If high amounts of data are spread across multiple in-house systems such as ERP, CRM and other software which can be potentially integrated to the Contract Management Software, it is beneficial to have an on-premise contract management system rather than a cloud system where integrations can be limited to other software that you are already using.
All Contract Management Software's require essential hardware/software licenses, review this ahead of time to ensure that all costs are planned.
Good Contract Management Software deploys best of the breed security techniques including two factor/multi-factor authentication (MFA) features.
Contract Life Cycle Management (CLM) simply means effectively managing contracts or agreements and relationship between entities by properly planning all the contract management stages resulting in reducing, eliminating or mitigating financial, legal and procurement risks.