What Makes a CLM Tool Special These Days? [Plus+]

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What should you look for if you want to drive a more mature contract lifecycle management (CLM) approach, one that takes you beyond just getting all your contracts in one place? Getting a grip on the final, executed version of all your contracts is no small feat — it’s one reason behind the increasing demand for contract discovery and analytics solutions — but let’s assume you have checked that box already.

If we look at the CLM providers in the market over the years, several companies have been either acquired by or merged with firms originating from either sourcing or e-procurement in the pursuit of a suite offering, and these solutions are now being integrated into the broader offering. Among the remaining, or independent, providers in the space are companies that deliver decent contract repository functionality, which is to say they can take your executed documents and push them into the CLM tool, and they can track numerous data points well — although some need more manual work than others to get that part done — and most CLM providers also do a good job of negotiating contracts (the “check-in, check-out” process with versioning and document history).

Isn’t that good enough? What else might there be to CLM? What can we do to take CLM to the proverbial next level? This Spend Matters Plus brief aims to answer those questions and points out what features and tools ideal CLM solutions should have.

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