Contract management (CM) and Contract Lifecycle Management (CLM) are both classifications of contract management systems, but they differ in scope and focus. Contract management is a broader term that encompasses the overall process of managing contracts, while CLM is a more focused and structured approach that utilises specialised tools and technology to manage the specific stages and aspects of the contract lifecycle systematically and efficiently. CLM is a subset or a specialised implementation of contract management.

Contract management refers to the overall process of creating, negotiating, executing, and administering contracts between parties. It involves overseeing the entire contract process, from creation to termination or renewal. The primary objective of contract management is to ensure that contracts are effectively managed to achieve the intended goals, mitigate risks, and comply with legal and business requirements.

Contract Lifecycle Management (CLM) is a more specific and structured approach to contract management. It focuses on managing the entire lifecycle of a contract in a systematic and organised manner. CLM typically involves using specialised software or platforms that assist in automating and streamlining various stages of the contract lifecycle.

Automation in Contract Lifecycle Management can significantly enhance efficiency, accuracy, compliance, and overall effectiveness in managing contracts throughout their lifecycle. Automated digital contract management ensures:

Improved efficiency and speed. Automation accelerates the contract lifecycle by streamlining processes, reducing manual tasks, and eliminating bottlenecks. This results in quicker contract creation, approval, and execution.

Reduced errors and risks. Automation minimises human errors associated with manual data entry, calculations, and compliance checks. This, in turn, reduces the risk of non-compliance and potential legal issues.

Enhanced collaboration and communication. Automated workflows facilitate collaboration among teams and stakeholders by providing a centralised platform for communication, status tracking, and document sharing, ensuring everyone is on the same page.

Centralised repository and document management. Automation allows for a centralised repository of all contracts, making it easy to organise, access, search, and retrieve contract documents, reducing the risk of misplaced or lost contracts.

Compliance adherence. Automated systems can enforce and monitor compliance with internal policies, industry regulations, and legal requirements by ensuring that contracts adhere to predefined standards and guidelines.

Cost savings. Automation helps reduce operational costs associated with manual labour, paper-based processes, printing, storage, and administrative overheads, resulting in significant cost savings over time.

Better risk management. Automation provides better visibility into contract terms, obligations, and key dates, enabling proactive monitoring and management of contractual risks and opportunities.

Streamlined audit trails and reporting. Automated CLM systems maintain detailed audit trails, enabling thorough documentation of all contract-related activities. This facilitates easy reporting for compliance purposes and supports audits.

Scalability and flexibility. Automated CLM systems can scale to handle a high volume of contracts and adapt to changing business needs by easily configuring workflows, templates, and rules without major IT intervention.

Data Analysis and Insights. Automated CLM platforms often integrate with analytics tools, allowing organisations to gain insights from contract data. This can help in identifying trends, optimising contract terms, and making informed strategic decisions.

Our solutions will help you overcome key challenges and make contract management a value-adding aspect of your supplier lifecycle management.

A lack of contract visibility. No more unwieldy spreadsheets, no more human error, no more lost documents. Using a single system, you can classify contracts, share information with internal and external teams and publish contracts, providing instant visibility to all stakeholders.

Outdated processes lagging behind your capabilities. As your capabilities grow, your processes need to keep up. Manual documentation, outmoded workflows and cumbersome double handling will hold you back. With our scalable software, OneAdvanced's Contract Management will keep pace as your scope, budget, and maturity expand.

No integration between contracts, accounting and finance. Contract Management integrates seamlessly with Financials and other Cloud solutions, as well as on-premise accounting systems from OneAdvanced, Microsoft, Oracle, Sage, SAP, and Unit4. This integration enables a centralised single source for supplier and contract information, with real-time spend data flowing into OneAdvanced's Contract Management for live dashboards and analytics.

Help your organisation thrive with quality contract management tools. Experience game-changing key features and far-reaching business benefits with our extraordinarily user-friendly contract management system.

Detailed contract register: Store all key contract information (such as compliance activities, milestones, costs, and forecasting) in one spot!

Unparalleled insights: Unparalleled analytics with insight-drawing capabilities that integrate seamlessly with existing technology.

Superior cost management: Manage approval workflows, contract costing, lifecycle times and project scope with ease.

Automation and templates: Speed up performance management, tasks and contract management plans with templates and automation.

User-friendly interface: Keep track of audit trails, approvals, variations, and contracts conveniently online via a user-friendly interface.

Master panel management: Track and manage all forms of master contracts with advanced master agreement and panel management.

Automation and templates: Speed up performance management, tasks and contract management plans with templates and automation.

User-friendly interface: Keep track of audit trails, approvals, variations, and contracts conveniently online via a user-friendly interface.

Master panel management: Track and manage all forms of master contracts with advanced master agreement and panel management.

Strategic task management: Experience easy, strategic management of general tasks, milestones, obligations, and compliance activities against contracts.

Risk and issue templates: Reduce and manage risk with advanced risk and issue templates specific to each procurement and contract type.