CLM is more than just a fancy acronym for Contract Lifecycle Management. This post from Cimplifi is designed for demystifying CLM.
In their post titled Demystifying CLM: More Than Just an Acronym, It’s the Heartbeat of Business Lifecycles (available here), Cimplifi illustrates CLM as “the central nervous system of your business, vital for nurturing the lifecycles of clients, vendors, employees, and processes”. And they also liken it to a “Swiss Army Knife of Business Operations”, stating:
“CLM goes beyond the simple drafting and storing of contracts. It encompasses a holistic approach to managing the entire lifecycle of contracts, ensuring they not only comply with legal standards but also support the dynamic needs of business relationships, procurement, project management, and strategic planning. This lifecycle approach is crucial for the seamless interaction of client, vendor, employee, and more, ensuring that every contractual relationship contributes positively to the overall health of the business.”
Let’s face it: contracts control pretty much everything we do in business. They control who we work with, how long we work with them, what we do, how we know when it’s done (and done correctly), what to do when things go wrong, etc. As a result, “[c]ontracts are no longer just legal documents; they are valuable data sets ripe for analysis and insight.”
So, how do you prevent contracts from becoming organizational bottlenecks? And what’s is the power of a contract master data set? Find out here, it’s only one click! Demystifying CLM isn’t complete until you do! 🙂
So, what do you think? How are you unlocking the value in your contract data? Please share any comments you might have or if you’d like to know more about a particular topic.
Image created using GPT-4’s Image Creator Powered by DALL-E, using the term “robot reading a contract while riding an exercise bicycle”. Get it? It’s a “lifecycle”! 😀
Disclosure: Cimplifi is an Educational Partner and sponsor of eDiscovery Today
Disclaimer: The views represented herein are exclusively the views of the author, and do not necessarily represent the views held by my employer, my partners or my clients. eDiscovery Today is made available solely for educational purposes to provide general information about general eDiscovery principles and not to provide specific legal advice applicable to any particular circumstance. eDiscovery Today should not be used as a substitute for competent legal advice from a lawyer you have retained and who has agreed to represent you.