How to Implement the Right CLM Software for Your Business
Many businesses fail to adopt CLM software because they are overwhelmed by their options and don’t know what platform is right for their business. However, when you take the time to understand different contracting solutions and the features they offer, you can ensure that you implement one that streamlines your management process.
What is CLM software?
Contract lifecycle management software is an intelligent business solution that allows companies to streamline their contract management process. The software offers features that automate lifecycles from creation to signing, giving its users the ability to close deals at record speed. With the help of CMS, you can maximize your contracts’ performance, accelerate time-to-revenue, and reduce the risk of non-compliance.
Why do companies need powerful CLM software?
Today, businesses realize just how beneficial computerized systems can be when creating contracts. If you want to remain a top competitor in your industry, your business needs to adopt powerful contract management software. More information about the clm software can be found at https://parleypro.com.
Some of the benefits of implementing CMS include:
- Creating legal documents is simple via automated templates
- Contract review and approval are auditable
- Data is easily accessible and actionable through dashboards
- Private information is stored securely on an encrypted cloud server
- Improved oversight and tracking of agreement performance
10 key features CLM software needs to streamline your contract management process
If you want to onboard the best CLM software for your business, it’s crucial to pay attention to the platform’s features. When you take the time to understand the software and all of its tools, your contract management process will be far more efficient.
Here are some of the key features to look for when choosing between CLM software solutions:
1. Easy access to all the contracts for all departments and users
One of the selling points of CMS is the ability to store all of your documents on a single repository that all of your team members can access. When all of your agreements are organized in one place, you can be sure that everyone on their team is collaborating to create the most beneficial business deals.
2. Data and access security
Data breaches can be detrimental, but you can prevent them with the proper security measures. The CMS cloud encrypts all of your data in transit, and at rest, so you don’t have to worry about malicious individuals using your data without your permission. Additionally, you can create role-based permissions as an added security measure so that no internal users can access documents they aren’t assigned to.
3. Powerful analytics & reports
The contract management process doesn’t stop after a deal is closed. It must be monitored to ensure compliance and optimal performance. Through the use of advanced analytics and reports, you can have oversight of your entire contract repository. This means that you can make sure every one of your agreements benefits your business.
4. Understandable dashboards
Numbers on a page can be a headache to figure out, especially if you aren’t a statistician. This is why CMS translates your contract data into easily digestible charts and graphs located on dashboards. When you have access to easy-to-read dashboards, you won’t have to spend time interpreting data, and you can spend more time boosting your numbers instead.
5. Ability to standardize contract language and processes
Having access to a library full of standard contract clauses means that you don’t have to create each of your agreements from scratch, saving you time and resources. Instead, you can simply choose one of the pre-made templates and customize it as needed. This also ensures that terminology remains standardized on all of your documents to mitigate confusion between parties.
6. Customizable workflow engine
. CMS allows you to customize workflows and assign different departments and team members to various tasks, so everyone is clear on their goals. When everyone understands their responsibility, they can work together to ensure that you have a perfected document.
7. Supporting different contract types
Not every contract is the same, and different ones require different terms and clauses. Rather than trying to understand the intricacies of each contract type yourself, contract management software does it for you by tracking every requirement of the different agreements so that you remain compliant.
8. Providing necessary integrations
Most businesses have solutions that they know and love, meaning that your management software should easily integrate with them. Adopting a contracting platform that integrates with platforms such as DocuSign and Salesforce means you won’t have to switch between the applications, making deal closures far more streamlined.
9. Real-time contract status tracking
There are always stages of the contract lifecycle that create bottlenecks. A CMS helps you eliminate those bottlenecks by giving you the ability to track your contract’s status in real-time. You can then take action based on what stage your document is in, speeding up the process and boosting your productivity by eliminating downtime.
10. Visibility of contract versions and changes
Agreements become messy when versions get confused, and changes are lost in the process. A CLM platform helps you eliminate this issue by keeping document versions separate and tracking changes through redlining. That way, you can be sure that everyone is working on the same version of the document and is clear on what changes were made.
Why pay attention to features when considering a new contract lifecycle management (CLM) software?
Every business has different needs for its contract management process, which is why it’s essential to pay attention to the features that CLM tools offer. By implementing a platform that meets all of your organization’s needs, your management process will maximize its performance, allowing you to reap the full benefits of every business deal you enter.