Contract Lifecycle Management: the irrefutable need for technology
As the legal department, your primary role is to protect your business by proactively identifying and mitigating risks. This brings us to the core function of every legal department - managing contracts throughout its lifecycle; creation/drafting, negotiation/ reviewing, approval, finalisation, renewal/ closure.
If contracts aren’t managed efficiently, chances are that your business is at risk of losing money and credibility! After all, poor contract management costs businesses an average of 9% of revenues each year (IACCM). What’s more? Poor contract governance can lead your business to lose up to 40% of a contract’s value (KPMG).
The argument of financial and reputational losses caused by poor contract management makes for a compelling case for streamlining contract processes.
But what makes contract lifecycle management indispensable in 2021?
In this whitepaper, we discuss why contract lifecycle management (CLM) matters more than ever before, moving from ‘cool-to-have’ to ‘crucial-for-survival’ and we outline key tools that legal departments must invest in to streamline contract lifecycle management.