CLM 101 – A Quick-Start Guide to Contract Lifecycle Management and Its High-Impact Value
Key Takeaways
⇨ Digitizing contracts on a unified platform provides comprehensive visibility and control over commercial relationships, risk management, and performance optimization.
⇨ Contract lifecycle management (CLM) automates the entire contract process, enhancing efficiency, compliance, and profitability while significantly reducing administrative costs.
⇨ CLM benefits the entire organization by addressing critical business challenges such as supply chain agility and commercial performance, making it essential across all departments.
Contract lifecycle management (CLM) is a relatively new software category that is experiencing explosive growth. If you’re not familiar with CLM, don’t worry—you’re not alone. By accessing this introductory guide,
you are joining a groundswell of interest around this game-changing technology: Gartner reports continued year-over- year growth in inquiries about CLM as contracts emerge as a critical component of companies’ responses to ongoing commercial disruptions.
Why contracts? As we illustrate below, contracts touch every part of an organization’s value chain. From demand planning to compliance; from pricing to shipping and routing; from channel management to profitability—these strategic documents define what you buy, what you sell, and how you run. By digitizing contracts on a single, organization-wide platform, companies can gain full visibility into every contract in their organization. This empowers even the biggest operations to quickly understand and leverage all their commercial relationships—from seeing how many open contracts they have with a particular supplier, to actively mitigating risk, to identifying opportunities for better commercial performance via rebates, service bundling, and other contractual entitlements. Indeed, if contracts touch every aspect of a business, CLM drives speed, performance, and compliance into those systems and processes.
Validated by the world’s top analysts.
“Icertis provides support for a broad category of contracts across procurement, sales, finance and other areas of legal and compliance. Icertis has also demonstrated market responsiveness and adaptability by developing “business apps” for clients that go beyond what a traditional CLM solution can do.”
Gartner Magic Quadrant for Contract Life Cycle Management “Icertis’ enterprise expertise extends to levels above and beyond most peers, such as its ecosystem of business applications that provide specific solutions for unique contract types (e.g., retail rebate management) and vertical/domain-specific data models.”
Nick Heinzmann, Vice President of Research, Spend Matters “Icertis was early to adopt and infuse AI capabilities in its platform and is viewed as an industry trendsetter with respect to advanced-level
discovery and data mining capabilities.” IDC MarketScape: Buy-Side Contract Life-Cycle Management Applications.
