Contracts are at the core of of every business transaction. The complexities of crafting them can become the bane of a transactional attorney’s existence.
Contracts consume hours and hours of drafting, management of disparate versions, approval tracking, and so much more. The result? Too often a stack of billables that clients just aren’t willing to pay for in today’s market.
Technology and, in particular, enterprise contract life-cycle management (CLM) platforms to the rescue.
Now, we’re not talking simple electronic repositories or straightforward content management systems. We’re talking sophisticated, integrated platforms that allow for tracking of every single phase and action of the contract life cycle (creation through approvals and audits to tracking performance milestones). Throw in advanced analytics and management via mobile device for good measure.
Now that you want to immediately go out and purchase CLM software… you need to know:
- What’s the best CLM platform?
- What CLM software features are most important to our firm?
- Do we need a solution built for our vertical market?
- Does it focus on the types of contracts important to the right industry?
- Will it integrate with our other systems? (If you’re not asking this question, your IT department definitely will be!)
Download Forrester’s Contract Life-Cycle Management (CLM) Market Overview. It will help you navigate these questions and more.