Contract management can be a major pain point for organizations of all sizes. However, thanks to the rise of contract lifecycle management (CLM) technology, it’s possible to achieve a more efficient and streamlined process for managing contracts.

The right contracting technology can save you time, reduce stress, and minimize errors, allowing you to focus on more important tasks–like finally getting your recommended seven to nine hours of sleep a night.

How do you know if your business is ready to take advantage of CLM technology?

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Contracts Are Hard to Find

If you’re spending hours digging through old emails and searching through filing cabinets trying to find a single contract, it’s a sign that your contract management process is outdated. Searching for contracts shouldn’t feel like an archaeological dig! With the right CLM solution, you can quickly and easily locate any contracts you need

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Your Resources Are Being Drained

When contracts are not being tracked, it’s easy to overlook important details like renewal dates and payment terms. This can lead to unintentional duplications of services or missed opportunities to negotiate better terms, all of which result in wasted resources. Especially in times of economic volatility and cost reduction, this signals a clear sign that it’s time for a change.

Contract management technology can help you avoid these pitfalls by providing clear visibility into your entire contract portfolio. By automating contract tracking, reporting, and management, you can easily monitor contract usage, avoid duplication, and optimize your spending, which can save you thousands of dollars and person-hours. 

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Contracting Cycle Times Are Taking Too Long

Time is money, and when contracts have to be manually created, reviewed, and approved, the process can slow down deals, resulting in reduced revenues, increased overhead costs, and decreased team morale. Deals shouldn’t take longer to close because you’re trying to keep track of redlined versions or hunt down a signature.

AI-powered CLM solutions can turn your documents into easily searchable, connected contract data that delivers actionable and reportable insights that you can use to optimize negotiations and drive execution for faster, less risky deals. 

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Assess Your Organization’s Readiness

Looking for other signs that it might be time to start evaluating contract management technology? Explore Evisort’s CLM technology buyer’s guide, which walks through every step of evaluating and selecting the best solution for your organization.