Manage the entire lifecycle of the contract requests and contract creation including approval chain, reviews and notifications. Route the contracts and related requests to the appropriate people using the built-in configurable workflow system.
An Easy To Use Central Repository For Contracts
Contract lifecycle management software lets you create contracts efficiently by using pre-approved templates and legal clauses, store, track and maintain all contracts online, and easily search and find contracts and their history.
Collaboration And Compliance Strengthened By The Best Contract Lifecycle Management Software
CLM features and best practices out of the box
- Contract Request Management
- Central Contract and Document Repository
- Contract Negotiations
- Manage Renewals & Amendments
- Critical Dates Reminders and Notifications
- Contract workflow, Approval Chain and Notifications
- Reports & Dashboards
- Role-Based Security and Access
- Contract Financials
- Sales Contracts
- Procurement Contracts
- Service Agreements
- Real Estate Contracts
- Lease management
- Project-based Contracts
Frequently Asked Questions about CLM
Here are the most common questions asked about CLM software.
What is an CLM?
A CLM, also known as Contract Lifecycle Management software, is a digital platform that allows companies to store all of their contracts in a central repository, streamline their entire contract lifecycle – including contract initiation, creation, negotiation and execution – and enforce contract compliance.
Why would my company need a CLM?
Poor contract management via fragmented and unorganized ad-hoc processes can lead to major inefficiencies and errors, additional costs, dissatisfied customers, and risks of litigation and non-compliance. Further, the security and integrity of contract data is in constant jeopardy without a safe and secure contract lifecycle management solution.
How can a CLM help me store my contracts?
A CLM serves as an easy-to-use central repository for all of your contracts. You can store all contracts and their related documents in one safe and easily accessible platform. Contracts, along with their history and status, can be quickly searched for based on any factor including contract type, involved parties, dates, and many others.
How can a CLM help with contract creation?
With a CLM, you can quickly create contracts through pre-approved or self-imported templates and legal clauses. From there, you can drag and drop library clauses into the template, tag metadata, and enter your own customized text. The system will track all revisions made, and documents can be shared directly through the platform – or via email and url.
How can the best CLM help me with contract workflows?
A CLM ensures the execution of a contract approval chain based on the type of contract, parties involved, and other key factors. Through a configurable workflow system, the CLM routes the contract and its accompanying tasks to the appropriate people at the appropriate time, issuing reminders and notifications along the way. It also stores all approval histories as an audit trail that can be easily reviewed and transformed into a report.
Can a CLM be integrated with other features?
Yes, the best CLMs offer many integrations out of the box and can also configure your package to integrate with other preferred applications. Axxerion’s CLM is integrated with email systems such as Outlook Exchange as well as e-signature systems such as Adobe and Docusign. Our software can also integrate seamlessly with your company’s existing financial system and any other desired platforms.
Are my contracts secure in the best CLM?
A cloud-based CLM system like Axxerion’s is your best bet for security because it stores your contract data on servers with powerful storage and security features. These servers comply with security standards such as ISAE 3402 and ISO 27001, and they undergo routine data backups to prevent data loss.
Is a CLM easy to use?
A good CLM like Axxerion’s is user-friendly and easily accessible. It allows employees to easily create and request contracts; navigate seamlessly through the contract repository; and efficiently communicate with contract management groups. ‘Single Sign on’ capabilities ensure that users are automatically logged into the system and brought into their contract requests.
Can I access a CLM on my phone?
A good CLM must offer mobile access via laptops, tablets and cellular devices. With Axxerion’s mobile offerings, contracts can be reviewed and approved anywhere and at any time.
What are the benefits of a CLM?
A CLM results in major savings in time and money. According to the International Association for Contract & Commercial Management, optimized contact management that can result from implementing a CLM improves profits by up to 10% of the company’s annual revenue. Further research shows that a CLM leads to a 50-80% reduction in contact lifecycle time.
What types of industries benefit from CLM software?
What types of professionals benefit from CLM software?
A CLM benefits all professionals at one point or another in the contract lifecycle. It also serves as a real time-saver for professionals who are constantly dealing with contract management, including: contract managers, compliance managers, legal and procurement professionals, and sales managers.
How do you install an CLM?
Axxerion’s CLM is a cloud-based software-as-a-service (SaaS) solution. That means we store the CLM software on our powerful, highly secure servers so that you can easily access our product online at any time and from anywhere without having to worry about system crashes, updates and maintenance. We take care of the installation so that you can have instant and direct access to your CLM.
Can I customize Axxerion’s CLM to my company’s needs?
Yes – we offer highly configurable software so that we can best meet the needs of your organization. Every contract workflow system is different, and Axxerion can easily adapt workflows to each specific company practice as well as update them over time. Axxerion’s team of implementation specialists are also here to help you at every step implementation so that your company gets the best results from our CLM.