What is contract lifecycle management?
Career: Contract Lifecycle
Contract Lifecycle Management (CLM) refers to the process of managing contracts from their initial creation and negotiation through execution, compliance, renewal, and eventual expiration. It involves streamlining and automating each stage of a contract's life to reduce risks, improve compliance, and enhance operational efficiency. CLM is used by organizations to ensure that contractual agreements are properly managed, tracked, and analyzed throughout their entire duration. Effective CLM helps companies avoid missed deadlines, ensure regulatory compliance, and create stronger business relationships.