What is Contract Lifecycle Management?

Contract lifecycle management is the process of streamlining an organization’s contracts through key phases of a contract starting from initiation, through execution until renewal or termination. The lifecycle phases include contract initiation, authoring, negotiation and approval process, enterprise review, and contract termination or renewal.

Contract lifecycle management yields several benefits, including reduced administrative expenses, enhanced revenue visibility, error minimization, risk mitigation, and improved overall efficiency throughout the contract process.

In recent years contract lifecycle management softwares are being used as a solution that enables companies to optimize contract management processes along with managing payment obligations and capitalizing on profit opportunities to ensure that supplier management strategies are achieving their full potential.