Without a Contract Lifecycle Management (CLM) system, the critical contract process grinds to a halt. Contract processes that are not governed by CLM can suffer from the lack of clear delegation of responsibilities during the review cycle as well as the lack of visibility into the latest versions and negotiations of a contract, resulting in painful status calls and emails.
The contract review process varies by organization and grows in complexity as contract negotiations necessitate the involvement of cross-functional groups - both internally and externally - including legal, finance and executive management. Companies who leverage a contract solution to help streamline and track contract activity are able to recognize impressive returns in the categories of productivity and visibility for their teams.
SpringCM simplifies collaboration during contract reviews and approvals by tracking document history as edits occur and increases visibility by allowing reviewers to easily identify pending and completed activity at every stage of contract review.