable operations and a smooth transaction.
Contract Lifecycle Management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance and renewal.
It can lead to significant improvements in cost savings and efficiency. Understanding and automating CLM can also limit organizational liability and increase compliance with legal requirements.
A contract’s lifecycle begins when an organization’s management, department personnel, or customer requests a good or service; it ends when that good or service is received or delivered.
Between order and delivery there are numerous opportunities to save money, improve delivery, and obtain the best product at the best price.
Just as well, there are innumerable ways to lose money, waste time and end up with a subpar product. CLM can make the difference between these two scenarios.