This December 2018 report by Gartner provides a deep analysis of the current state of the contract lifecycle management (CLM) market and provides guidance to organizations that seek to shortlist vendors.
Key findings of the report include:
- “Many organizations that have implemented a CLM solution have done so for just a portion of their business or a specific business function. This piecemeal approach frequently results in inefficient process workflows and deployment of multiple CLM tools.”*
- “Document management systems and shared drives don’t support contract reporting and analytics. Without contract analytics, organizations cannot manage workloads, performance and compliance.”*
- “Procurement, sales and legal teams are always pressured by the business to speed up contract development and execution. Without a CLM solution, contract negotiators struggle to execute contracts within the expectations of the business.”*
- “By 2023, artificial intelligence will bring 30% more efficiency to the contract negotiation and document completion process in organizations that deploy leading contract life cycle management solutions.”*
* GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and is used herein with permission. All rights reserved. Gartner, Market Guide for Contract Life Cycle Management, 17 December 2018, Kaitlynn Sommers, Patrick Connaughton