Contract Lifecycle Management, or CLM, is the integral business process that encapsulates the management of an organisation’s contracts throughout their entire lifespans. From templates and creation, through review, approval, execution, and performance, and until expiry, CLM is the framework that optimises efficiency and productivity as well as risk management and security for businesses and their necessary assets, clients, and of course, contracts.

With the presence of increasing digital structures in business connectivity and asset management, an increasing amount of CLM processes, especially template management, are turning to digital and online services. The potential of AI and its automating capabilities is amongst the varying new innovations emerging in business tools and assets. Through such infrastructure, organisations can drastically increase the efficiency of CLM with respect to tasks like template organisations, contract information logging and security, and reducing risks by accurately analysing all regulations and obligations of contracts and inventories. The presence of Machine Learning within such digital frameworks also allows faster authorisation and securement of contract data, and increase time usage as automation can now produce template drafting for low level agreements and contract inventory management, freeing up legal professionals to consider management and executive tasks.

As we face the growing implementation of digital frameworks and automation for business processes, the future of Contract Lifecycle Management must also consider the vulnerabilities towards contract assets and information presented by this expansive technological field. The automating capabilities of AI and Machine Learning within CLM must also protect against cyber-threats and vulnerabilities in contract regulation and information that may potentially disrupt agreements and client relations. CLM also looks towards a future of automation and capability, with more legal capability and transparency than ever before.

On this note, Group Futurista excitedly announces its upcoming EMEA Edition: ‘Future of Contract Lifecycle Management for Businesses.’