Contract management software (CLM)

Keeping track of contracts is often no more than a spreadsheet, not ‘contract management software’ (or CLM): the central place for contract management. Even though this might ‘work’, this way-of-working is laborious, dependent on individuals and without automated controls. Weagree’s contract management software (CLM) is the user-friendly enterprise-oriented contract lifecycle management tool of the 3rd generation. As you can see:

Contracts are easily being extended automatically. Conversely, no control over your contracts leads to revenue leakage: not enjoying contractual benefits because of poor insight or no-alerts – the difference between the expected Return On Investment and the value actually realised.

You want to have end-to-end contracting: contract management software (CLM) that is integrated with contract automation, workflows, entity management and the entire IT landscape. The ideal world is an easy-to-implement end-to-end contracting solution that imports and exports all contract data automatically and intuitively.

We understand why. No-one likes to register and maintain signed contracts. No-one likes to revisit signed contracts in a dusty, non-searchable archive. If your organisation has been growing rapidly, signed contracts were not typically managed and monitored effectively. After a reorganisation or merger, people who know the details of their (your) contracts may have left the company.

Your perfect CLM must be easy to implement and maintain. It is why Weagree focuses on exceptional user-friendliness:

  • simple and attractive
  • one-click insight in your contracts
  • flexibility (handle specialties of large organisations)

Easy search-and-filter options that unchain contractual benefits. Notify you timely. Accelerate, don’t hit the brakes.

Timely awareness of expiring contracts

Many contracts extend automatically when a termination deadline was missed. First and second-generation contract management tools are usually limited to ‘legal issues’: contract expiry, termination rights and change of control aspects.

Third-generation CLM allow more flexibilities. (Third-generation CLMs have been developed, roughly, after 2015, and are for example also better geared towards AI.)

Projects entail numerous deadlines, and those deadlines may even depend on each other. Over time, deadlines and their interdependency might change. Administering and managing all deadlines and keeping all stakeholders informed, is challenging.

If a deadline is missed, it means that extra monitoring and coordination becomes necessary to prevent a delay. While project management tooling enables the management of deadlines, their reflection in a contract amendment is typically not achieved automatically. But if any uncertainties arise, stakeholders turn to the contractual documentation for the truth.

Weagree’s new contract lifecycle management (“CLM”) alerts responsible contract owners in time, allowing sufficient time to reconsider a contract, renegotiate its scope or pricing, or find an alternative supplier. Weagree’s contract management software reminds you if you don’t take action upon the first or second email alert. While e-mail notification timing is preconfigured by the administrator, the contract owner (or legal counsel involved) can tweak them for the specific case.

Obligations management and preventing revenue leakage

Not managing contractual rights or obligations (or not even maintaining a CLM at all) invariably implies missing options. Poor contract management is time-consuming, cost-increasing, and risky – a cyclist’s chasse patate (a goose chase)!

Weagree’s state-of-the-art contract management software (CLM) reminds you of all deadlines, milestones and expiry dates. Prevent unintended contract extension and provides full and quick insight in your organisation’s obligations.

Weagree has optimised contract lifecycle management by creating a one-click overview of pending obligations and upcoming deadlines.

Contracts repository

Are you always able to find all signed contracts, and all relevant related files? As a lawyer, you want to easily access all contract-related files:

  • The signed contract
  • Annexes related to the contract
  • Your compliance assessment form
  • A supplier-signed Code of Conduct
  • Important draft-contract versions
  • All amendments
  • Advanced contract data management

Do you have insight into all your organisation’s rights and obligations? In a basic CMS, you’re likely to see your deadlines in just a few clicks. Weagree’s CLM goes beyond this: you will also have immediate insight into dozens of other data.

Making a signed contract ‘manageable’ and updating it for your negotiation results takes only a few clicks. It is exceptionally user-friendly. Think of it: essentially, Weagree simply reuses the data you entered when creating the contract. Imagine: ‘uploading’ a signed contract and making it insightful/accessible takes only a few minutes!

One-click search your contracts (reporting and monitoring)

Heads of legal departments and CEOs must keep track of contracts in place and whether necessary action is required. But none of them will wade through an ever growing list of contracts, or perform manual searches. In these positions, and as inhouse legal counsel, you should immediately be able to get a good overview of all relevant contracts.

If there is one place where the busyness of the next months can be foreseen, it is in a CLM.

Dashboard reporting and monitoring must be easy, one click away.

Keeping contract management software (CLM) up-to-date is easy

Where creating a contract is an essential first step in business operations, at the contract creation stage, much key information comes in. You can reuse that and it saves much time. The time saved is also the most boring work.

Missing a deadline is easily prevented by:

  • automating document creation,
  • automating approval workflows,
  • automated notification of deadlines, and
  • one-click (controlled) access to the contracts and related documentation.

An end-to-end contract management solution such as the Weagree Wizard facilitates all this. Contract data are not easily lost.

Large projects with multiple (changing) deadlines

If you’re in the world of large projects or managing numerous contract deadlines, so, if your contracts are large or complex, with many deadlines or deliverables. In those contracts, before, during and after the project is completed, you must overcome challenges of planning, monitoring and management.

Managing changing contract deadlines is an art, if you were to do that manually:

  • Managing ever changing deadlines and keeping everyone informed about changes, is challenging.
  • Missing a deadline, and then all the extra monitoring and coordination is no fun.

The good news is: Weagree’s CLM empowers you with easy-to-configure tooling to manage contract deadline complexities. Integrated with Weagree’s automated contract creation, a large part of managing such deadlines is even automated.

AI – automated contract review

Large numbers of contracts must be managed and this may involve reviewing tens, hundreds, or even thousands of them for specific terms. This means a lot of exhausting, inefficient work for those water carriers in your team, plowing through each document, page by page for hours and hours on end. Automated AI contract review would abolish this 1990s type of labour. Because there is no automation involved of inadequate for the purpose, this Sisyphean task may occur every now and then, but it might also be periodically required.

AI based technology searches instantly for relevant words and phrases, which it then tags with appropriate labels. The technique behind that is to automatically convert uploaded documents to searchable text. That is very valuable but not anything brand new. Some see AI as a holy grail, We see it as very useful technology; not new, but about 15 years old.

For Weagree, introducing Automated AI contract review was a natural, easy step to take. AI is becoming a sort of our team mate; we have been through a lot with each other and we will ride up together every time when new techniques come available for our customers.

The Weagree Wizard is perfectly fit for AI. The AI contract review technology is mature and has been developed for almost 15 years now.

Watch why the Weagree Wizard is perfectly fit for AI.