LIRIS Enhances Its Contract Lifecycle Management Platform LIRIS CLM

Major Upgrade of LIRIS CLM

LIRIS Inc., headquartered in Minato, Tokyo, has announced a substantial update to its contract management platform, LIRIS Contract Lifecycle Management (LIRIS CLM). This upgrade is designed to serve as a comprehensive information foundation for contract operations, facilitating integrated management of contract information and strategic utilization of contract data.

Background of the Update

LIRIS CLM has been instrumental in supporting contract management and processes for many companies, aiming to boost efficiency in contract operations. By enabling centralized management and progress tracking of contract information, LIRIS has addressed issues of individual dependency in contract tasks and improved operational transparency.

As the significance of contract operations within businesses continues to rise, the demand has grown for enhanced governance across the entire contract process, beyond merely managing contracts. Companies seek to leverage contract data for process improvements and decision-making. Additionally, there is an increasing need for flexible process design aligned with organizational structures, advanced access controls, and comprehensive analysis tools for contract operations.

In response to these evolving needs, LIRIS has undertaken this update to transform LIRIS CLM into a dependable information foundation for contract operations. The enhancements include integrated management of contract information, greater visibility and governance of contract processes, and improved tools for visualizing and analyzing contract data, thus empowering companies to use contract data effectively for decision-making and operational improvements.

Key Enhancements

1. Strengthening Integrated Contract Information Management

The upgrade introduces capabilities harnessing large language models (LLM) to automate the extraction and structuring of essential contract information, such as party names, contract duration, and conditions from contracts. Built on accumulated insights from prior contract information extraction features, the new technology enhances the accuracy and utility of contract data processing.

Moreover, the system can now register contract information without accompanying documents and address web-based usage agreements for comprehensive management of various contract types. Enhancements in search and filter functions enable users to access necessary information swiftly.

2. Enhanced Visualization and Management of Contract Processes

The improved platform strengthens the ability to visualize and manage stages of contract workflows—including requests, reviews, approvals, and final agreements. This enhancement improves transparency and governance within the contracting process, allowing contract statuses and responsible personnel to be easily tracked.

LIRIS now offers an approval workflow feature, enabling customizable approval processes according to specific contract details, expediting both clarification of approval steps and decision-making. Users can monitor contract progress in both a list and board format, facilitating appropriate management of contract matters.

3. Advanced Visualization and Analysis of Contract Data

The upgrade provides new dashboards and insight tools for visualizing and analyzing contract data. Users can access an overview of ongoing contracts, pending approvals, deadlines, and renewal alerts, ensuring quick identification of contracts requiring attention.

The insight features allow for multifaceted analysis of contract counts by type, department, requests, and user engagement. This quantitative understanding of contract operations assists in identifying workload imbalances and trends within contract execution processes, supporting overall improvements and informed decision-making in contract operations.

4. Strengthened Security and Control Features

To safeguard contract information, LIRIS has enhanced its security and control functionalities. The permissions management system has been restructured for more appropriate access control tailored to individual users, while logging features track access and actions on contract data to support internal controls and audits.

Additionally, LIRIS now implements two-factor authentication and single sign-on (SSO), meeting security requirements essential for safe contract information management.

5. Customizable Operations and Enhanced Support Functions

The flexibility of contract operations in accordance with company structures and processes has also been a focal point. Enhancements in management and customization functions facilitate the configuration of input fields, display items, and request forms to align with organizational operations.

The introduction of bulk registration and updates for user and contract information ensures smooth transitions from existing contract management systems, thereby supporting actual business operations effectively.

About LIRIS CLM

LIRIS Contract Lifecycle Management is a robust corporate contract management platform designed to handle all aspects of contract operations, from creation and requests to approvals, electronic signing, and post-signing management and analysis. With a flexible process design tailored to workflow needs and the automation of contract information extraction and data visualization, LIRIS CLM promotes efficiency and governance, supporting businesses in strategic decision-making and growth through enhanced utilization of contract data.

For more details, visit: LIRIS CLM Service Site.