How does contract lifecycle management (CLM) improve collaboration?

Docfield was founded in 2019 with the mission of creating the world’s best collaborative document creation and management platform. We firmly believe that effective collaboration is at the heart of any successful organisation. Whether this means coordinating internally among departments, or engaging with external stakeholders: streamlined workflows are essential. 

Contracts form the basis of much of our collaboration, making it quite understandable that Contract Lifecycle Management (CLM) software has emerged as such a game-changer in improving collaboration for businesses. Our focus, as a company and in this article, is to address common bottlenecks in the contract management processes. From initiation to renewal, Docfield empowers teams to work together seamlessly, ensuring contracts are managed efficiently every step of the way.

What is contract management software?

Contract management software is a comprehensive solution designed to oversee contracts throughout their entire lifecycle. It handles everything from contract creation and negotiation to execution and renewal, simplifying complex processes and reducing the risk of errors. Key features are explored below.

The role of a CLM in improving collaboration – what features make the difference? Why?

Centralised repository for all contracts

Storing documents in a centralised repository might seem rudimentary, but a proper filing system can make all the difference. Having a repository that connects to the very source of your contracts (your CLM) completely eliminates the need for manual searches through multiple systems. With all contracts stored in one place, stakeholders can quickly locate the documents they need, fostering transparency and ensuring that everyone works from the same source of truth. Never search tirelessly for another contract, only to find an outdated version.

Real-time collaboration and communication

Docfield enables real-time collaboration, allowing teams to work together on contract drafting and editing regardless of location. Features such as version control, comment tracking, and simultaneous editing ensure that all changes are properly managed and served to users in real-time.

Role-based access control

Role-based access controls allow you to assign specific permissions to users. This ensures that sensitive information is only accessible to authorised personnel while enabling your team to contribute effectively within their designated areas of responsibility. Docfield is the only tool where you can, from a single template, restrict the editing of specific text blocks within documents. 

Following on from this, the Docfield system has built-in approval workflows, making it easier for decision makers to access key information and make it actionable with a single click. This moves contract cycle times down dramatically, ensuring that teams are collaborating efficiently and effectively. More on this below!

What are the key benefits?

Streamlined workflow automation

CLM software automates key contract processes such as approvals, notifications, and renewals. This automation reduces administrative delays and ensures that contracts progress swiftly through each stage of their lifecycle by keeping all team members aligned. Generally speaking, we believe it to be much better for teams to automate workflows than to set up new processes with custom rules that team members need to follow. Without them, contract management can become chaotic.

Enhanced visibility and transparency

Built-in analytics and reporting tools provide valuable insights into contract performance, deadlines, and compliance metrics. By enhancing visibility, all stakeholders remain informed, leading to better decision-making and a stronger alignment with organisational objectives.

Automated reminders and escalation workflows minimise delays in obtaining approvals. By keeping the process on track, your teams will make faster, more informed decisions.

Integration with other systems

Whilst the Docfield platform is a powerful 360 degree console for all contracting needs, we understand that not every workflow should be housed in our system. That’s why we focussed on powerful integrations with key systems, like your ERP and CRM from the start. By building these integrations, we enhance collaboration because we reduce the manual handovers of information that live in parallel systems and workflows. These automations ensure every team is aligned, even without communicating!

What teams can benefit from using a CLM?

Contracts touch every part of the organisation but we’ve decided to focus on just three teams in this article:

Legal teams

The role of Chief Legal Officers and general councils is constantly evolving. It is no longer about reviewing red-lines and more so about providing strategic insight and risk mitigation at the organisation level. Relying on outdated contracting methods and workflows is no longer fit to keep up with the evolving needs of the role, which require comprehensive oversight, based on actionable and timely data. Errors, missed deadlines and opportunities, and complex manual workflows will leave legal teams trailing in 2025 and beyond. 

Procurement departments

Procurement teams are also in a peculiar position. They are finance teams, measured by their ability to generate savings and efficiencies for the business. Whilst sales leads the charge on revenue generation, procurement fights hard to protect every penny that leaves the business – in other words, just as important to a strong bottom line! Procurement ultimately manages the purchasing flow, and all the internal and external stakeholders that contribute to it. As such, procurement is one of the first teams in the business to understand the need and added value of a CLM. 

Sales teams

If one thing is sure, it’s that no for-profit organisation has ever been successful in the long run if her sales team is underperforming, bogged down with manual paperwork and error-prone processes. Building a streamlined, well-oiled salesforce is the ambition of all growing organisations. And ultimately, growth is the only way! Whilst many parts of the sales process have been optimised already, the contracting phase still slows deals to a crawl far too often. The untapped efficiency gains for sales teams is in CLM systems like Docfield. 

Conclusion

Contract Management Software, particularly advanced CLM solutions like Docfield, play a huge role in unifying teams, streamlining workflows, and enhancing collaboration. By investing in a robust CLM system, you can ensure that all stakeholders collaborate efficiently. Whether it be sales or procurement teams, the Docfield platform has a range of features that optimise for collaboration across the contract lifecycle. 

We’d be very happy to help you explore how a CLM can improve the functioning of your teams and overall performance of your organisation. Feel free to reach out for a chat. We look forward to helping you!

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