This two-part series examines the evolution of contract lifecycle management (CLM), which has accelerated tremendously in recent years. Part one outlined the distinction between contract management and contract lifecycle management and discussed the challenges solved by first-generation CLM platforms and what drives their continued evolution.
By the end of the 2010s, first-generation contract lifecycle management was starting to look very much like a comprehensive end-to-end solution close to enterprise maturity. But these offerings were still costly and expensive. Legal departments began to recognize the importance of taking CLM up a notch with factors like rightsizing, perfecting both buy-side and sell-side solutions and implementing AI-driven CLM solutions. With those drivers in mind, next-generation CLM was just around the corner.