Alliance Life Sciences Consulting Group (ALSCG), a leading management and technology consultancy, defines the best practices and strategies for leveraging contract lifecycle management (CLM) solutions in its newly published white paper, "Leveraging CLM Automation for Competitive Advantage" and webinar entitled, "ECLM Solutions Center Volume 1: Steps Towards Continuous Improvement In Contract Lifecycle Management", for audiences to view ondemand at their convenience. This webinar is the first in a series on the subject of continuous improvement programs in contract lifecycle management. Authored by Mike Cram, CLM practice leader at ALSCG, these strategies enable stakeholders in the life sciences industry to realise the full potential benefits of contracting process automation.

"As part of our methodology, we’ve brought new meaning to the ‘The Three R’s – risk mitigation, revenue maximization, and rogue spend abatement," said Cram, who has over 23 years of experience in the industry. "These practices help companies realize the full potential benefits of CLM automation through contract management technology that automates the contracting process and improves a company’s access, visibility, and control over contracts. This approach increases contract compliance rates, reduces revenue leakage, and improves overall CLM performance by reducing cycle times."

Cram adds that most organisations continue to use inefficient, labor-intensive contract processes, which opens them up to greater risk of error and loss. "Where companies fail in realising benefits from CLM technology is by settling for only gaining the efficiencies ofthe automation of contract creation and approval processes instead of focusing on improving the overall contracting process," he concluded.