You will agree with me that the SaaS industry is blossoming. This can be attributed to the increasing demand for agile services that meet the demands of the 21st C workplace. One of the teams that have been heavily influenced by technology and innovation is law, particularly contract management. Today, legal teams can streamline the rather cumbersome contract lifecycle management processes using contract management software, otherwise known as CLM software.
About Contract Management Software
The contract management software market is among the fastest growing industries in 2021. According to the latest reports, the industry was worth around $1.5 billion in 2019 and is expected to witness exponential growth to $2.9 billion by 2024, at a CAGR of 13.5%.
Contract management software has been designed to suit a wide range of industries, including law. The North American region leads when it comes to market share, followed by the European region.
How Legal Teams Can Leverage CLM Software
As you may be aware, legal teams deal with all matters regarding contractual agreements. That said, it’s the law profession that is the biggest beneficiary of the innovation we see in the digital contract management solutions industry.
Agile Contract Management
As mentioned earlier, the demand for agile contract management solutions is the number one reason why the industry has grown exponentially in the last decade. These tools have been built to streamline the entire contract lifecycle management process. They can help legal teams to create bulk contracts and manage them from one platform.
Technically, SaaS products, including digital contract management software, are applications that are deployed to end-users over the internet. That means, as long as the users have access to the internet, they can access the application or program – no need to install the app. This can enable legal teams to engage all the involved parties and allow for monitoring remotely.
Contract Management Automation
If you’ve been a contract attorney, you understand that many repetitive tasks can be too demanding. As they say, time is money. What if these tasks could be automated to save time that could have otherwise been spent executing manual tasks? With CLM software, automating repetitive tasks is possible. This is indeed a revolutionary application of Artificial intelligence (AI) to offer lawyers, virtual assistants.
One last advantage of contract management software is remote contract signing. In the past, lawyers had to plan for physical meetings with the parties in contract. But then, with electronic signatures, contracts can be signed legally, without physical sessions.
With the ever-changing business world, lawyers must adopt new technology, especially when it comes to modernizing contract management. These tools optimize the entire contract management process, consequently, saving time, and eliminating chances of human error.