Icertis has released its State of Contract Lifecycle Management (CLM) Report to deliver critical insights into the impact of contract intelligence. Amidst a rapidly shifting technology landscape and increasing demand for enterprises to do more with less, this comprehensive study compiles more than 30 key findings from Icertis-sponsored research and offers a deep dive into the present and future business value of AI-powered contracting technology.
The report reveals significant trends from legal, finance, procurement, and sales decision-makers who play a pivotal role in contract management across businesses spanning manufacturing, pharmaceutical, aerospace, retail, technology, automotive, and more. Data collected over the past year underscores an accelerated interest in enhancing contract management processes through AI technology to directly influence revenue, savings, and risk, detailing several key areas, including:
- Current contracting challenges that organizations face and the lingering gap between best practice and reality
- Common barriers to improving contract management practices, such as complexity and the ever-present question of who “owns” contracts within the business
- Emerging trends within contracting technology that parallel the rising importance of contracts as living data resources for the benefit of full enterprises
- The transformative role of AI in reshaping contracting strategies and outcomes
Critical business functions like legal and procurement have often resisted rapid change, traditionally slow to adopt new technologies. With AI-driven contracting platforms, these departments are transitioning from their antiquated routines to become centers of innovation in their organizations.
“As a market leader, Icertis understands the importance of not just participating in research but driving the conversation on the state of CLM to help businesses see contracts as an untapped source of data that powers AI,” said Bernadette Bulacan, Chief Evangelist, Icertis. “Investing in the right platform is critical for enterprises to stay ahead in their industries. This vital resource is designed to guide organizations at various stages of their CLM journey by synthesizing crucial trends, insights, and challenges from the last year that have shaped business-wide transformation in today’s dynamic landscape.”
The State of CLM Report is based on a collection of research from Icertis, World Commerce & Contracting, and the Blickstein Group, and analyst insights from Gartner and MGI Research.
Download the full report to learn more: 2024 CLM Trends Report