Time is of the essence. Yet contracts remain a latent bottleneck for many organizations, resulting in missed deadlines, strained relationships, and lost revenue. Contract Lifecycle Management (CLM) involves more than simple digitization of paperwork; it transforms contracts into a strategic growth engine.

Implementing CLM best practices and using the right CLM software solutions allows companies to take back control, enhance compliance, and close deals quickly. Below are ten actionable CLM best practices that can change the way your company manages contracts.

1. Keep All Contracts Under One Repository

Spreadsheets and outdated versions are a recipe for disaster. A centralized repository gives all stakeholders access to the latest agreement while enabling sophisticated searching, versioning, and real-time updates.

2. Standardize Contract Templates

Inconsistent contracts increase the risk of liability and negotiation delays. The adoption of standard forms reduces preparation time, ensures compliance, and shortens review cycles.

3. Automate Workflows for Accelerated Approval

Weeks-long waits for sign-offs are a deal breaker. CLM software solutions automate approval workflows, reduce cycle time, eliminate manual mistakes, and enhance accountability.
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