Onit, Inc. Enterprise Apps

Checklist: Importance of Contract Lifecycle Management

Sometimes, a company is so accustomed to a process that people don’t realize how manual it actually is.

This is especially the case for contract management.

Many corporations rely on manual processes to handle contracts, leaning on paper, spreadsheets and email. While it lets you work in programs you use every day, it also means you’re cutting and pasting information into templates, entering data, writing and sending emails, searching for documents and saving items to multiple drives.

The process is a nuisance, yes. But it also invites risks, such inconsistent legal language, a lack of insight into content and status and an inability to anticipate and accommodate renewal data, pricing changes and emerging legal requirements. (We break down more challenges regarding manual contract management in this blog post if you’d like to read more about them.)

What’s the new evolution of contract management?

A contract lifecycle management solution.

It allows companies to capture, automate and analyze the entire contract lifecycle from initiation through approval, compliance and renewals. It eliminates data silos, automates workflows and reduces the overall time spent. Studies have shown that businesses with a streamlined contract lifecycle management process can compress their time to revenue, mitigate risks and increase customer satisfaction. In short, a contract lifecycle management solution contributes value.

Contract Lifecycle Management Solutions Checklist: How to Vet a CLM Solution

How can you pick the best solution? Start with this checklist to ensure that the solutions you’re vetting offer you the features that work best with your corporate legal department.

Are you interested in learning more? Download this white paper: “What to Expect from a Contract Lifecycle Management Solution.” You can also read more about Onit Contract Lifecycle Management or request a demo.

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