Best Contract Lifecycle Management (CLM) Software & Solutions in 2023

Choosing the right contract lifecycle management software for your business is an important decision. It can mean the difference between an efficient and organized contract process and a chaotic, disorganized workflow.

Contract lifecycle management software helps automate the entire contracting process, from creating contracts to managing the negotiation process to executing the final agreement. With so many different options out there, it can be overwhelming to figure out what the best choice is. 

This guide will provide you with the information you need to make an informed decision about which contract lifecycle management software is the best fit for your business.

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DealHub's award-winning Revenue Platform offers your organization the most complete and connected revenue workflow.
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Lexion is an incredibly easy-to-use contract management system. We’re on a mission to make legal teams highly productive and happy, by accelerating contract review and eliminating busy work through automation and AI. We use best-in-class natural language processing technologies to make it 100x easier for legal teams to find what’s in their contracts and automatically stay organized. Best of all, Lexion’s email-centric approach, and legacy contract onboarding, make implementation and adoption easy. We built Lexion at Microsoft co-founder Paul Allen’s artificial intelligence research institute (AI2) and we’re backed by the same investors that funded OpenAI (Khosla Ventures), helped launch Amazon (Madrona Venture Group) and have advised Google (Wilson Sonsini). With a top-notch and experienced team from Microsoft, Facebook, Google, and Amazon, we built a company that CB Insights ranked the #1 most promising AI legal tech startup in the world two years in a row (2020, 2021). Most importantly, fantastic brands trust Lexion to manage their contracts: Outreach, OfferUp, Blue Nile, and many more.
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From making to managing to storing, Ironclad Digital Contracting streamlines every part of your company's contract process — so you can focus on legal work, not paperwork. Legal teams at Asana, Dropbox, L’Oréal and Staples use our platform to collaborate on contracts, negotiate better deals and mitigate business risk, even while working remotely. "Once you see how seamless and easy and intuitive Ironclad is… you will be hooked quickly." — Elyssa Dunleavy, L’Oréal AVP, Associate Counsel Ironclad was named one of the 20 Rising Stars as part of the Forbes 2019 Cloud 100 list, the definitive list of the top 100 private cloud companies in the world. In addition, Ironclad has been recognized for its breakthrough product and strong employee culture on Fast Company's 100 Best Workplaces for Innovators, alongside companies including Google and Slack. The company is backed by investors like Accel, Sequoia, Y Combinator and Emergence Capital.
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LinkSquares offers true end-to-end CLM with powerfully intuitive solutions for pre-signature, e-signature, and post-signature, all built for today’s Legal teams and powered by AI. LinkSquares offers a natively built e-signature tool, proprietary OCR, full-text search, contract templating and self-service drafting, custom reporting and notifications, version control, powerful integrations, and automatic extraction of 100+ critical contract dates, clauses, and terms. Founded in 2015 and based in Boston, LinkSquares manages the contracts of some of the world’s best companies, like ProPharma, Bottomline, Drift, DraftKings, Fitbit, Igloo, TGI Fridays, and Wayfair.
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What is a contract lifecycle management system?

A contract lifecycle management system, or CLM, is a comprehensive software solution designed to streamline the entire contracting process. It handles everything from the initial creation of a contract all the way through to its execution and termination.

Contract lifecycle management systems work by automating the entire contracting process. From initiating a contract request to tracking its progress, it helps you manage the entire process. It allows you to store contracts and related documents on a secure digital platform, making it easier to access them when needed. This also makes it easier to ensure that contracts are kept up-to-date and compliant with regulations.

A contract lifecycle management system simplifies the whole lifecycle of a contract, ensuring that all parties involved have a complete understanding of the contract's terms and conditions. It provides an easy-to-use interface that allows users to quickly create and review contracts, making the negotiation process more efficient. Additionally, it can help you avoid common pitfalls such as missed deadlines, non-compliance, and costly disputes.

Using a contract lifecycle management system is beneficial for businesses of any size. It helps make sure that contracts are created and managed efficiently, while keeping everyone involved in the process organized and informed. This ensures that you don't miss any important details or deadlines, and that all contracts are kept up-to-date and compliant with regulations.

Why is contract lifecycle management important?

Contract lifecycle management is incredibly important in any business setting as it helps organizations keep track of the agreements they’ve made with vendors and other partners. When done properly, contract lifecycle management ensures that companies can take full advantage of the terms and conditions of the contracts they enter into, and that any potential risks associated with those agreements are identified and managed.

At its core, contract lifecycle management is about streamlining the process of creating, signing, executing, and managing contracts. By automating as much of this process as possible, organizations can reduce the amount of time and resources spent on reviewing, negotiating, and executing agreements. This helps to ensure that everyone involved in the process is able to stay focused on their core responsibilities and avoid wasting time on tedious paperwork.

Another key benefit of contract lifecycle management is that it can help identify potential issues with contracts before they become a problem. By tracking the entire process from start to finish, companies can quickly spot any discrepancies in the agreement that could cause problems down the line. This allows them to act quickly to avoid costly misunderstandings or disputes.

Finally, contract lifecycle management also provides a means for organizations to track changes over time. This helps ensure that any changes made to a contract are documented properly and that all parties involved know what they’re agreeing to. This helps to ensure that everyone involved in the contract is on the same page and avoids any surprises down the road.

All in all, contract lifecycle management is an essential part of any business’ operations. It provides a streamlined way to manage contracts that helps save time and resources, identifies potential issues before they become a problem, and keeps everyone involved in the process informed.

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