In a perfect world, business and legal activity would flow smoothly, employee productivity would be peak levels, and work/life balance would be mandatory. Curiously though, none of us seem to live or work in this world. Perhaps we can’t immediately solve world peace, but we can certainly improve contracting! Modern Contract Lifecycle Management software provides a faster, more accurate way to process all types of external and even internal agreements.
Sometimes this means streamlining the negotiation of very complex agreements, such as Master Service Agreements, through online negotiation. Other times it means automating the request and production of relatively standard documents at scale, such as the thousands of NDAs that many large companies must produce every year. A modern Contract Lifecycle Management solution should offer a platform for processing all types and volumes of agreements.
In fact, companies can extend the use of Contract Lifecycle Management systems well beyond external legal agreements to other use cases that require collaborative, verifiable agreements or documents. These include internal service agreements between departments, as well as workplace policies and manuals. These all can benefit from the same kind of collaboration and workflow automation, approvals and auditability used for external contracts.
It’s said that technology cannot fix a broken process; however sometimes new technology is required to enable the process that companies always wanted but could not achieve. Contract management software is a clear example of how the right enabling technology can streamline operations.
This is the 3rd in a series of 5 blogs on core ‘CLM Modules’:
- contract drafting (blog 1)
- contract assembly (blog 2)
- contract operations (blog 3)
- contract management (blog 4)
- contract compliance (blog 5)