Contract Lifecycle Management 101: Part 1 – An Introduction [Plus+]

While contract lifecycle management, or CLM, is probably one of the most uninspiring acronyms in the procurement technology space, it is also one of the most important. That’s because proper CLM not only overlaps with both the sourcing (or source-to-contract, or S2C) and procurement (or procure-to-pay, or P2P) cycles for the strategic sourcing and transactional execution of “buy-side” categories, but also provides a partial foundation for other supply management processes. CLM also influences the full source-to-settle (S2S)/source-to-pay (S2P) cycle. And, finally, it provides a partial foundation for risk management, performance management, change management and supplier management (as well as in-depth post-mortem reviews that increase organizational knowledge and effectiveness for years to come).

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