Amid the current global crisis, supply chains across the world continue to be disrupted and forced to reevaluate their supplier base. As organizations are tasked to source new suppliers to partner with, procurement and legal teams are facing immense pressure to quickly create, negotiate, and approve contracts. However, many of these organizations rely on manual contract creations and use tools, such as Microsoft Word, to create their contracts from start to finish. In a recent report, PayStream Advisors reported that "while a majority of organizations have a dedicated team that manages contracts across all departments, only 27% of respondents are using CLM software." Procurement organizations need a solution that will allow them to quickly create quality documents and manage the whole contract lifecycle. But by not using Contract Lifecycle Management (CLM) software, this can quickly translate to reduced visibility, unnecessary risks, and decreased productivity within your procurement and legal teams. Here are a few ways in which a sophisticated CLM solution can benefit an organization that routinely creates, negotiates, and executes contracts.