Contract Lifecycle Management round

    What is Contract Lifecycle Management (CLM)?

    Contract Lifecycle Management (CLM) is a systematic approach to managing contracts from initiation, compliance, and renewal. CLM helps organizations streamline processes, enhance efficiency, reduce risks, and improve negotiation outcomes. By leveraging technology, CLM provides tools for drafting, reviewing, and approving contracts, ensuring compliance with legal and regulatory standards, and analyzing contract performance to maximize operational and financial performance while minimising exposure to risks.

    contract lifecycle management round

    How to choose a Contract Lifecycle Management solution

    The underlying ethos of a CLM is to deliver efficiencies at all stages of the contract lifecycle, support compliance, and mitigate risks. Things that all businesses strive toward, yet Gartner predicts that by 2024, 50% of first-time CLM implementations will fail to deliver on expected benefits.

    This is where Ascertus, as an agnostic solutions consultancy, can help your business to demystify the CLM process. We work with our clients to build the CLM business case and establish the exact needs from a CLM solution, ensuring that your implementation is successful.

    Contract Lifecycle Management benefits

    How to reap the best benefits from CLM

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    Improved efficiency and speed

    CLM solutions automate routine tasks like contract drafting using templates and clause libraries, significantly reducing the time required to create and manage contracts. Automation helps streamline negotiations, approvals, and renewals, speeding up the overall contract lifecycle.

    Document Searching

    Enhanced visibility and control

    With CLM software, organizations gain real-time insights into contract statuses, critical milestones, and compliance requirements. This visibility ensures that nothing slips through the cracks and enables better control over the contract management process.

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    Risk reduction

    CLM systems help identify, manage, and mitigate risks associated with contracts. Features like automated alerts for key dates (e.g., expiration and renewal dates) and compliance checks ensure that contracts adhere to internal standards and external regulations, reducing legal and financial risks.

    Cost saving

    Cost savings

    By improving contract efficiency and reducing the likelihood of penalties for non-compliance or missed deadlines, CLM solutions can lead to significant cost savings. Additionally, the ability to analyze contract performance and spend data helps in negotiating more favorable terms in the future.

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    Contract Management Lifecycle diagram

    Contract Lifecycle Management Diagram
    CLM and DMS round

    Document Management Systems and Contract Lifecycle Management solutions work hand in hand

    Contract Lifecycle Management (CLM) is a critical component in the legal operations, where the accuracy and accessibility of contract-related documents directly impact business outcomes. This is where a Document Management System (DMS) like iManage proves invaluable. By integrating iManage DMS into the CLM process, legal departments can enhance efficiency, compliance, and decision-making capabilities.

    Why do CLM solutions fail?

    CLM solution failures often stem from poor planning and implementation, including inadequate needs analysis, suboptimal system configuration, and lack of integration with existing systems. Choosing a CLM system that doesn't align with specific organizational needs due to insufficient vendor evaluation also leads to implementation challenges. Additionally, without proper training and support, users may struggle with system complexity, increasing the likelihood of errors and reducing productivity.

    The Ascertus solution

    At Ascertus we work collaboratively. This means we work in partnership with our clients to:

    • Establish the business needs
    • Review appropriate solutions
    • Build an implementation strategy
    • Develop a bespoke onboarding program
    • Train employees to ensure adoption
    • Provide ongoing support and advice
    Everything you need to make a CLM implementation successful.
    Ascertus process

    Four steps to start your CLM journey

    Book a meeting

    One of expert consultants will discuss any business pain points and objectives.

    Product demo

    Based on the initial discovery we will tailor a solution and demo the benefits.

    Project scope

    Align on timings, budget and project structure, to support the Business Case.

    Strategy defined

    An in-depth implementation strategy is defined to ensure projects success.

    Speak to an expert

    CLM resources

    Ascertus eBook (1)-1

    Download our FREE CLM eBook

    What is Contract Lifecycle Management?

    Contract Lifecycle Management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance, and renewal. CLM automates and streamlines processes, enhancing the efficiency and effectiveness of legal agreements.

    What are the 5 stages of contract management?

    The five stages of contract management are; 1) initial enquiry, 2) contract drafting, 3) signed final contract, 4) ongoing contract management and recording, 5) renewal and associated amendments.

    What is the difference between CRM and CLM?

    CRM (Customer Relationship Management) focuses on managing interactions with customers to enhance sales and service, while CLM (Contract Lifecycle Management) streamlines all aspects of contract handling, from creation to renewal, to improve legal compliance and operational efficiency.

    What our clients have to say

    We don't expect you just to take our word for it. Our clients span a wide range of industries and sectors, in lots of different countries. See how Ascertus has helped them.

    CARDANO

    It’s clear to us that the Ascertus team has sound knowledge of iManage Cloud. They are working with us patiently and systematically to meet our system requirements. Their approach to working is very straightforward and professional – with a lot of emphasis on attention to detail.

    Miriam Lindsay, Senior Legal Counsel

    CARDANO
    LUNDGRENS

    Ascertus clearly stood out for its professional attitude towards customer communication. Also, unlike many other organisations, the company lays equal emphasis on providing support services and delivering technology implementations. This approach clinched the deal for us.

    Nikolaj Clausen, Chief Technology Officer

    LUNDGRENS
    NAUTADUTILH N.V

    Ascertus displayed great eagerness to understand our requirements and suggest approaches that would solve our problems. Executives from the CEO downwards were involved in discussions with us, which gave us a good insight into the company’s cultural attitude towards the delivery of support services.

    Jurian Hermeler, ICT Director

    NAUTADUTILH N.V
    SHEPHERD & WEDDERBURN

    Ascertus continue to impress us with their knowledge and professionalism. Their deep understanding of the iManage suite allows them to efficiently resolve the complex issues that we escalate to them allowing us to focus on delivering benefits to our firm.

    Steve Dalgleish, Applications Manager

    SHEPHERD & WEDDERBURN
    OCWM

    Implementation of iManage Cloud has been painless. Ascertus and our IT service provider worked collaboratively to deliver the solution to the firm. Our involvement was only in the initial design stages to decide things like policies for file naming and matter workspaces in the application. It could not have gone smoother.

    Aoife Cullen, Office Manager

    OCWM LAW
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