The average business manages between 20,000 and 40,000 contracts at any given time. With that kind of volume, and the risk of compounding inefficiencies in time and cost, firms simply can’t afford to get contract management wrong.
Contract lifecycle management (CLM) tools have provided some relief to the cumbersome and resource-intensive contract management process. Many of these tools, however, don’t go far enough in their ability to streamline the complete contract process, from creation to negotiation, review and archival. Most CLMs focus on automating the contracting process and facilitate the maintenance and storage of contracts.
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