Contract Lifecycle Management (CLM) Statistics


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Contract Lifecycle Management (Clm) Statistics 2023: Facts about Contract Lifecycle Management (Clm) are important because they give you more context about what’s going on in the World in terms of Contract Lifecycle Management (Clm).

LLCBuddy editorial team scanned the web and collected all important Contract Lifecycle Management (Clm) Statistics on this page. We proofread the data to make these as accurate as possible. We believe you don’t need to check any other resource on the web for Contract Lifecycle Management (Clm) Facts; All are here only 🙂

Are you planning to form an LLC? Thus you need to know more about Contract Lifecycle Management (Clm)? Maybe for study projects or business research or personal curiosity only, whatever it is – it’s always a good idea to know more about the most important Contract Lifecycle Management (Clm) Statistics of 2023.

How much of an impact will Contract Lifecycle Management (Clm) Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your Contract Lifecycle Management (Clm) related questions here.

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Top Contract Lifecycle Management (Clm) Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 22 Contract Lifecycle Management (Clm) Statistics on this page 🙂

Contract Lifecycle Management (Clm) “Latest” Statistics

  • According to Forrester and Aberdeen, digitizing contract administration has the potential to increase compliance by 55%.[1]
  • By automating the drafting procedures and saving up to 70% of attorneys’ time using AXDRAFT, it can reduce the typical contract expenses.[2]
  • According to CLOC 2019 State of the Industry Report, only 12% of surveyed LDs are using AI tools in their processes.[2]
  • According to Gartner, a lawyer spends 25% to 40% of their time on non legal work, which results in $2.7 million dollars in lost productivity.[1]
  • Businesses risk losing up to 40% of a contract’s value without strict contract control, according to a KPMG study of outsourcing vendors.[1]
  • Automation may cut administrative expenses related to contracts by 25% to 30%, according to Aberdeen Research.[1]
  • Price Water House Coopers analysts said that by using contract management, a corporation may save up to 2% of their yearly expenditures by preventing errors and 50% faster negotiating cycles reduce incorrect payments by 75–90%.[1]
  • By 2024, Gartner predicts manual effort for contract review will be reduced by 50% due to adoption of AI based contract analytics solutions.[1]
  • According to Aberdeen Research, IT typically takes a corporation 20-30 days to draft, negotiate, and finalize a contract.[1]
  • According to Mr. Study, the North American contract lifecycle management market would expand at a stunning 10% CAGR.[1]
  • According to the Journal of Contract Management, 71% of companies can’t find at least 10% of their contracts.[1]

Contract Lifecycle Management (Clm) “Management” Statistics

  • 57% of businesses are certain that their vendor management procedures would guard against a data breach.[2]
  • Instead of being an organization wide role for proactive risk management, 87% of firms see technology risk management as a compartmentalized reactive process, according to webinarcare.[1]
  • With a CAGR of 13.5% during the projected period, the worldwide contract lifecycle management market is anticipated to reach $845 million in 2022 and $3 billion by 2032.[1]
  • 80.8% of in house attorneys were required to assist in contract management by only reading and preparing papers, according to the ACC’s 2019 Benchmark survey.[1]
  • According to MR, between 2022 and 2032, the market for contract lifecycle management is expected to increase at a compound annual rate of 13.5%.[1]

Contract Lifecycle Management (Clm) “Other” Statistics

  • According to a worldwide legal survey, 65% of legal practitioners say that time wasted on administrative chores is their main complaint.[1]
  • 57% of businesses don’t retain a list of all the third parties they share sensitive information with.[2]
  • CLOC discovered how prepared attorneys are to adopt digital identities. In their daily business activities, 43% of LDs use eSignature technologies and 27% are completely satisfied with the tool.[2]
  • According to a report, these are the benefits businesses experienced after converting to CLM: 1% larger average deal size, 2.5% higher annual customer renewal rate, 12% higher proposal volume, 20% higher lead conversion rate, and 24% shorter sales cycles.[3]
  • Only 18% of organizations leverage automated processes for IT risk data collection and reporting, even though this methodology provides the most proactive approach to risk mitigation.[2]
  • By 2023, 40% of I&O teams will use AI augmented automation in large enterprises, resulting in higher IT productivity with greater agility and scalability.[1]

Also Read

How Useful is Contract Lifecycle Management Clm

At its core, CLM systems are designed to centralize, digitize, and automate the various stages of contract management – from creation and negotiation to execution and renewal. This can provide numerous benefits to organizations, such as improved visibility into contract terms and obligations, reduced compliance risks, and increased efficiency in handling contracts.

One of the key benefits of CLM software is the ability to standardize contract templates and workflows, which helps to ensure consistency and accuracy in contract creation. This can be particularly valuable for organizations that manage a high volume of contracts or operate in heavily regulated industries where compliance is crucial.

Additionally, CLM software can help organizations to track important dates and milestones in contracts, such as renewal dates, payment terms, and termination clauses. By providing automated alerts and notifications, CLM systems can help to prevent missed deadlines and ensure that contractual obligations are met in a timely manner.

Moreover, CLM software can empower organizations to better analyze their contract data and performance metrics. By generating reports and analytics on contract trends, negotiation outcomes, and vendor performance, organizations can make more informed decisions when it comes to contract negotiations and renewals.

Furthermore, CLM software can facilitate collaboration and communication between various stakeholders involved in the contract management process. By providing a centralized platform for sharing and editing contracts, CLM systems can streamline the negotiation and approval process, leading to faster contract cycles and improved relationships with vendors and partners.

Despite these benefits, it is important to acknowledge that CLM software is not a one-size-fits-all solution. Implementing a CLM system requires time, resources, and a well-thought-out strategy to ensure successful adoption and integration with existing processes.

Additionally, organizations must continually evaluate and update their contract management practices to ensure that their CLM system remains effective and aligned with their business goals. This may require ongoing training for employees, regular monitoring of system performance, and periodic reassessment of contract management policies.

In conclusion, while CLM software has the potential to revolutionize contract management processes and drive business value, its usefulness ultimately depends on how effectively organizations leverage its features and capabilities. By investing in the right technology and adopting best practices for contract management, organizations can realize the full potential of CLM and achieve greater efficiency, compliance, and cost savings in their operations.

Reference

  1. webinarcare – https://webinarcare.com/best-contract-lifecycle-management-software/contract-lifecycle-management-statistics/
  2. axdraft – https://blog.axdraft.com/contract-management/contract-management-in-numbers/
  3. – #1

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