Third time’s a charm!
Agiloft, the global standard in agile contract life cycle management (CLM), has been named a Leader in the 2022 Gartner® Magic Quadrant™ for Contract Life Cycle Management for not the first, not the second, but the third year in a row. Also declared a Leader by Gartner in 2020 and 2021, Agiloft was evaluated along with 18 other CLM vendors and was named a Leader again based on the company’s “Ability to Execute” and its “Completeness of Vision.”
What is the Magic Quadrant?
According to Gartner, Gartner Magic Quadrants offer visual snapshots, in-depth analyses and actionable advice that provide insight into a market’s direction, maturity and participants. Magic Quadrants compare vendors based on Gartner’s standard criteria and methodology. Each report comes with a Magic Quadrant graphic that depicts a market using a two-dimensional matrix that evaluates vendors based on their Completeness of Vision and Ability to Execute.”1
Gartner also notes that, “A Magic Quadrant provides a graphical competitive positioning of four types of technology providers, in markets where growth is high and provider differentiation is distinct:
- Leaders execute well against their current vision and are well positioned for tomorrow.
- Visionaries understand where the market is going or have a vision for changing market rules, but do not yet execute well.
- Niche Players focus successfully on a small segment, or are unfocused and do not out-innovate or outperform others.
- Challengers execute well today or may dominate a large segment, but do not demonstrate an understanding of market direction.”2
“We are immensely proud to be named as a Leader in the 2022 Gartner® Magic Quadrant™ for Contract Life Cycle Management for the third year in a row,” Agiloft CEO Eric Laughlin said. “We believe our world-class team, scalable technology, and flexible platform give us the right tools to support enterprise organizations, and that is why the world’s top companies continue to trust Agiloft. Also, the recognition for our continued investment in enhancing CLM integration and collaboration via the new Connected Experience Platform validates our ongoing strategy and demonstrates that Agiloft continues to set the standard in the CLM market.”
Why is CLM so important?
For many companies, purchasing a CLM solution is a new experience. While self-driving cars are just around the bend, there are still many companies using Excel sheets and filing cabinets to keep on top of their contractual management. The benefits of digitizing business processes can potentially bring extra revenue streams, accelerate sales cycles, save in the purchasing process, and enable more efficient legal operations. From our perspective, the 2022 Gartner® Magic Quadrant™ for Contract Life Cycle Management is an excellent tool when researching your next CLM purchase.
The power of Agiloft
Agiloft’s flexible, no-code CLM software helps companies create one, accessible digitized contract repository, which improves cross-department communication, tracks procurement progress and contract status, simplifies compliance, streamlines pain-staking manual processes, saves time, and much more.
In fact, customers said that choosing Agiloft CLM led to a 25-35% increase in efficiency. Contracts that were once difficult to access, housed in inconvenient locations, and watched over by a specific department or person, can now be accessed by multiple employees throughout various departments with actionable information right at their fingertips.
Whether you’re in the New York or Dubai office, you have access to the same contractual data information, which enables smarter decision making based on actual analytics, expedites legal processes, and, as a result, pulls in about 9% of revenue previously lost to inefficiencies. An area of business that was once filled with bottlenecks and compliance headaches now affords an organization a bird’s eye view across an entire company backed by accurate, searchable data.
And while customers love that Agiloft comes out-of-the-box as an intuitive, game-changing tool, it can also be customized to perform particular tasks, integrated with other enterprise software systems such as Salesforce, and run interactive reports pertinent to an organization’s business needs.
More Innovation at Agiloft
The Gartner recognition is only one of many exciting things happening at Agiloft. Busy at work perfecting their own, in-house leadership, Agiloft recently expanded its team, adding to the roster of winners high-growth tech veterans CMO Kerry Desberg, CTO John Pechacek, and General Counsel Laura Richardson.
And as if Agiloft’s CLM solutions weren’t convenient enough all on their own, the company just announced an industry-leading new solution, the Connected Experiences Platform. This new CLM solution offers users the ability to manage contracts in the tools they want, flow contract data to the systems they need, and easily connect to their organizations’ centralized governance systems.
In the market for a new CLM solution? Grab a copy of the 2022 Gartner Magic Quadrant for Contract Life Cycle Management and learn how Agiloft can streamline and improve your business operations.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Gartner, Magic Quadrant for Contract Life Cycle Management, Patrick Connaughton, Kaitlynn Sommers, Micky Keck, 12 October 2022.
1Gartner IT Glossary, “Magic Quadrant,” https://www.gartner.com/en/information-technology/glossary/magic-quadrant
2Gartner Methodologies, “Magic Quadrant,” https://www.gartner.com/en/research/methodologies/magic-quadrants-research