Contract Lifecycle Management System Definition
A Contract Lifecycle Management System (CLMS) is a software application designed to streamline and automate the contract management process from start to finish. A CLMS can be used by organizations of all sizes to manage contracts with vendors, suppliers, customers, partners, and other third parties.
The benefits of using a CLMS include:
-Improved visibility into the status of all contracts
-Reduced risk of contract breaches
-Improved compliance with legal and regulatory requirements
-Increased efficiency in the contracting process
-Improved negotiation power with vendors and other third parties
– Reduced costs associated with the contract management process