Contract Lifecycle Management for Sourcing

Contract Lifecycle Management (CLM) is a hot topic – specifically its digitalization.

Sourcing teams want streamlined ways to create and store contracts while staying up to date on contract lifecycles. As anyone who handles contracts will know, these tasks work either efficiently or inefficiently.

Lack of contract management efficiency can affect entire departments, even whole companies. Cross-department cooperation is one of the biggest challenges in CLM. The specific needs of each department (legal-sourcing-business) need to be addressed.

Choosing the right CLM solution to work with is a big deal, but choosing not to use any is surely bigger.

At Noventia, we have opted to keep relevant sourcing-related contracts within the same handy sourcing management tool that the teams use daily.

All sourcing contract data – with their metadata included – can be found in the centralized supplier database and no additional software is needed.

The data from valid contracts is seamlessly a part of other sourcing processes, such as RFx’s, questionnaires and supplier evaluations.

With Noventia, contract management integrates into a company-wide CLM solution.

The process includes automated contract drafting and a simple eSigning function, which allows the contracting process to advance smoothly between departments.

If you need a solution that caters specifically to your company’s needs, our knowledgeable partner network can help you. Service providers such as Zefort & Lawderare already transforming the industry – it will be interesting to see what the near future holds.

I would love to hear your thoughts!

Picture of Timo Sahakari
Timo Sahakari

Sales Director, Noventia Oy
+358 50 464 8662

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Sourcing support

We help thousands of sourcing professionals to succeed in their work. We are happy to help in eSourcing, supplier management and sourcing contract management related questions.