What is contract lifecycle management? | Oneflow

What is CLM? Contract lifecycle management. In this video we'll go through the basics of Contract lifecycle management, why is it important, and what it can do for different organization departments.
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Oneflow automates the entire contract process from start to finish, all in one place. Turning clunky, static agreements into helpful, digital contracts.
Processes are faster, decisions are better, and deals are quicker. It’s an easier, smoother, and smarter way for teams of all shapes and sizes to handle their contracts.
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It's a crucial part of every business, but starting out can feel overwhelming. We’re gonna help you get started off on the right foot with this video.
We'll cover what you need to know about CLM, from the basics to the benefits it brings and how you can kickstart it today.
Summary:
1. What is contract lifecycle management?
It's managing contracts from creation to expiration. Managing renewals and storing them safely. CLM is streamlining the process for a smoother contract management experience for the whole company.
2. The benefits?
Think risk reduction, cost savings, improved efficiency, better collaboration, and enhanced visibility. It's a game-changer!
3. What are the phases?
There are six: drafting, review, approval, execution, performance monitoring, and renewal or termination. Each plays a vital role in the CLM.
4. Industries that benefit?
Every industry can! From financial services to heavy manufacturing, SaaS, tech, NGOs, and more. It's versatile, valuable and spans industries and borders.
5. Best practices?
Establish clear processes, define roles, use CLM software, set up a contract repository, track and report, ensure compliance, and maintain open communication.
Finally, when picking the right CLM software there are a few things to consider: Automation, cost reduction, compliance and support, insightful analytics, compatibility with your existing workflows.