Managing contracts without Contract Lifecycle Management (CLM) software is a pretty tough task, especially when new technologies and services evolve faster than ever before. However, many organizations are still drowning in paper documents and come up with a variety of reasons and excuses not to use an adequate contract management solution. To make a step forward, companies need to understand where they are now and identify their problems. The process of understanding contract management problems can be divided into 4 stages, let’s consider them.
Intercompany relationship is impossible without contracting. Signing agreements ensures obligation performance and provides legal safety to all parties. Not long ago firms had to carry out the process of creating and approving contracts manually (small companies still can afford it). Now businesses automate the process to make it more efficient, transparent, and controllable.
Purchasing software is a serious step that may imply considerable expenses. When shopping for contract lifecycle management software, be sure to take into account the number of employees that can participate in the process. This information is crucial for estimating how many software licenses you need. We hope this blog post will help you understand how the process is conducted and who may take part in it, so that you could better assess your requirements.