Q: What is Contract Lifecycle Management?

A:
Today, most organization's contract processes are defined by fragmented procedures, labor intensive processes, poor or no visibility into contract terms and conditions, ineffective compliance management and governance, and inadequate performance analysis.




Contract Lifecycle Management is applying technology to standardize, streamline and automate contract initiation, creation, negotiation, execution through to expiration. By doing so organizations are finding that they can cut contract cycle times by 50-80% or more with improved standardization, control and visibility of their entire contract portfolio. These improvements lead to lower procurement costs, increased revenue, reduced customer migration, improved compliance, lower risk and an overall gain in employee productivity.