Contract lifecycle management (CLM) is the process of managing contracts from their creation to termination or renewal. It involves various phases such as formulation, negotiation, approval, execution, storage, monitoring, and renewal/termination. The primary goal of CLM is to enhance compliance, reduce risk, increase visibility, and improve efficiency in contract management processes within an organization. CLM simplifies and streamlines the end-to-end administration of contracts, providing a comprehensive approach to managing the entire lifecycle of contracts.
Some of the factors pushing businesses to adopt CLM solutions include the need to modernize contracting procedures, improve compliance, lower risks, increase visibility, cut costs, and provide a smooth client experience across the contract lifecycle. Automation, analytics, collaboration, and compliance capabilities offered by CLM systems help organizations improve their contract management procedures and realize business advantages.
The COVID-19 pandemic accelerated the need for digitization, increasing demand for remote work capabilities, and leading to contract changes. Compliance and risk management have also gained greater focus, and cloud-based solutions have become more popular due to their cost savings and scalability benefits.
The contract lifecycle management market presents significant opportunities due to its adoption across industries, its global reach, cloud-based solutions, integration of emerging technologies, and expansion of CLM beyond contracts. CLM providers can capitalize on these opportunities to offer scalable, flexible, and advanced solutions that cater to diverse industry requirements, meet evolving market demands, and provide comprehensive end-to-end contract management capabilities.
Increased adoption of cloud-based solutions, integration of technologies such as AI, ML, blockchain, and RPA, emphasis on remote work capabilities, and the expansion of CLM beyond contracts to include areas like supplier management and procurement are factors that are expected to boost the growth of the CLM market. To reorganize their contracting procedures, improve compliance, and gain commercial advantages, organizations are actively looking for effective, scalable, and CLM solutions.
By Organization Size
Small & Medium Enterprises
By Business Function
Retail & E-commerce
Healthcare & Life Sciences
Banking, Financial Services, & Insurance (BFSI)
Transportation & Logistics
Telecom & IT
Market segment by Region/Country including: -
Coupa Software, Inc.
Contract Logix LLC
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