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hey I'm Adam and today we're going to talk about contract life cycle management or CLM we'll cover with what you need to know about CLM from the benefits it brings to what you need to know to get started right away what is contract life cycle management it's managing contracts from creation to expiration managing renewals and storing them in a safe and secure place CLM is streamlining the contract experience for everyone inside your organization from top to bottom what are the benefits of cont contract life cycle management well think risk reduction cost savings improve efficiency better collaboration and enhanced visibility it's a game changer inside your organization what are the phases of CLM well there are six there's a drafting phase the review phase the approval phase the execution phase the performance monitoring phase and last but not least the renewal or termination phase each phase plays a vital role in contract life cycle man management what are the industries that can benefit from proper contract life cycle management well all of them seriously any industry that you can think of can actually benefit from using CLM or CLM software Financial Services Tech wholesale manufacturing Goos and more it's a versatile valuable and it really spans Industries as well as borders track and Report ensure compliance maintain open communication to ensure that everyone who is involved in a contract knows knows what's going on during the contract process establishing clear processes defining roles set up a contract repository are really industrywide best practices finally when you're considering which CLM software to choose there are a few things to consider automation is it going to automate any processes inside your organization a cost reduction is it going to save you money and or time anywhere compliance and support is it legally compliant meaning can your organization use it without getting in trouble or support does using the CLM tool support your existing workflows or if you're implementing it are you going to get support from the company who you're buying it or using it from and sight fill analytics is the data inside of your contract life cycle management software going to be used to gain you insights in any areas such as sales forecasts hiring forecasts really the data inside your contract can be used to accurately predict other areas of your business last but not least compatibility with your existing workflows meaning are your contracts or your CLM tool is it going to integrate with your existing workflows and your existing tools if so then that's a sign that you should be using that CLM tool or another tool that more strictly or more closely adheres to the way you currently work thanks for watching our video if you want to learn more about contract management and how to use oneflow check out our hack videos otherwise you can go to our website onef flow.com and get a free trial there you can use all of the benefits the premium features that come along with oneflow and you get a two-e [Music] trial