Abstract

This IDC Perspective discusses how COVID-19 has driven investment in contract life-cycle management and the importance and benefits of implementing contract life-cycle management tools. This document also discusses the common implementation pitfalls and how to avoid them.

"The pandemic has almost necessitated investment in a CLM tool. The pandemic has increased investment in digital transformation that enables remote work and promotes business resiliency. CLM addresses both of those issues. Managing contracts across departments via email or manual methods is no longer tenable when the majority of the workforce is now remote," says Ryan O'Leary, senior research analyst for Legal, Risk, and Compliance at IDC.

Coverage