Question 1

What is Contract Lifecycle Management (CLM) software?

Accepted Answer

Contract Lifecycle Management (CLM) software helps enterprises track, automate, and optimize the complete lifecycle of a contract – from request to renewal. Zycus iContract is an AI-powered CLM software, built for enterprises looking to optimize their contracting process.

Zycus iContract helps users streamline the pre-award contracting process, making the process efficient and helping users identify and reduce risk along the way. Zycus iContract also provides a secure centralized cloud repository for enterprises to store all their contracts and make them accessible anytime, anywhere.

The improvement in the contracting process coupled with visibility and control over contract spend provided by Zycus iContract helps enterprises strengthen their bottom line while reducing tactical work and making room for strategic work.

Question 2

What are the benefits of contract lifecycle management software?

Accepted Answer

Contract lifecycle management software helps enterprises streamline and standardize the pre-award and post-award contracting process.

By streamlining the pre-award contracting process using a CLM software like Zycus iContract, teams can create better contracts faster; have lesser errors and rework; can collaborate with internal and external stakeholders much more efficiently and reduce potential risk along the way.

By streamlining the post-award contract management process, enterprises can get complete visibility and control over the contracted spend and terms, helping them maximize value from contracts and build stronger customer and supplier relationships.

Question 3

How can artificial intelligence be used for contract management?

Accepted Answer

iContract is powered by Zycus’ flagship AI offering - Merlin AI and uses solutions for critical applications in the contracting process.

Merlin Insta Review helps users scan contracts for missing clauses and language deviations while providing an overall and clause level risk score. This helps users identify and act of risk hotspots without manually scanning the contract.

Merlin Template Comparator helps users compare 3rd party paper with internally approved templates and highlight unfavorable language and missing clauses. This solution, like Insta Review, provides users with a risk score based on the differences.

Merlin Contract Discovery uses AI to help digitize contracts at scale. Contract Discovery scans through contracts in a variety of formats, finds data points and maps them to meta data fields. The end result is a fully digital contract which has all values stored in the repository as digital data which can be acted upon.

Question 4

Which teams can benefit from using a contract lifecycle management software?

Accepted Answer

Zycus iContract, an industry leading contract lifecycle management software helps procurement, sales, legal, and IT teams streamline their contracting processes. These teams can collaborate with internal as well as external parties on a single secure platform, making the process error-free and efficient.

Question 5

Does contract lifecycle management software integrate with other technology solutions we have already implemented?

Accepted Answer

Zycus iContract seamlessly integrates with a host of technology solutions such as buy-side, sell-side, ERP, CRM, CPQ, collaboration, eSignature tools among others. Zycus’ unique iSaaS approach enables integration with almost any technology solution while reducing integration effort at customers’ end by up to 80%.

Question 6

How long does it take to implement iContract?

Accepted Answer

Zycus’ decades of experience in implementing enterprise contract management software couple with the unique iSaaS approach helps fast track even the most complex deployments. Enterprises are usually up and running with the Zycus iContract CLM software within a timeframe of 6-12 weeks based on the scale of the implementation.

Question 7

Can contract lifecycle management software help me comply with industry regulations and standards?

Accepted Answer

Yes, best-in-class contract lifecycle management software such as Zycus iContract helps users extract and track all their regulatory requirements through an out of the box reports and dashboards. Zycus iContract mines the contract and automatically sets alerts & reminders for compliance obligations found, making it impossible for users to miss any such obligation.

Users can also set up their own alerts and reminders and collaborate on such requirements with internal teams or suppliers. By automating this process, Zycus iContract users greatly benefit by avoiding potential fines or legal issues.

Question 8

Can I use Contract Lifecycle Management for audit tracking?

Accepted Answer

Yes, Zycus iContract automatically maintains full version control along with a complete history of contract reviews, approvals, signatures among other aspects. With Zycus iContract, enterprises can always stay ready for any audit requirements.