Contract Lifecycle Management Software: the What and the Why’s of it.

Why bother with Contract Lifecycle Management?

Contract Lifecycle Management Software (CLM) is essential for every business. It helps you manage every contract in a single place, so it’s easy to share information with your team and stakeholder. You can also easily track contract performance, identify issues before they become a problem and automate workflow processes—all from one central location.

You may be wondering: Why do I need a contract management or CLM system? Wouldn’t it be easier to use Word or Google Docs? Well… yes! But these types of tools aren’t built with collaboration in mind—they can’t handle multiple people working on the same contract at once or keep track of changes that have been made over time.

Contract Lifecycle Management Software: The Basics

Contract Lifecycle Management is a software solution that helps organisations manage the information flow of their contracts by combining the contract management process with the document management system.  A contract lifecycle management software allows you to track, edit, approve and report on your contracts in one platform.

There are some basic features a contract management system should have, such as; a repository for storing all the relevant documents, an interface for creating and editing contracts and analytics capabilities. Usually, it will also include tools for authoring templates in order to make it easier to compose new contracts from existing ones.

Accord Contract Management is a new way of working. One that delivers greater spend-under-contract, never misses a renewal date and stays ahead of projects to help you save time and money!

Accord is a cloud-based supply chain contract management software designed to help you store all your contract and supplier data as well as record and report on key terms and milestones, so nothing gets missed. It can identify opportunities for improvement, notifying you when contracts are coming up for renewal or approaching the end of their term to track the contract through its lifecycle.

With Accord’s CLM software in place, organisations can save time by streamlining manual processes such as drafting emails or creating contract documentation, filling out forms or spreadsheets and setting up review meetings or activities with internal teams and external stakeholders. It provides a centralised repository for all contracts, and a comprehensive audit trail of all activities related to contract negotiation, execution and performance.

Accord is your single point of reference for all your contracts, suppliers and pricing. Add new agreements, manage existing ones and share across the organisation with just a few clicks. Create custom reports in real-time to ensure you’re making informed decisions based on accurate data.

Organisations benefit from having a contract management system in place to help them manage contracts throughout their lifecycle, helping to avoid risk factors and other issues.

In today’s world, companies are relying on outsourcing and offshoring more than ever before. The process of managing contracts can be incredibly complex and time-consuming if it isn’t done correctly. A poorly managed contract can result in delays, increased costs and even legal disputes—all of which are detrimental to an organisation’s bottom line.  As a result, many businesses have turned to contract lifecycle management software (CLM) as a means of helping them manage contracts throughout their lifecycle.

Take the next step toward better contract management

Contract Lifecycle Management Software is a powerful solution to manage contracts and their lifecycle. It helps you stay on top of every contract, from authoring to renewal, and beyond.

Check out Accord, for a no-nonsense easy-to-use system helping you to work collaboratively with stakeholders and suppliers to achieve best value, savings and compliance throughout the contract lifecycle. Never miss a renewal date again!