Selectica Contract Lifecycle Management Directly Impacts a Company’s Bottom Line with Payback in as Little as Six Months

Whether companies choose Selectica’s SaaS or our behind-the-firewall solution, contract management solutions quickly pay for themselves.  A recent Aberdeen study, The Contract Management Solution Selection Report: Handbook for CLM Strategy & Solution Selection, found that companies implementing contract management solutions were, on average, able to reduce material/services costs by 2-7%, improve revenue by 1-2%, cut contract cycle time by 50%, and reduce administrative costs by 25-30%. 

Cut Contract Cycle Time
Selectica Contract Lifecycle Management eliminates common bottlenecks in the contract creation, negotiation, and approval processes to enable companies to execute contracts faster.  With the solution, professionals can quickly create contracts in Microsoft Word—the tool they know best—by simply dragging and dropping clauses from a library of approved language.  The solution saves time in the negotiation process by quickly recognizing and highlighting incoming changes to a contract. 

Boost Workforce Productivity
Now more than ever, organizations are expected to do more with less.  The Selectica contract lifecycle management solution doesn’t just automate common contract management workflow processes, it can streamline processes by eliminating steps altogether.  For example, the required steps to approve a contract can be based on criteria such as the value of the contract, the type of contract, and where contract language and terms deviate from company standards.  This allows high-cost resources such as attorneys to focus all of their effort on the most complex, high-risk, or non-standard contracts.

Gain Visibility into Risks and Opportunities in Contracts throughout the Enterprise
Most companies have contracts scattered across business units in departmental systems, locked in filing cabinets, and hidden in individual employee’s hard drives.  The Selectica Solution provides General Counsel, Sales Operations, Procurement, and Compliance organizations with access to every contract they need through a single, unified contract repository.

Create More Profitable Agreements
With the Selectica contract lifecycle management solution, companies can access information from all existing agreements to give them a competitive advantage in negotiating new agreements and in consolidating agreements with the best terms.  The solution also provides professionals with a comprehensive library of approved contract templates and clauses to help standardize language and terms.  By streamlining the contract authoring and negotiation processes, Selectica Contract Lifecycle Management software also allows contracting professionals to devote more time to focusing on the unique or high-value aspects of their contracts.

Meet Contractual Obligations and Key Milestones
With the traditional “file and forget” approach taken by many companies, important obligations are often missed.  Selectica Contract Lifecycle Management goes beyond merely providing triggers and alerts, with sophisticated post-event workflow capabilities to ensure that companies actually follow through on important items.

Consolidate Amendments into an Effective View of Each Business Relationship
Constantly evolving business relationships can produce a steady flow of contract amendments that quickly obscures everyone’s understanding of the relationship.  Selectica Contract Lifecycle Management gives professionals instant insight into all agreements with an organization and provides a single, effective view across all amendments.

Next: View an on-demand demo of the Selectica Contract Lifecycle Management solution.

Learn More:
Save time and effort with your RFP – Download a vendor-neutral RFP template to help quickly pinpoint the differences among vendors’ solutions.
Hear Forrester on CLM – Hear from Andrew Bartels of Forrester Research on why contract lifecycle management is important and how to choose the right solution for you.