Contract Management Services

Contract lifecycle management (CLM) services deliver time, focus, energy, and money back to your business.

Transitioning from an agreement on business terms with a supplier to a signed contract requires a particular skill. The contract management process may drag on for months if not managed effectively. The longer it takes to finalize, the longer it takes your company to realize that contract's value and benefits.

Agiloft's contract management services work to help compress the time from an agreement, in principle, to a signed contract, reducing contract risk to make sure you get the best possible terms.

Our seamless contract management services and software integration initiate supply agreements, master agreements, statements of work, and non-disclosure agreements by working directly with your procurement and legal teams. Free up your category managers to address more important matters and drive deeper savings in the managing process.

Full No-Code engine for enterprise scalability

What is CLM?

Contract lifecycle management (CLM) is software that manages all aspects of a contract or legal agreement from creation to negotiation through execution.

Nearly every business runs on contractual agreements. The average enterprise maintains anywhere from 20,000 to 40,000 long-term contracts. Yet, most companies manage each contract manually.

Use a CLM service to provide a single digital repository where your organization can store all its legal documents. Our new and sophisticated systems use the best artificial intelligence to import contracts, analyze the language and jargon, flag risks, and manage contractual obligations.

Tech-Driven Approach

Why do organizations need contract management software? CLM can solve the contracting issues found in many organizations, including:

Disorganization

Companies and departments are tired of dealing with contracts distributed all over the place. Most contracts are stored on people's laptops.

Tracking

Tracking tens of thousands of contracts can amount to real money. A WorldCC study showed that enterprises lose 9% of their revenue due to poor contract management. If you're a $100M company, that equals $9M a year.

Security

Contracts contain a lot of sensitive information, so storing them on individual laptops or hard drives is a severe security vulnerability.

Regulatory compliance

This is a massive headache for legal departments. If your legal documents are not centralized and in digital form, there is no way to know if you comply. If a problem does come up, the discovery process will be a nightmare.

Risk

If your documents are not in one place and digitally searchable, you have no idea what threats are lurking in them.

Convoluted contract processes

Manual contracts take too long to generate. There is not one standard language, and it feels like re-inventing the wheel every time a contract is created. The approval process is too long, and your legal paperwork exists independent of other systems.

Preserve Contract Value

With contract management software from Agiloft, you can:

Develop effective governance and oversight throughout the contract lifecycle
Proactively monitor contract compliance in real-time
Ensure the effectiveness of operational and financial controls
Prevent financial losses and mitigate risks related to contract non-compliance
Promote transparency, accountability, and trust among third parties

Third-party supplier relationships are important for achieving primary business goals. Every business relationship relies on contracts to define responsibilities, contain costs and mitigate risk. Solid contracts define responsibilities, compensation, and risk. However, these terms will not guarantee compliance without a management system in place.

Many businesses that manage third-party agreements fall victim to competing priorities and misunderstandings between stakeholders. Complicated contracts can be challenging for employees to manage if a company lacks the industry-specific expertise required to recognize performance issues in real-time.

We Increase the Effectiveness of Your Team

Well-crafted contracts outline responsibilities, compensation, and risk. Without a monitoring process, these terms' existence does not guarantee compliance. Since many businesses lack the resources for verification, non-compliance often appears after a financial loss or other damages occur. Proactive, third-party contract management can detect vital compliance issues or confusing contract terms before they affect earnings or jeopardize key supplier relationships.

Agiloft's contract management services serve as an extension to your existing team by developing and implementing process improvements that ensure compliance with third-party agreements.

Agiloft offers support during all stages of the contract lifecycle. Whether you are looking to develop effective service level agreements and key performance indicators or need to create more efficient invoice review processes for your management team, Agiloft is ready to help.

How Does Agiloft Help

Our CLM services can help you:

Conserve cash and contain costs
Preserve revenue
Minimize risk
Optimize operations
Achieve strategic objectives
Increase shareholder value

To learn more, go to our contract management page. For additional information and support on contract management, visit our blog. Contact us today to discover how contract management services can help your business.