Starting and running a business inevitably comes with a myriad of paperwork. A Contract Lifecycle Management (CLM) tool can make your business more agile and efficient with smart handling of all legal paperwork.
However, a CLM is not a one size fits all solution. Depending on the nature of your business, the need for different teams, and the industry, choosing a CLM can either be a game-changing decision or a time-consuming liability. Most online legal paperwork solutions provide e-signatures or standard templates to generate a contract. However, businesses in 2023 demand much more than a few features and require a 360-degree solution for all things legal. So, what are the indispensable features a CLM platform must have in 2023?
LLM-Integrated Contract Solution
Large Language Models and AI have revolutionized contract management by automating and enhancing various aspects of the contract lifecycle. They can generate and review contracts based on historical data, flag potential risks, assist in compliance management, streamline contract creation, negotiation, and analysis, thus saving time and resources.
Blockchain is in the DNA of the new-gen technologies, providing transparency, immutability, and security. In contract management software, blockchain helps verify the authenticity of contracts and prevents the tampering of confidential documents. By leveraging blockchain, businesses can establish a secure and auditable record of contract transactions, ensuring their validity throughout their lifecycle.
Smart Contract Workflow
Efficient contract tracking and analytics are crucial for businesses to gain insights into contract performance and make data-driven decisions. A contract management software equipped with tracking and analytics allows monitoring of contract milestones, identifying bottlenecks and risks, optimizing contract processes, and improving negotiation strategies and contract outcomes.
E-signatures offer convenience, efficiency, and flexibility in an otherwise manually tedious legal process. With the e-signature functionality, contract management software enables businesses to sign and store contracts on the cloud without the hassle of managing physical paperwork. E-signatures provide a seamless signing experience for both parties and minimize contract execution time and errors.
Contract safety and security are of paramount importance in contract management. The confidentiality of all contract-related information is protected in a CLM through contract management software with advanced security measures like encryption, access controls, and secure cloud storage to prevent unauthorized access or tampering with critical information. Certified solutions such as the prestigious SOC certification validate the safety measures undertaken by a SaaS-based product.
Selecting a contract management software in 2023 seems easy, given the numerous options in the market. However, it is important to be mindful of the features offered and the requirements of your business before signing up for a CLM. It is a healthy practice to run a survey across your company and note the legal pain points in the various departments. The requirements might differ, but the features mentioned above will become a strong foundation for digitizing your legal processes and future-proof your business. By leveraging advanced contract management software, organizations can optimize their contract management workflow, mitigate risks, and achieve fruitful outcomes in today’s competitive business landscape.