Global Contract Lifecycle Management Market: Snapshot
With the presence of a large pool of well-established regional, as well as international manufacturers of contract lifecycle management solutions, the global market for contract lifecycle management demonstrates a fragmented structure. The market also displays high competitiveness, as the leading players are increasingly being involved in mergers, acquisitions, and alliances to strengthen their positions in the global market. The continual addition to the existing product portfolios of these players is also expected to help them significantly in the near future.
The increasing investment in the field of contract lifecycle management is driving the global market for contract lifecycle management, significantly. The advent of cloud technology is another important factor that has been boosting the growth of this market, substantially. Going forward, the advent of analytics in contract life cycle management will be supporting the growth of the global contracts management market in the near future. Organizations are expected to increasingly prefer contract life-cycle management with a built-in analytics in the years to come as it allows them to understand and interpret historical data points, access any contract information for comparisons immediately, and estimate future performance within the supply chain. The built-in analytics also supports the enterprise to manage risk and optimize performance by reducing the cost, streamline enterprise contract processes, and shorten sales cycle in the years to come.
Global Contract Lifecycle Management Market: Overview
For any agency or organization that works with contracts on a regular basis, the concept of contract lifecycle management (CLM) is likely a familiar one. Specifically, CLM is used to track and manage every aspect of a contract for its performance, compliance, and other success factors and through every stage of the document’s lifecycle (from execution to renewal or expiration). The management process itself begins when a contract is proposed and continues throughout the delivery of the promised good or service and into contract renewal.
CLM helps organizations minimize contract risks, ensure compliance with regulations, audit contracts for performance, and stay organized from beginning to end. Effective contract lifecycle management translates to cost and time savings for any organization.
The report provides a comprehensive analysis of the contract lifecycle management market’s segments, including their dynamics, size, growth, regulatory requirements, technological trends, competitive landscape, and emerging opportunities for supplier. This report also examines the technologies, markets and factors influencing the markets for contract lifecycle management. Market forecasts are based on historical activity and current opportunities, technical advances and challenges.
Global Contract Lifecycle Management Market: Key Trends
These days, there are all kinds of different software options available when it comes to contract management. And of course, there’s no such thing as a “one-size-fits-all” CLM solution for any agency or organization. Customers, business associates, and legal authorities alike expect organizations to remain diligent and accountable for their contract management. And organizations like government agencies are held to a higher standard than ever when it comes to contracts. Even the smallest mistakes in CLM could lead to a damaged reputation for any business or organization.
Contracts can under-perform or become obsolete, which is why it’s important for the performance of a contract to be analyzed over time. Running customized reports on contracts based on specific criteria is an important part of any CLM process. For example, being able to generate contract reports based on commission rates, business territory, or even renewal term lengths can help give you and your organization valuable insight as to how your contracts are performing.
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Global Contract Lifecycle Management Market: Market Potential
JAGGAER, the world’s largest independent spend Management Company, today announced that its CLM solution has been named one of the top most popular of 2018 by Capterra, the leading online resource for business software buyers.
Capterra’s 20 Most Popular Contract Management Software list is an independent assessment that evaluates customer base, number of active users, and social presence to generate a list of market leaders within the Contract Management space that offer the most widely adopted solutions.
Built around a centralized cloud repository, JAGGAER’s Contract Lifecycle Management solution keeps every stakeholder in an organization involved in the approval and management of relevant contracts and obligations. With full obligation lifecycle management, the ability to author contracts with a native MS Word Office App, a configurable library of smart templates, integration with SalesForce.com integration, and real-time contract management dashboards, JAGGAER’s Contract Lifecycle Management is used by hundreds of companies and organizations globally.
Global Contract Lifecycle Management Market: Regional Outlook
On the basis of geographical segmentation, the global contract lifecycle management market has been segmented into- North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Global Contract Lifecycle Management Market: Competitive Analysis
Key vendors operating in the global contract lifecycle management market are CobbleStone Systems, CallidusCloud, Ultria, IBM, SpringCM, SAP, ConvergePoint, and Concord, among many others.