The sales landscape is constantly changing and it’s up to companies to keep up with evolving technology that can improve the selling process. Digital transformation is accelerating sales productivity by connecting tools and processes, leveraging mobile technology to allow people to work from anywhere, and providing in-depth analysis into an organization’s selling process, allowing them to learn from it and make improvements.
Contract lifecycle management, or CLM, is a major contributor to digital transformation. Gartner defines CLM as:
“...a solution and process for managing the life cycle of contracts created and/or administered by or impacting the company. These include third-party contracts, such as outsourcing, procurement, sales, nondisclosure, intellectual property, leasing, facilities management and other licensing, and agreements containing contractual obligations now and in the future.”
At SpringCM, we define contract management as the process by which an organization can strengthen and tap into the value of its contract portfolio in order to shorten the sales cycle and reduce costs. The value comes from the time and money saved while managing contracts, and making room for a company to expand its sales.