Does your industry need Contract Lifecycle Management?

Managing all your contracts can be exhausting, but it holds immense importance in the client-enterprise relationship. Moreover, manually managing the bulk of contracts and related legal paperwork is a mammoth task. It reduces the time efficiency of your enterprise. And the risk of errors associated with it is a nightmare for most legal teams.

That's where contract lifecycle management (CLM) comes to your rescue. CLM providers make the task easy by automating the process using CLM software, having in-built tools to assist you with all your contracts starting from drafting to approving and further renewing them.

CLM is a powerful and much-needed tool for any and every industry involving heavy paperwork and agreements with clients or customers. Having said that, let's take a look at some of the industries that require and use CLM as an integral part of their business.


FINTECH

Financial Technology (FinTech) industry is rapidly evolving. The COVID-19 pandemic encouraged people to adopt paperless transactions, where technology connects banking and non-banking financial institutions (NBFI) with their customers.

FinTech enterprises embrace CLM to enhance their customer experience and undisrupted paperless workflow. It equips them with a centralized contract management repository with a customizable dashboard giving an overall view of all contracts in one user-friendly interface. FinTech enterprises can author customized contracts, and forge trustworthy and long-lasting relationships with their customers. They can seamlessly maintain audit trails and meet their real-time statutory compliances, thanks to the transparency involved in CLM.


HEALTHCARE

Managing a quantum of paperwork of hundreds of patients entering and exiting the doors of a hospital or any healthcare facility is not easy. Hospitals also constantly enter into contracts with doctors, student-doctors, sanitation workers, nurses, lab technicians, etc. A large number of these contracts contain sensitive and confidential information. But, in most hospitals, the persons handling such heavy paperwork are usually nurses, who are not trained in it. Subsequently, errors are prone to happen. CLM is a one-stop solution for documentation problems in the healthcare industry.

With the help of CLM, hospitals can keep track of all their medical and non-medical contracts, including the paperwork of patients. The cloud-based system of the CLM platforms securely stores all the input under one roof and facilitates effortless retrieval. CLM also helps healthcare facilities ensure proper legal compliances.


AUTOMOTIVE

The automotive industry is prone to changes in market trends and legislation on safety standards and environmental effects, compelling it to manage and monitor contracts cautiously. CLM can hugely assist the process by constantly reminding and alerting the companies on local and international legal compliances to avoid undesired consequences.


What are the types of e-signatures?

The IT Act 2000 legalizes the following e-signatures types in India-


FAST-MOVING CONSUMER GOODS

Given the nature of the goods and trade frequency, contracts are inevitable in the fast-moving consumer goods (FMCG) industry. This industry needs various contractual paperwork like sales quotations, proposals, invoices, etc., that are mutually beneficial and low-risk simultaneously. Constant monitoring, reviewing, and renewing make it hectic for the legal teams. Not anymore, with CLM platforms.

CLM serves as a vendor onboarding platform, facilitating the vendor and the FMCG company to negotiate the contractual terms transparently and reliably. It helps to customize and standardize contracts for national and international trade. CLM enables parties to have a bird's-eye-view on contractual executions to monitor vendor compliances. The parties are also alerted on relevant dates so that legal consequences don't hinder the workflow.


MEDIA

The media industry often witnesses legal documents like contracts dealing with vendors and service providers and Non-Disclosure Agreements (NDA) containing confidential information. CLM platforms provide a transparent yet secure haven for such information with end-to-end encryptions.


HUMAN RESOURCES

Human Resources (HR) teams worldwide find themselves flipping over piles of HR contracts annually. These are mostly the offer letters and employment agreements, legally binding the employer and the employee (existing or newly hired) by the terms and conditions. And the collaborative effort of in-house legal teams and the HR team in creating and managing all the HR contracts is essential to avoid bottlenecks in the workflow. But even experienced and well-established HR teams are overwhelmed in handling the plethora of contracts. CLM eases their workload.

CLM helps HR teams to generate employee-specific templates for offer letters or contracts, which they can use whenever needed. Tracking the progress, re-using the data and, adding reminders to the contracts becomes simple with CLM so that the HR team doesn't miss any deadlines. E-signatures enable relevant stakeholders to negotiate and approve the document without any fuss and delay. Also, storing the document in the cloud-based system of the CLM software promotes visibility and control over it.

The need for CLM tools spans various industries. It’s the comprehensive solution for any industry struggling with excessive paperwork, legal compliance, and work management. Well, if you think you don't need CLM, think again. CLM can change how your enterprise works.

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