Monday, 7 May 2018

Contract Life-cycle Management Software: An Automated Legal Adviser

Contract life cycle management (CLM) software helps enterprises in managing the life cycle of agreements created the company. It includes third-party agreements like leasing, sales, outsourcing, facilities management, nondisclosure, intellectual property, and other contractual obligations. CLM software also contains all possible processes related to the agreement such as contract discovery, order tracking, approval, negotiation, authoring, valuation, auditing, reporting, dispute management, and compliance management.

Emergence of AI and Cloud to Boost Demand

CLM software type can be bifurcated into cloud-based and on-premises.

Cloud-based software segmented is expected to increase its demand over the projected period due to high adoption in small companies due to its flexibility and cost-effectiveness. A cloud-based CLM solution provides an easy-to-use interface and web-enabled editor which lets companies modify templates as per their requirements. The software also assists organizations in presenting a professional image to clients. The cloud-based solution also allows dynamic workflow approvals. For example, some agreements contain non-standard clause. These will be automatically directed to legal or finance austerities for further amendments. The development of software using artificial intelligence (AI) can boost the segment growth in the years ahead.

For instance, Apttus launched the contract management solution equipped with AI in 2017. This solution can be beneficial for company’s legal department. It can offer several benefits such as the automation of third-party paper, contract cycle time reduction, and contract risk management.

Market Overview

According to a report available on Radiant Insights, Inc.; the contract life-cycle management (CLM) software market is expected to accrue lucrative gains in terms of revenue by 2025. Growing need to curb administrative expenses in organizations and to assure improved compliance for all participants, and growing digitization in organization worldwide can propel the market over the forecast period (2018 to 2025). But high implementation and maintenance cost of software could hinder market growth.

Some of the leading vendors operating in the market include Apttus, SAP, IBM Emptoris, Coupa Software, and Great Minds Software.

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