Generative Data Intelligence

All you need to know about Contract Lifecycle Management

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CLM is a big focus area for many industries and internal teams. As such, the list of industries and internal teams involved in CLM is quite large, including but not limited to the following:

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How to select a CLM software?

Choosing the right CLM software is a difficult task. The market offers a wide variety of solutions, each with its own advantages and drawbacks. To make the right choice, you should consider several factors, such as:

Define your goals and requirements

If you don’t have a clear idea of what you want from your CLM software, it will be hard to measure the success of your implementation. So before we look at any specific tools or technologies, let’s consider why you should even invest in a CLM system in the first place.

Why do companies choose to invest in a CLM system? The most important reason is that they want to improve their customer experience. This can mean many things: better customer retention, higher satisfaction scores, and more referrals are all valid reasons for adopting such technology.

If this is not something that you’re aiming for (and plenty of businesses aren’t), then it’s worth considering whether investing time and money into something else might have more impact than spending it on an expensive new CRM system that doesn’t match up with the needs or goals of your company.

Consider the deployment options

When choosing a CLM software, you’ll want to consider the deployment options. These include on-premises, cloud, or hybrid.

On-premises is the most secure option but requires a costly upfront investment in equipment, servers, and maintenance. Because there are fewer moving parts with an on-premises solution, it’s easier to maintain than its cloud or hybrid counterparts. It also offers greater control over your data as it’s stored on your servers rather than being shared with a third party.

Cloud solutions are typically cheaper because they don’t require any upfront investment like hardware purchases. Instead, providers house all required infrastructure at their premises so users can access them remotely via browser-based applications (apps).

Cloud solutions are therefore more flexible because they can scale up quickly depending on demand levels, but this also means there may be less control over how you manage certain aspects of your workflow processes, such as reporting dashboards, etc.

Compare vendors

You should compare vendors based on your specific requirements.

You’re going to want to make sure that the vendor you choose has a good track record and references from other customers and customers willing to share their experience.

Also, it’s important to look at pricing models, licensing models, and product roadmaps when comparing CLM vendors.

Focus on ease of use

When looking at CLM software, one of the most important factors you should consider is how easy it is to use. The best CLM solutions are intuitive and simple, allowing users to navigate their dashboards and reports with ease.

When it comes time to train new staff members or onboard new clients, a well-designed system can make this process much easier than an outdated one.

To choose an effective solution for your business, look for options that feature:

A clear user interface (UI)

Your staff shouldn’t need special training to understand how they can best use the software when they come on board with you. If there are too many confusing elements or layers involved with navigating through the dashboard and reports within a given toolset, you may want to consider another option instead.

Intuitive navigation

The UI should also be designed to provide easy access between different areas of functionality within your software’s platform(s). In this way, everyone will know where everything is located at all times, so they aren’t wasting time searching around when they need something quickly during normal workflow procedures.

Look for a vendor who provides ongoing support and training

You should look for a vendor to provide you with ongoing support and training. You want a company that will be there for you after the sale and makes sure your software is working as designed. If a company doesn’t provide this, then find another one!

Conclusion

Contract Lifecycle Management (CLM) is no longer simply a necessity, but instead, it is now beneficial. Doing so will not only increase visibility into your organization’s contract portfolio but will also add value to your business overall.

Implementing CLM allows your business to stop managing contracts and start managing the lifecycle of the contract, which improves efficiency and effectiveness across your organization.


Nanonets online OCR & OCR API have many interesting use cases that could optimize your business performance, save costs and boost growth. Find out how Nanonets’ use cases can apply to your product.


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