How to build a strategic advantage with contract lifecycle management You might see contract management as something that only pertains to legal or finance. But if you’re responsible for closing deals, you’re more involved with contracts than you realize. Because contracts are binding and govern over 80% of transactions and value, every business should care very much about what they contain. Contracts are the lifeblood of companies.
They outline the rights and obligations of the company and its customers, vendors, and partners. If your contract lifecycle management (CLM) system isn’t integrated within a full, end-to-end business process, you are missing opportunities to streamline sales, standardize terms, increase efficiency, and reduce risk across the organization.
This guide outlines the steps of the contract lifecycle and shows how effective contract management can help you maximize deal value and streamline processes.