A contract management system is a software that uses templates and clause libraries to standardize the contents of sourcing and sales contracts; digitizes and stores contracts in a central location; automates workflows focusing on contract creation and execution; and expands in volume as new contracts are added.
Contract intelligence is a new approach to CLM that provides companies the ability to dynamically analyze contracts in the context of the systems and processes that drive the business forward. Intelligent tools use the power of artificial intelligence to ensure the intent of every contract is fully realized, from initiation and signing to obligation management and analytics. All the while, the system generates real-time, high-impact insights, so companies can enjoy unmatched visibility into precisely the information they need when they need it.
Enterprise contact management is an approach to contract management that brings all of a company’s commitments into a single CLM system for seamless, holistic management. With enterprise contact management, automated systems replace the inefficient methods of manual contract management systems and streamline the process. With a computerized contract management system in place, you can organize a collection of contracts, clauses, and templates for standardization and quick retrieval.
Contract management is the process of organizing a body of contracts, contract terms, templates, and clauses to drive standardization and efficient retrieval. However, unsophisticated approaches to contract management software are becoming a major liability to enterprises as risk management and agility become imperative.
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