Contract automation, also known as contract lifecycle management (CLM), is the process of automating the entire contract management lifecycle from creation to execution. This includes everything from generating and sending out contracts, to tracking and managing them throughout their life cycle, to measuring and analyzing performance against KPIs.
Contract automation can help streamline and optimize the contract management process for organizations of all sizes. It can save time and money by automating repetitive tasks, reducing errors and omissions, and improving visibility into the contracting process. Additionally, it can help improve compliance with internal policies and external regulations.
There are a number of different software applications available that can automate various aspects of the contract management lifecycle. Some of these applications are designed for specific industries, while others are more general purpose. When selecting a contract automation solution, it is important to consider the needs of your organization and choose a solution that will fit those needs.