So, what can actually be automated when using a Contract Lifecycle Management System (CLM)? In this article, we’re delving into the details of configuring automated tools, common in leading CLM software, like Contra by Lexzur. We’ll cover everything from drafting all types of documents and setting reminders, to designing entire workflows and systems of operations.  

What are common features of CLM Software? 

Whether you’re part of a legal team or firm, in an HR department, or even working in Finance or Sales, it’s likely that you generate and execute contracts and other types of repetitive documents every day. Below are some of the key tools and features you should expect to see in a powerful CLM solution. 

• • Drafting Tools 

• • Collaboration & Redlining Features 

• • Approval & Review Lifecycle  

• • Digital Signatures  

• • Alerts and Reminders 

• • Secure Repository 

• • Reports & Analytics

What can you Automate with CLM? 

Contract Management Automation is changing how contracts and documents are managed across all verticals. That said, make sure you choose a solution that offers these features, like Contra by Lexzur. 

1. Design Templates for Drafting 

Traditionally, one of the most time-consuming stages is drafting. Now, using software like Contra by Lexzur, you can design custom templates for repetitive contracts and use clause banks. Creating Templates means that every time you wish to draft a contract, or any type of document, you can do so by filling in a short pre-configured questionnaire about the type of contract, parties, and any other metric or value you want to add. 

2. Integrations that Enable Automation across Platforms 

Contra, for example, integrates with communication portal and over 5000 popular applications that facilitate, speed up, and automate work across platforms. These integrations include apps like Google Workspace, Office 365, Zoom, Teams, Webex, and so much more. This revolutionizes collaboration, negotiation, and redlining documents, and centralizes all communications – internal and external. 

3. Configure Automated Workflows for Approval Stages & Reviews 

With Contra, you can design entire matrixes for approval review, and even signature. Configure your own automated document lifecycles where each document is automatically routed to the pre-determined team member in the correct order. This significantly reduces bottlenecks and increases transparency and accountability. 

4. Set up Secure and Verifiable E-signature Workflows 

With Contra, you can integrate with a number of Verified E-Signature Workflows, depending on your region. This allows you to automate workflows, digitize signatures, and get contracts executed much faster. Some of the main signature solutions embedded in Contra include DocuSign, AdobeSign, and LexzurSign, powered by Adobe. 

5. Automate Reminders & Notifications 

With Contra, you can set up automated reminders linked to specific actions, stages, documents, invoices, calendars, and so much more. This completely ensures that nothing falls through the cracks, ever! No more missed deadlines or renewals.  

6. Sync Cloud Document Management Solutions to Central Repository 

Additionally, you’ll be able to centralize all your document sharing apps in one place. For example, if some of your work is saved on Google Drive™, while other streams are housed on Dropbox, and you’re collaborating with external parties on shared documents in One Drive. All these platforms will be housed in one agile space where you can access edit and sync data across all these platforms. 

7. Configure Dashboards to Track Custom KPIs 

One of our most popular features in Contra is our agile single-view dashboards, that you can customize to track custom metrics and set up your own KPIs. They allow you to have full visibility on all fronts in one place, where you can see data in different formats, filter through dates, and customize to fit your priorities. This revolutionizes efficiency, allowing you to make informed decisions to optimize every aspect of your operations. 

8. Auto-Generate Reports 

Contra offers a Reports Builder that’s fast and easy to use. This allows you to quickly generate and export your reports by following a few steps and plugging in the metrics you wish to illustrate. The Reports builder allows for customization and is a real game-changer when it comes to speed, accuracy, and compliance. 

In conclusion, Contract Management Automation is worth the investment, and can significantly impact ROIs, saving time and resources, reducing contract errors and bottlenecks, and optimizing efficient contract processes.