Malbek, the most cutting-edge, AI-fuelled Contract Lifecycle Management platform, released a new research report conducted by technology industry research firm Aberdeen: How Best-in-Class Companies Get Value from CLM. The report details how leading enterprises maximize their return on investment in CLM solutions in order to operate more efficiently, especially during times of economic uncertainty.
The findings show that CLM software is now considered a must-have solution for organizations focused on maximizing performance and remaining competitive. Beyond the urgency of reducing risk and costs during an economic downturn, respondents reported that implementing a CLM solution supports proactive business processes with far-reaching benefits, such as accelerating revenue and reducing friction between teams.
The full report outlines:
- The business pressures that are shaping the need for a CLM solution
- The model for an ideal CLM strategy
- Market advantages of contract automation and workflows
- Tips for navigating economic uncertainty with contract optimization
- How best-in-class companies are measuring CLM ROI
Research findings show that best-in-class companies:
- Renew 42% more of their revenue contracts and 32% more of their procurement contracts each year
- Renegotiate 60% more of their revenue contracts and 43% more of their procurement contracts each year
- Have 55% more compliant revenue transactions and 42% more compliant procurement transactions
Overall, best-in-class companies are 80% more likely to choose AI functionality at every point throughout the contract lifecycle, 77% more likely to automate the contract lifecycle from beginning to end, and 84% more likely to choose the ability to unite contracts across the enterprise. These activities improve contract data quality, minimize manual errors, and provide greater accuracy to drive data-driven decisions across the organization.