Benefits of clm

No matter which area your business is focused in, you probably deal in contracts every day. These contracts every day are responsible for either expanding your events to new heights or if not carefully looked upon, may cause your company a hefty sum. So in all we can agree contracts are of vital importance, and complying each successfully is a heavy job to do. On average, organizations lose 9.2% of revenue due to poor contract management. But are you managing your contracts and fulfilling obligations in a way that generates the most revenue?

Here Contract Lifecycle Management (CLM) comes into play. Markets in India in the recent decade have realized the importance of CLM platforms like smartContract to benefit and manage the increasing volume and complexity of contracts. Here are some of the most vital benefits of adopting a CLM platform:

• Ease your contract drafting process

Drafting a contract can be tricky; the ability to standardize contract language and processing is the easiest path to increase compliance and efficiency. Utilizing standard legal and compliance approved template language allows organizations to reduce the time legal and compliance departments spend reviewing contracts. CLM platforms like smartContract allow you to stay on track with help of its contract drafting process wherein your legal team can verify, upload and save templates of contracts which can later be utilized by you. Thus, saving you time and energy by directly putting the relevant information in the preferred template.

• Get your dream Central Repository

Get rid of your old dusty filing cabinets and hop on to storing them in an easily accessible location. With a CLM platform get yourself a storage space which acquires no area in the real world. Access them as and when required and store them for future use, be it a draft, a template or a completed contract. smartContract helps you a little more with an accurate and fast searching wizard that can search even within contract documents in readable word and pdf formats. The most pondered upon thing when handling a business is security and authorization. Well, smartContract understands your need to have authorization in every step of the way; so other than storing hundreds of contracts allows only authorized signatories and users to search, retrieve and view the contracts within sub-seconds.

• Streamline your process from the start

A contract process more often than not starts with contract requests, which when handled efficiently can offer up lucrative ideas and generate hefty revenue opportunities. But when multiple conversations start flowing simultaneously a single project can turn into unsolvable mesh- lines get crossed, points get missed and ultimately the contract lifecycles get unnecessarily involved with your HR and legal teams. smartContract’s centralized platform for contract requests allows your organization to efficiently automate contract process by allowing business users to submit contract procurement requests using pre-defined templates with standard clauses mapping in Microsoft Word. You can also define and prioritize contract request terms to trigger conditional workflows for assignments to stakeholders, for request review and approvals.

• Make way for your own success with Obligation Management

With CLM software, you can measure the very heartbeat of your business agreements and make necessary changes in a contract’s lifecycle. But keeping a close eye on hundreds and thousands of active contracts is nearly impossible. With a CLM platform, it becomes easier to handle, still setting up thousands of reminder is a tough job to do. smartContract will act as your lifeguard in this scenario! It allows obligations to be allocated to business users, who are then automatically alerted when a relevant obligation is due. smartContract provides you an environment where contract obligations are tracked and can be adhered to. This helps you determine if the contract is helping your business reach your end goal, so you can change or speed up whenever you feel something is lagging behind and thus helping you managing a large number of intricate contracts.

• Get rid of manual tasks and streamline your process workflows

Speaking of details, we understand that contracts are a bond between two parties; they should be easy to navigate. You want to be sure that the various details are always accurate and up-to-date so that you don’t waste your own time or the customer’s, during negotiations. Ultimately what the parties involved want are transparency, efficiency and accuracy! There is a reason why smartContract is termed as a good listener, because it heard the demands in the market and presented you with a platform which fulfills them all. smartContract is intricately designed with a party portal which is useful in easy and immediate negotiations with the parties involved in a certain contract. If one wants to send a particular requirement in an email, smartContract has a feature which protects your privacy with password protected emails, so only the parties involved and authorized signatories can open those.

With a CLM software, organizations have easy accessibility to contractual documents and assemble them to create a paperless environment and execute a full Enterprise Contract Lifecycle Management Solution.