CLM combines art and science

Web Desk

28th Jun, 2022. 01:14 pm
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The two-part series examines contract lifecycle management .
There was a comparison made between contract management and lifecycle management.
The right-sizing process elevated CLM to the next level.

CLM has cleared the road for creative and scientific approaches to more closely meld together and become inexorably connected.

This two-part series investigates the development of contract lifecycle management, which has advanced at a breakneck pace in recent years.

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In the first part, we discussed the similarities and differences between contract administration and contract lifecycle administration.

By the end of the 2010s, the first generation of contract lifecycle management was beginning to take shape as an end-to-end system and was on the verge of being fully enterprise-ready. However, despite their variety, each of these options came with a heavy price tag. Rightsizing, improving buy-side and sell-side options, and integrating AI-driven contract lifecycle management alternatives improved CLM.

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These improvements made it possible for CLM to achieve a higher level of performance than it had previously. After taking all of these considerations into account, the development of the CLM of the next generation proceeded rather quickly.