Why do organizations need a customized contract lifecycle management (CLM) solution?
The familiarity of CLM solutions as part of the common tools found these days in organizations is expanding massively.
Contract lifecycle management system, opensourceCM, helps firms optimize business transactions by linking five essential stages, however very few customers fully capture the value of a CLM implementation (we call a "PoC phase"). Let's see these five critical stages:
- Contract Importing. The ability to upload almost any format type of document (word, pdf, scanned doc.) on to the system and to file it in the correct folder under the correct master file enables users to manage and control their contract in a methodical and efficient manner. When you have an orderly logical filing system which can be accessed from any point in world, you already have an advantage. opensourceCM is a SaaS based application offering a simple drag-n-drop tool where you can choose an individual document or a complete file containing any number of documents which can be uploaded directly to a predetermined folder within the system.
- Contract Analysis. Each document type uploaded into the system is being OCR'd and indexed making the search ability in the system an extremely and powerful tool. The elastic-search embedded in opensourceCM offers managers the ability to create and run reports based on a variety of parameters located on the database uploaded or the meta-data created by the users.
- Contract Creation. Most firms, when not using contracts coming from outside sources, usually use their own templates. Some companies have dozens of templates dedicated to different work process within the company's work flow. opensourceCM solution offers a capability to upload all these predetermined contract templates into a Template Folder and by a simple process called "Authoring" enable users to create new contracts dedicate to a specific objective. Moreover, opensourceCM offers a clause library where clause can be added or deleted while creating a new contract.
- Contract Integration. Most contracts contain essential data which can impact also the financial aspect of the firm. This data can be located and integrated with other applications already implemented in the business such as SalesForce, NetSuite, or any other ERP/ CRM applications. This integration helps to increase the efficiency in the overall business workflow.
- Contract Optimization. Any contract contain essential milestone embedded in it such as expiration date, action items during its life-cycle etc. If not tracked properly these events and obligation can cost a company a great deal of financial loss. opensourceCM offers all stakeholders involved in the contract (even those outside the organization) a sophisticated tracking and reminders mechanism that will insure that no meaningful millstone will be overlooked or forgotten.
To understand the abilities of opensourceCM application please contact us in order to schedule a demo.