A traditional contract lifecycle management method mainly depends on human procedures to carry out contract-related duties and tasks. Email reminders, spreadsheets, wet signatures, and other manual methods may not significantly reduce productivity or raise risk in firms with a limited number of contracts. Manual contract administration, on the other hand, is doomed to fail in firms that deal with large numbers of complicated contracts on a regular basis. Several inefficiencies, bottlenecks, and potential risk areas may be encountered, particularly during the contract renewal process. Outdated contract renewal processes will inhibit risk management, thus we advocate using an alternative methodology for renewals. With contract renewal management software, you can obtain complete visibility into your contract lifecycle and keep track of contract renewals and expirations.