Definition or Meaning- What is SAP CLM (Contract Lifecycle Management)?
Full form or SAP CLM stands for (Contract Lifecycle Management), every organization success depends upon productivity. Procuring best opportunities for increased productivity with cost saving can be achieved by SAP sourcingContract Lifecycle Management. A fortune company has typically thousands of active contracts running with different terms and conditions. A contract manager software application assists your business processes ensuring contracts compliance, capturing valuable data and proffer in long term significant and sustainable benefits.
A basic Contract Lifecycle Management process includes various steps starting from drafting of contract, negotiation, Storing and repository, Compliance and administration, renewal and optimization of contract. An organization can increase financial and operational performance reducing risks by proactively managing creation, execution and analysis of contracts. With SAP CLM application organization can visualize, standardized and can streamline contract process.
Creating saving and good governance is one the basic benefit of CLM. Implementing robust CLM can assist in better discipline, incremental savings and sustainable results can be achieved in long term. For a successful company effective Contract Lifecycle Management application is a must. The application not only automates the contract process however it also proffers organization to enter in to thousands of unique business relationships.