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 sourcing Contract 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 the 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 of the basic benefits of CLM. Implementing robust CLM can assist in better discipline, incremental savings and sustainable results can be achieved in the 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 an organization to enter into thousands of unique business relationships.
Not having a well-defined Contract Lifecycle Management application process in place can lead to some of the negative effects:
In large organizations, revenue is lost each day in the contracting process and CLM can assist in saving the unnecessary cost and time incurred on a daily basis. The contract is the backbone of your company should always be taken care with utmost care. SAP CLM (Contract Lifecycle Management) is not a passing trend but an essential part of growing your business.