Cloud computing is ramping up the use of contract lifecycle management by legal departments, with demand for CLM software enjoying double-digit growth over the past three years.
CLM has been around for decades as a way for companies to keep track of their contracts, including creation, activation, storage, compliance and analysis, all of which directly affect pricing and profitability. A CLM system helps monitor contracts for performance, ensure compliance with regulations, minimize risk, increase profits, reduce costs and look for optimal alternatives.
Just as with other cloud-based systems, there are major financial and efficiency advantages to freeing CLM from on-premises applications. Among them are IT infrastructure savings, cost control, unlimited storage space and regular, reliable backup.