“Companies of moderate to high maturity looking to standardize all contracts on a single platform will benefit most from Agiloft.”
That’s just one of the quotes from The Forrester Wave™: Contract Lifecycle Management, Q2 2023.
In the recently released report, Forrester identified the 13 top vendors in the CLM space, researching, analyzing, and scoring their products on 26 evaluation criteria broken into three categories: Current Offering, Strategy, and Market Presence.
Recognized as a Leader among those 13 vendors, Agiloft’s contract lifecycle management (CLM) suite received the top vendor scores in the “Current Offering” as well as “Strategy” categories, which included the highest scores possible in 17 criteria, including contract management, workflow, dashboards/reports/visualizations, user experience, vision, innovation, roadmap, and more.
“Agiloft stands out with comprehensive functionality for all contract types,” wrote Alla Valente, Senior Research Analyst at Forrester and author of the report.
“Agiloft demonstrates product maturity with its breadth and depth,” she continued in the report. “Buy-side contracts can set and track budget/spend thresholds and volume tier discounts. Sell-side contracts can capture due dates and milestones and assign and track tasks against service-level agreements (SLAs). Robust prebuilt integrations are native with Coupa, SAP, and Oracle, plus CRM, including Salesforce, Microsoft Dynamics, and HubSpot.”
What is CLM and why does it matter?
Contract Lifecycle Management (CLM) is the process of managing the complex workflow of contracts through multiple stages and multiple departments, such as Procurement, Sales, or Legal. CLM software can help businesses manage thousands of contracts through every stage of the contracting lifecycle, from initial request to completion and possible renewal.
Agiloft’s flexible, no-code CLM software helps businesses create a “single source of truth” — a singular, accessible digitized contract repository. This repository serves as a north star, helping to increase cross-departmental collaboration and communication, simplifying and ensuring compliance, streamlining tedious manual contracting processes, and more.
Once housed in inconvenient locations with limited access, contracts can now be accessed by other critical stakeholders across the enterprise. Whether you’re working in Los Angeles or Lisbon, Agiloft CLM users can have access to the same contracts and associated data, enabling more strategic decision-making, expediting legal processes, and, ultimately, helping to pull in about 9% of revenue previously lost to operational inefficiencies. Areas of business once filled with compliance headaches and bottlenecks are now empowered by accurate, searchable data.
And while our Agiloft customers love our out-of-the-box functionalities, our CLM solution can be easily customized to perform specific functions, integrate with other solutions like Workday and Salesforce, and run interactive reports pertinent to users’ business needs and objectives.
What is The Forrester Wave and why does it matter?
The Forrester Wave provides a simple visualization of the most significant providers in specific market sectors based on a robust analysis of their current product offerings and strategies.
Forrester Wave reports are diagrams divided into different shades of blue that represent four relative market positions: Leaders, Strong Performers, Contenders, and Challenges. Represented as a dot relative to the companies’ size in the market, vendors are placed on the wave according to their scoring on the criteria selected for the Report analysis.
Each axis of the chart represents a different aspect of Forrester’s analysis. Companies positioned higher on the Wave scored higher on their current product offerings than those positioned lower. Dots further to the right represent companies with higher scores for strategic and product vision for the direction of the market and their product.
For more than 18 years, clients have trusted the objective and transparent methodology of Forrester Wave evaluations when making vendor selections. Technology and service provider clients use Forrester Wave evaluations to understand current market drivers, what’s influencing those drivers, and their competitive position.
We believe the Forrester Wave Report for CLM is a great resource for anyone looking to select a comprehensive contract management solution.
How working with a CLM Leader empowers Sales
How many times has your Sales team secured a sale, only for the deal to die on the vine?
Without automating approval workflows, contracts can become unnecessarily delayed. The longer the approval period, the greater the chance the deal falls through. In fact, many deals even contain terms that expire if they aren’t executed in the specified time frame. The solution? A flexible CLM system that removes human errors by automatically routing, pushing, and escalating contract approvals as needed.
The leading CLM solutions can shorten sales cycles and even boost revenue. CLM solutions that integrate seamlessly with other software, such as Salesforce, enable businesses to further automate their contract processes and negotiate deals in a fraction of the time that it would normally take. Additionally, integrations between systems allow for easy access to contract and customer information, creating a more efficient workflow for the various internal stakeholders. This allows for better collaboration throughout the organization through real-time syncing, all while ensuring compliance.
To learn how Health Catalyst, a leading provider of data and analytics technology for healthcare organizations, accelerated their sales cycle times by leveraging Agiloft’s ability to sync seamlessly with Salesforce, click here.
How working with a CLM Leader empowers Procurement
From COVID-19 to global inflation to the war in Ukraine, there are many ever-evolving challenges and crises impacting business today. But for many companies, the biggest impact of the current global crisis is felt in their supply chain.
That contributes to a critical moment for Procurement teams. They need to be able to answer a multitude of questions: Are customer contracts being renewed that are impossible to fulfill due to supplier disruptions? Are there built-in escalations for supplier deliverables? How are different teams ensuring their operations are aligned? Will these attempts to align still function amidst personnel changes?
A customizable, user-friendly CLM solution like Agiloft can help answer these questions. With Agiloft, users can easily set up automated alerts to notify Procurement of customers contracts that are set to renew or supplier deliverable that are passed due. Relevant users can have access to a simple, interactive interface to track progress and contract status and a centralized location for related customer and vendor communications, all automatically logged for the team’s convenience. Additionally, Procurement teams will benefits from a singular, searchable, and Cloud-accessible location for all their documents and amendments.
Click here to learn how Agiloft helped Portland Community College, the largest institution of higher learning in the state of Oregon, save $36,000 in annual procurement dollars and reduce time to contract by more than 50%.
How working with a CLM Leader empowers Legal
Legal teams big and small are stressed out, worried they’ll miss something or make a wrong call due to unforeseen circumstances. Risk is everywhere, and it is Legal’s job to detect it. Legal teams are expected to navigate tough questions related to business obligations, risk profiles, penalties, government compliance, and more.
Yet often, Legal lacks the needed visibility into the organization’s contract data to make sure something doesn’t slip through the cracks. Legal teams need accurate, real-time data in order to make smart decisions and recommendations. If critical contract information is lost in someone’s email (or worse—their desk), it becomes impossible for Legal to have a comprehensive view of the situation.
A centralized, streamlined CLM system can help. With CLM, Legal teams can assess threats to the business and manage risk exposure, responding proactively rather than reactively.