Last month, Gartner, Inc. announced the results of its first-ever Magic Quadrant for Contract Life Cycle Management* solutions. In an analysis of the top 12 vendors and their performance, Agiloft was named a CLM solution Leader.
One of the factors driving Gartner’s first CLM Magic Quadrant is the increasing demand for a comprehensive CLM solution. More companies are recognizing the role of contract execution in revenue realization and cost savings.
In the Market Overview of Garner’s report, it states: “Implementing CLM can lead to significant improvements in revenue management, cost savings and efficiency.”
Agiloft emerged as a leader in Gartner’s report due to unparalleled customer satisfaction, fast time to value and the ability to translate user needs into a customized, streamline solution. Beyond this, Agiloft is the only CLM vendor with an unconditional guarantee on the software.
Gartner’s overall report makes a strong case for the benefits and necessity of contract automation. Unfortunately, with the current economic climate, it’s hard to imagine justifying a new system—unless that system is designed to address the precise pain points of a company weathering a storm of uncertainly.
How a CLM Solution Leader can make a difference for Procurement right now:
For many companies the biggest impact of the current global crisis is felt in their supply chain. Due to unscheduled shutdowns, the supplier landscape is fraught with disruption and unknowns. To make matters worse, many organizations have transitioned their workforce out of headquarters, exacerbating silos and cutting off the traditional flow of information and updates.
All of this contributes to a critical crossroads for Procurement teams. Are customer contracts being renewed that can’t be met due to supply disruption? Are there built-in escalations for supplier performance and deliverables? How are different teams keeping all of their operations aligned? Do attempts to align still function when people are no longer in the same office?
A customized and user-friendly CLM solution addresses all of these concerns. Agiloft users can easily update their automated alerts to notify Procurement of customer contracts that are set to renew and supplier deliverables that are passed due. With Agiloft, relevant users can have access to a simplified interface to track progress and contract status, with all customer and vendor communications logged automatically. Lastly, Agiloft centralizes all documents and amendments into a single location, accessible from the cloud and completely searchable.
How a CLM Solution Leader can make a difference for Sales right now:
With the current challenges facing businesses, Sales teams are uniquely handicapped. Salespeople are unable to meet in person or manage their relationships with their time-tested methods. Given the limitations, it’s imperative that your Sales team has access to the tools that allow them to execute. If they can secure a deal, nothing should get in the way of locking in that contract.
The top CLM solutions can shorten sales cycles and boost revenue. With CRM (like Salesforce) integration or expanding beyond to include all contract and commerce lifecycle management (CCLM), companies are driving value across their entire organization.
How a CLM Solution Leader can make a difference for Legal Operations right now:
Legal teams around the world are facing immense pressure to have the right answers to novel scenarios. This includes navigating questions and demands related to risk profiles, business obligations, penalties, liabilities, government compliance, and exemptions.
Many of the challenges facing your Legal team require accurate and real-time data to make smart recommendations and decisions. If critical information is buried in a contract in someone’s email (or worse yet, their desk), it’s impossible to manage the outcome effectively. However, if they have a centralized and streamlined CLM system to assess threats to business continuity and manage risk exposure, they can respond proactively rather than reactively.
To access the full report of Gartner’s Magic Quadrant and learn more about realizing the value in automated contract solutions for Procurement, Sales and Legal, click here.
*Gartner “Magic Quadrant for Contract Life Cycle Management” by Patrick Connaughton, Kaitlynn Sommers, Marko Sillanpaa, Micky Keck. 25 February, 2020.
Disclaimer: This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Agiloft.
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