Monitoring & Tracking for Contract Lifecycle Management (CLM)
Automated monitoring & tracking function supporting Contract Lifecycle Management (CLM). Part of the Contract Lifecycle Management (CLM) capability.
Why This Matters
What It Is
Automated monitoring & tracking function supporting Contract Lifecycle Management (CLM). Part of the Contract Lifecycle Management (CLM) capability.
Current State vs Future State Comparison
Current State
(Traditional)- Contract Creation: Initiate the contract creation process by drafting the contract using templates.
- Contract Review: Send the draft for internal review via email or collaboration tools.
- Contract Approval: Obtain necessary approvals from stakeholders, often tracked manually or via email.
- Contract Execution: Finalize and execute the contract, typically using electronic signatures or physical signatures.
- Contract Storage: Store the executed contract in a centralized repository, often a shared drive or document management system.
- Monitoring Obligations: Set reminders and alerts for key dates (renewals, expirations, compliance deadlines) using calendars or task management tools.
- Performance Tracking: Regularly review contract performance against obligations and KPIs, often done through manual reporting.
- Reporting: Generate reports on contract status and performance for management review, usually compiled in Excel or similar tools.
- Contract Renewal/Termination: Initiate renewal or termination processes based on monitoring outcomes.
Characteristics
- • Microsoft Excel
- • Email (Outlook, Gmail)
- • Document Management Systems (e.g., SharePoint)
- • Contract Management Software (e.g., Agiloft, Icertis)
- • Task Management Tools (e.g., Asana, Trello)
Pain Points
- ⚠ Manual data entry is time-consuming
- ⚠ Process is error-prone
- ⚠ Limited visibility into process status
- ⚠ Limited visibility into contract performance and compliance
- ⚠ High dependency on manual processes increases the risk of oversight
- ⚠ Fragmented systems lead to data silos
- ⚠ Inability to generate real-time insights
Future State
(Agentic)The orchestrator receives a request to create a contract, triggering the Contract Creation Agent to draft the contract using templates. Once drafted, the Contract Review Agent collects feedback and manages revisions. After approval, the Contract Monitoring Agent sets reminders for key dates and tracks performance. The Reporting Agent compiles performance data into reports for management review. The Data Integration Agent ensures seamless data flow between systems.
Characteristics
- • System data
- • Historical data
Benefits
- ✓ Reduces time for Monitoring & Tracking for Contract Lifecycle Management (CLM)
- ✓ Improves accuracy
- ✓ Enables automation
Is This Right for You?
This score is based on general applicability (industry fit, implementation complexity, and ROI potential). Use the Preferences button above to set your industry, role, and company profile for personalized matching.
Why this score:
- • Applicable across multiple industries
- • Moderate expected business value
- • Time to value: 3-6 months
- • (Score based on general applicability - set preferences for personalized matching)
You might benefit from Monitoring & Tracking for Contract Lifecycle Management (CLM) if:
- You're experiencing: Manual data entry is time-consuming
- You're experiencing: Process is error-prone
- You're experiencing: Limited visibility into process status
This may not be right for you if:
- Requires human oversight for critical decision points - not fully autonomous
Parent Capability
Contract Lifecycle Management (CLM)
AI-powered contract management from drafting through execution and obligation tracking with automated risk analysis and renewal management.
What to Do Next
Related Functions
Metadata
- Function ID
- function-contract-lifecycle-management-legal-1