There really isn’t one precise model of what’s included in the contract lifecycle, but the stages in the previous FAQ are a good working guideline to what you should expect in a CLM system. With the right digital contract lifecycle management in place, users can quickly and easily request, initiate, track, measure, and execute contracts and related documents by leveraging the user-friendly features located in the dashboard of your contract automation software. Permissions will vary according to company needs, but generally a user will either open an existing contract or create a new one starting with a pre-approved contract template. The contents of the contract, assuming the vendor contract management software includes data integration with ERP, CRM, financial, and other systems, can then be easily populated using a few clicks and drop-down menus, including the clause library. A good CLM system features automated workflow for contract review and approvals, integrated document creation – such as MS Word – and email for negotiations, as well as electronic signature capability. Once executed, managing contract milestones, obligations, KPIs, and automated alerts are built-in to better control contract compliance and performance measurement.