Contract Lifecycle Management (CLM) requires the review and negotiation of contracts with a supplier or customer. From drafting and negotiation to renewal and compliance, having a clear view of contract comparison through amendments or changes, big or small, between contract versions is fundamental to maintaining control and driving informed decisions.
As a Contract Manager, reviewing contract amendments can be a tedious task that is prone to human error, which can result in weaker negotiations, loss of value from the provider, or even non-compliance with regulations, company ethics or sustainability.
With Brooklyn Solutions’ new contract comparison feature, users can simplify reviews, reduce risk, and enhance efficiency throughout the contract lifecycle.
How Contract Comparison Enhances the CLM Process
Contracts are dynamic documents, often subject to revisions, updates, and negotiations. Without an effective comparison tool, managing these changes can become a bottleneck. Contract comparison plays a pivotal role in CLM through the following ways:
- Streamlining Negotiations: Quickly identify updates to key clauses or terms during contract revisions, ensuring negotiations stay on track and aligned with business objectives.
- Improving Accuracy in Reviews: Spot modifications, additions, or removals with precision, reducing the likelihood of errors or missed details.
- Ensuring Compliance: Validate that all changes adhere to regulatory and organisational standards, mitigating risks of non-compliance.
- Supporting Renewals and Audits: Compare older and newer versions of contracts to confirm consistency and evaluate changes against evolving business needs.
- Simplifying Static, Lengthy Documents: Contracts tend to be static and lengthy PDF documents, making it difficult to digest the information and extract amendments or key details. A robust comparison tool transforms this complexity into clarity, enabling stakeholders to focus on what matters most.
Review Differences from Earlier Versions
With Brooklyn’s Advanced Contract Comparison tool, tracking and understanding changes across contract versions has never been easier. Users can:
- Effortlessly identify modifications, ensuring that updates align with their standards.
- Simplify the revision process with clear insights into every change.
- Maintain consistency and control throughout the entire contract management lifecycle.
This capability empowers stakeholders to compare contracts, identify key differences, and make informed decisions, all within a user-friendly interface.
Introducing Brooklyn’s Contract Comparison Feature
Brooklyn’s new contract comparison capability was developed to address critical needs in the CLM workflow and enhance the Brooklyn Contract Module. Designed for accuracy and ease of use, it offers:
- Side-By-Side Comparison – Users can effortlessly select two contracts and compare the documents side-by-side.
- Clear Visual Differentiation – Changes, removals, and additions are highlighted within the contract text, providing an intuitive view of differences.
- Focus on Key Formats – Supporting the comparison of PDF documents, this feature caters to the most common file type in contract management.
Why Contract Comparison is a CLM Essential
Robust contract comparison capabilities are a must-have for any CLM platform, helping to resolve challenges across procurement, legal and compliance teams. From comparing pricing terms to negotiation changes, a comparison tool streamlines the CLM process. By addressing such requirements, Brooklyn ensures its platform remains a trusted, comprehensive CLM solution.
See It in Action
Transform Your CLM Process
Brooklyn’s side-by-side contract comparison feature strengthens your CLM workflows by:
- Enhancing accuracy and clarity in reviews.
- Mitigating risks associated with manual oversight.
- Simplifying Contract Lifecycle Management (CLM) processes