Contract Lifecycle Management (CLM) software is used to efficiently create, collaborate, approve, store, and manage contracts. It ensures compliance, reduces risks, and helps organizations track key dates, renewals, and costs. CLM software integrates with other systems, offers security, and generates valuable insights for better contract management.

Contract automation software is a type of technology that automates the creation, management, and processing of contracts. It uses predefined templates, standardized clauses, and rules to streamline the contract lifecycle. This software helps organizations generate contracts faster, reduce errors, and enhance efficiency by automating repetitive tasks like data entry and approval workflows. It can also facilitate contract collaboration, storage, tracking, and compliance, ultimately improving the overall contract management process.

You can measure ROI from Contract Lifecycle Management (CLM) by comparing the cost savings, efficiency improvements, and risk reduction achieved through CLM software against the initial investment in the software and ongoing operational costs.

CLM stands for "Contract Lifecycle Management" in the context of contract management. It's a system for handling contracts throughout their entire lifecycle, from creation to execution, tracking, and renewal.

The benefits of contract management include cost savings, risk reduction, improved efficiency, enhanced compliance, better collaboration, and increased contract visibility.