2025 is around the corner in just three short years, and by this time, every organization will be able to rely on their contract lifecycle management (CLM) to be the central source for all contracts.
Today, many companies have already centralized multiple functions into one single system - finance, HR, customer relations, and sales. It is natural then for these organizations to centralize how they manage contracts — from negotiation through execution and after termination. Similar to the other functions, this will help firms reduce cost, manage risk and improve performance.
For example, when contracts are centrally available and their terms are properly tagged, it will be more efficient and accurate to update numerous contracts that require an alteration (e.g., due to a regulatory change).