Solve All Your Contract Needs with AI-Powered CLM Software

Contract lifecycle management software (also known as CLM software) helps companies manage contracts and agreements at every stage of the contract lifecycle, from drafting and execution to performance audits and termination. CLM software helps establish a proactive contract management process while automating routine work to free up time and resources. Some CLM solutions solve each stage of the contract lifecycle, while other solutions provide the ability to impact a specific stage quickly and affordably.

CLM software is a lifecycle management solution that automates legal templates and streamlines contract workflows for key contract lifecycle stages. Some solutions address all contract lifecycle stages and provide 360 degrees of visibility into an organization’s contracts. Other solutions specialize in solving one critical contract management pain point. The end goal of all CLM software solutions is to speed up bureaucratic legal processes and get rid of lengthy contract lifecycles.

Advanced CLM software provides full visibility into agreements, establishes a clear process, reduces the risk of mistakes, saves time and money, maximizes the value of legal work, and generates a positive ROI. CLM software is also capable of tracking and showing the Legal department’s material impact in a data-driven, transparent manner so that all departments can become aware of and recognize the value of Legal.

To determine if a specific CLM is the right fit, you need to ask yourself several questions:

• Does it provide end-to-end lifecycle process coverage?
• Does it offer a centralized repository that can be easily searched?
• Can it be used by everyone in the company?
• Does it cover your business needs?
• Is my system a difficult CLM software?
• Which agreements does my CLM process?

You can also use our CLM risk scorecard to guide your evaluation of your existing software.

Yes, you can migrate from your current CLM system to ContractWorks CLM. We’ll take appropriate steps to ensure your data is preserved, and we’ll set everything up for you (including all drafting and approval workflows) at no extra cost. All you have to do is let our team know.

The standard contract lifecycle process consists of 9 stages: planning, drafting, negotiating, approving, signing, implementing, renewing (or terminating), managing obligations, and analyzing contract data.

Yes, ContractWorks CLM covers the entire contract management process for a full end-to-end contract management process: contract request, contract drafting, negotiations, contract review / approval, contract execution, repository, expirations, renewals, obligations, and amendments. Even though many companies may have their own contract management process, ContractWorks CLM was designed to be highly flexible and capable of meeting the requirements of any company contracting workflow.

ContractWorks is among the best-matching CLM solutions for fast-scaling teams due to the:

• Fastest rollout in the industry (14–30 days)
• Flexible pricing
• Fast ROI and time-to-value
• Cloud-based software
• Granular automated reporting
• A constantly growing number of integrations
• The most powerful document processing engine. 

Contract Lifecycle Management (CLM) is the process of monitoring and managing all elements of a contract through a specific series of steps, oftentimes known as ‘stages’. CLM includes tracking associated factors like a contract’s performance, compliance, and other success indicators. CLM typically starts the moment a contract is requested or proposed, and it covers all steps from initiation to its termination or renewal. To simplify the workload, CLM software and specialized CLM tools provide special features that automate and ease the requirements of each CLM stage.

A CLM tool is an example of CLM software. It provides users with specialized functions and features that enable more efficient contract management. Many types of CLM software exist. Some CLM software is comprised of just one or two core functions, like approval and reporting workflows. More advanced, powerful CLM software like ContractWorks CLM is capable of end-to-end contract management. In addition to contract drafting workflows, end-to-end CLM software also possesses features like e-signatures, alerts, notifications, obligations tracking, renewals management, redlining workflows, review workflows, and more. 

Every CLM solution vendor charges their own price for their service. In the case of ContractWorks CLM, we provide three affordable, transparent plans that can fit the budget of legal teams of any size. All three plans are billed annually and come with unlimited users, as well as a certain number of documents and e-signature licenses. For more details about our pricing, visit our dedicated CLM pricing page.

The amount you can save by switching to ContractWorks CLM software depends greatly on your company’s current contracting processes and related costs. However, on average, for every 1,200 contracts processed each year, ContractWorks CLM software helps companies save up to 2,500 hours and $224,000. For growth-minded companies, this is a considerable amount of time and money that can be reinvested back into the company. For value-minded companies, the time can be repurposed for additional projects, while the money could be redistributed to shareholders as dividends or allocated for other endeavors.