About contract life cycle management (CLM)
Traditionally, contracts were documented on paper and presented for any revisions or amendments till the final version was prepared. Lawyers used to review the contracts manually, which was a time consuming and error prone process. With evolution in technology, companies started managing contracts via the electronic media. However, the electronic format of contracts have not enhanced the visibility of the contracts, resulting in poor management of those contracts. With the adoption of CLM software, companies enhanced the visibility of the contracts and, hence, were able to provide timely information to make informed decisions.
CLM software allows companies to streamline the contracting process by automating the drafting of contracts. It also helps negotiate, track, manage, and obtain optimal value from buy-side as well as sell-side contracts. Demand for CLM software comes from sectors involving complex contracts, such as the financial services, healthcare, manufacturing, and public sectors. Large enterprises as well as small enterprises in these sectors are adopting CLM software to manage their contracts.
Technavio's analysts forecast the global CLM market to grow at a CAGR of 16.35% over the period 2014-2019.
Covered in this report
The global CLM market is segmented on the basis of products and geography.
Technavio's report, Global CLM Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the landscape of the global CLM market and its growth prospects in the coming years. The report also includes a discussion on the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Contract Life-Cycle Management (CLM) Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Contract Life-Cycle Management Market: Apttus, Exari, SAP, Oracle, SAP and Selectia
Other Prominent Vendors in the market are: BravoSolution, CMA Contiki, ESM, GEP, Great Minds, Icertis, Ivalua, OpenText, Optimus BT, Prodagio, Revitas, SciQuest and Symfact
Commenting on the report, an analyst from Technavio’s team said: “A cloud-based CLM solution offers an easy-to-use interface, which is familiar to most users. In addition, as it uses a web-enabled editor, companies can customize templates as per their requirements. These templates ensure that sales users create consistent contracts, and thus help the companies present a professional image to clients. Cloud-based CLM also enables dynamic workflow approvals. For instance, some contracts include non-standard terms and conditions. These will be automatically routed to select approvers such as legal or finance managers for further amendments. The CLM process ensures that contracts meet the required standards before coming up with the final version. Also, cloud-based CLM offers seamless integration with popular CLM systems. This allows sales users, channel partners, value-added resellers, and distributors to populate preloaded templates and generate contracts in a digital format.”
According to the report, the deployment of CLM software will enable lawyers to view documents virtually in any format, including Word, Powerpoint, image, and Excel, and pull up similar contracts from a library for reference. This is essential from the lawyers' perspective, as it reduces their review times and the contract cycle times considerably. Also, CLM solutions streamline the entire CLM process and enable companies to identify loopholes in the system, which results in huge cost savings. Based on these factors, we believe that the global CLM market will register healthy growth globally.
Further, the report states that the supply and demand gap of skilled talent is hampering the market growth.
Apttus, Exari, SAP, Oracle, SAP, Selectia, BravoSolution, CMA Contiki, ESM, GEP, Great Minds, Icertis, Ivalua, OpenText, Optimus BT, Prodagio, Revitas, SciQuest, Symfact