Contracts house valuable data needed for companies to remain compliant with regulations and prevent or respond to legal disputes. But the number of contracts, their complexity, and the volume of data associated with them have grown beyond what companies and stakeholders can manage without the assistance of CLM technology. A contract management platform makes it fast and simple to find and administer contracts, measure performance – such as supplier procurement KPIs – ensure compliance, monitor risk and alerts, enact reporting, and other tasks that are arduous or impossible with manual methods. The first objective of digital contract lifecycle management is to increase visibility into the company’s entire contract assets. With litigation – and data proliferation – on the rise, not going digital in your CM practices will cost you more time and likely more money if you are still using manual contracting processes versus digital.