Contract lifecycle management, or CLM, refers to the management of all the processes involved in the initiation, drafting, renewing, and execution of a contract or any contractual agreement. There are different key stages in CLM to ensure the smooth functioning of the whole process. These key stages include initiation, authoring, process and workflow, negotiation and approval, execution, on-going management and compliance, and contract renewal.
There are many kinds of software that makes contract lifecycle management easier and more efficient. This software provides different kinds of services and facilities that make CLM easier to manage. There is higher accuracy in the CLM process with the use of this kind of software or technology as compared to when CLM is conducted manually.
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How does AI affect contract lifecycle management?
Using artificial intelligence, or AI, for contract lifecycle management will greatly change the way CLM works. AI-powered CLM is quicker, more efficient, provides better insights, improves key performance indicators (KPI), and even primes the organization or company for further stages in contract management. There are many improvements that are made by using AI. For these reasons, many companies and organizations are keeping up with recent digital trends in order to provide the best results for their teams.
A few of the top AI contract lifecycle management providers to watch out for in 2021
Individuals who run companies and organizations are continually finding ways to improve workflows for customer-marketing-sales relationships. Using AI in contract lifecycle management helps them do this. Some of the top AI contract lifecycle management providers include: –
- Icertis – The Icertis Contract Intelligence, or ICI, platform is one of the leading contract lifecycle management solutions. Icertis is used in over 90 countries around the world, with over 10 million contracts signed and finalized through it. It has raised 211 million USD in funding. Their team consists of 1300+ employees with 10 board members. Working towards becoming the contract intelligence platform in the world, Icertis is transforming the foundation of commerce.
- PandaDoc – PandaDoc is a document automation platform that increases productivity and improves customer experience. Launched in 2007, PandaDoc has become one of the top-rated software for proposals and CLM. With 51.1 million USD in funding from 13 investors, this platform has grown to have nine members in the executive team working towards providing the best all-in-one document automation software for their customers.
- DocuSign – DocuSign is a platform where customers can connect and automate the entire contractual and agreement process. Its attractive features have gained them over 500,000 customers that have led to hundreds of millions of contracts signed. With 536.2 million USD in funding and 152 team members, DocuSign has gained the 7th spot of the top 10 global technology companies. It has grown in popularity with customers from over 180 countries worldwide.
- Agiloft – Agiloft is a CLM platform that allows its customers to automate work, reduce risks and drive revenue. With a 99.6% success rate, Agiloft has been able to provide its services to customers around six continents worldwide. With 45 million USD in funding, this platform has become a leader in the 2020 Gartner Magic Quadrant for Contract Lifecycle Management. It has over 600 customers, including top companies, government agencies, and different Fortune 100 companies.
- Concord – Concord is another CLM platform that provides tools that enable customers to streamline applications and processes. This platform has been able to receive 41.4 million USD in funding, which has allowed them to gain over 500,000 customers. Currently, Concord has five team members who are continually working towards enabling customers to accelerate through the agreement process.
The benefits of AI in Contract Lifecycle Management
The use of AI in Contract Lifecycle Management solutions has reaped many benefits for providers as well as their customers. Some of these benefits include:
- Automated compliance – AI technology has enabled business leaders to understand and maintain compliance requirements. This reduces any errors that could be made manually, save costs, improves efficiency, and even mitigates risks.
- Reduces cycle time – Research has shown that AI-powered CLM platforms have been able to reduce the cycle time up to 80%. AI-based platforms for CLM delivers consistent execution across the contract lifecycle, improves efficiency while drafting agreements, eliminates errors in the contract review process, and it also improves negotiating outcomes.
- Reduced cost – The use of a single solution enables companies and organizations to reduce the cost of larger teams to perform tasks that can be performed by a singular AI-powered CLM platform.
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Some other benefits are:
- Improves contract performance.
- Third-party contracts are processed faster.
- Negotiate the best terms.
- Identify relationships between common entities to make better decisions.
Incorporating a contract lifecycle management solution into the company’s or organization’s systems will greatly improve workflow as well as the maintenance of an updated contract agreement. The different kinds of benefits and features that these solutions and platforms offer will greatly improve the CLM process for any company or organization.