As mentioned in the previous blog, there are various industries which enter into agreements. People enter into a minimum of five to six agreement at times, in their day to day running of the business. To have a check or track or have a reminder about the date of completing the service or the terms and conditions to be fulfilled or terms which they agreed to or the date of expiration of the agreement. There is a need for a check, in order to have a track of those manual agreements. Due to the advancement of technology, software has come up to ease the burden of contract holders.
Contract Lifecycle Management (CLM) Software:
Contract Lifecycle Management tool takes care right from the drafting till the Agreement gets signed and stamped. This Zoho Contracts tool takes care of all the process involved in the process of making an agreement i.e. drafting, collaborating, approval, negotiating, signing and stamping. This Zoho Contracts acts as a one stop for all service or stages of the contract.
Contract Lifecycle Management verticals:
There are various industries which need this Contract Lifecycle Management tool. Such as:
Automobile manufacturing
Media and Entertainment
Healthcare
Pharmaceuticals
Construction Industry
Information Technology
CLM in industries:
Automobile Manufacturing:
Media and Entertainment:
Media and Entertainment industries are volatile and uncertain, these industries reform, merge, they involve a plenty of changes, transitions, transformation and so on. These constant changes need to be looked into and need to be governed by the respective agreement or contract. In case of any change in compliance or rule or law, by using this Application it will be easy to look into the existing agreement where we have used and make necessary amendments.
Health Care:
Health care is one of the largest industries that has various departments and has the most sensitive information, as they contain confidential information. In health care, the management or people focus on protecting the information of the patient and they execute agreements between management and employees and other Non-disclosure agreements. Using this Contract Lifecycle Management tool enables the healthcare to maintain secrecy and security; also facilitates to alter and execute Agreements.
Pharmaceuticals:
Construction Industry:
Information Technology:
In order to get things done quickly and effectively, and to make things run smoothly in this fast paced environment, this CLM Application helps them to streamline all the transactions and have a check on all those transactions and obligations as well. By using this application, IT companies could manage their contract according to the nature of importance.
These are the few industries where digitizing Contracts helps the Companies and Industries to excel and increase turnover ratio. By digitizing the Contracts things and compliance gets easily done and in case of any amendment in any law related to Contracts could be tracked down easily and necessary changes or amendment could be made quickly.
