Register/Login

Function-Wise Contract Lifecycle Management Value

Contract Lifecycle Management involves various stakeholders from distinct departments who contribute as well as derive benefits from a successful and accurate contracting process. Though the benefits of CLM are now common knowledge and span from risk mitigation, bettering the bottom line, and increasing compliance to making the organization more agile and efficient, in order to make the most of the Contract Lifecycle Management Solution, it becomes necessary to emphasize on how each function/ department of an organization can gain individually.

Here is how the following departments along with Legal Team are able to extract the highest value from Contract Lifecycle Management Software:-

Sales

Once the sales team have made their case to the client and worked out agreeable price and conditions, the contracting process should not be what slows down the business growth or impedes customer relationships. CLM software eliminates back-and-forth contract editing and redlining process with template libraries and automated notifications. It does not require lengthy requests to get contacts reviewed and signed by different stakeholders as the workflow is pre-defined. CLM Software shortens the sales cycle – which means the potential to earn higher revenues and commissions.

Through AXDRAFT, OLX group was able to save 550 hours of legal work and gain about $49,500 of revenue annually. This could be achieved by reducing the time from 35 minutes to 2.5 minutes on drafting legal documents.

Procurement

Any average organization has hundreds of buy-side agreements involving facilities and maintenance, various products, outside services, other equipment, consulting, etc. CLM software gives visibility into all the contracts through a well-organized platform. This enables the procurement team to identify opportunities related to volume discounts, eliminate missed deadlines, prevent auto-renewal of contracts that do not serve the business anymore, etc. Easy access to historical price volumes, terms of termination, service level agreement conditions, etc protect businesses from unnecessary costs and penalties.

As per IMF, contract lifecycle management solutions would offer the procurement function an incremental opportunity of over $1,701 million in the period of 2019-2029

Finance and Accounting

The finance team receives requests from multiple teams regarding approving payments, discounts, new payment receivable conditions, and so on. CLM solution automates approval trees, ensuring only the right POC receives the requests, in turn quickening the process. Plus it helps to recognize high-paying clients, delayed payments, and special terms & conditions, which translates into reducing the financial risk of the company as there is clear visibility into obligations, reported & contracted revenue, due dates, renewal terms, etc.

Further, the central repository supports the audit team to readily review the contracts, and the template libraries ensuring uniformity and alignment with the accounting standards.

Share:

More Posts

Financial Stability for Today and Tomorrow

Having a habit to save from an early age not only helps individuals to achieve financial stability but also enables them to confidently make decisions about what to do with the money they earn.

Our Testimonials

Cacti’s work culture has allowed me to change my career field after 18 years of experience. The transparency and faith gave me the confidence to take up opportunities in a completely new field and succeed in the same. It is the commitment that Cacti puts into my growth that acts as the biggest motivator.
– Laxmee Jena

Our Testimonials

I have worked in different areas to understand what I enjoy the most. The creative freedom and opportunity that I have been given to try and learn different things have truly made work enjoyable for me.
– Lipi Gandhi

Our Testimonials

Coming from a non-technical background to working in the tech-analytics domain of the organization, Cacti has paved the way for my dreams to become reality. This was possible because Cacti helped me to become an expert and specialize in the field of my liking
– Ankita Kumari

Our Testimonials

What makes Cacti Global unique is the inclusivity and the strong culture of collaboration that I have seen being reflected across all levels within the organization as well as echoed in client profiles. The open and supportive environment has encouraged me to share ideas. The team spirit and willingness to help each other are truly inspiring. I am grateful to be a part of such a great group.

– Gaurav Agarwal

Our Testimonials

Cacti Global has provided me with a very conducive environment to learn, grow and prosper. The essence of the organization lies in its contemporary, innovative, and entrepreneurial approach towards ways of working. There is a true sense of belonging, respect, and involvement that has helped me derive job satisfaction

– Ritwik Raj

cacti

Our Testimonials

Satisfying and smooth journey for 2 years with Cacti has helped me in maintaining an incredible balance between my personal life and job. For me, Cacti has been like a family which is always supportive, and encouraging. The flexible hours is a huge plus and also a major motivator.
– Rita Jaitley