Businesses have run on contracts for centuries, but the role of contracts over the last couple of decades has significantly increased. Contracts have moved out of the filing cabinet and have become part of how business gets done today, especially in a virtual world.
In the digital age, contracts are no longer static documents, they are critical data assets. More than that, contracts serve as the DNA for business relationships. They represent the instruction code for the relationships that drive business value. Today, it is essential for businesses to improve their contracting process, gain visibility into this data set, and begin to drive commercial activities from the insights they find. Businesses must do this while their companies change, grow, and react to crises, and that’s why contract lifecycle management (CLM) software has taken center stage for legal teams.