Contract Lifecycle Management (CLM) Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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.

Please read the page carefully and don’t miss any words.

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

One of the key benefits of CLM is its ability to centralize and standardize contract data, making it easy to access and analyze. By storing all contract-related information in a single, secure repository, organizations can eliminate the need for manual data entry and paper-based tracking systems, reducing the risk of errors and oversights. Additionally, CLM software can automate key processes such as contract generation, approval workflows, and notification alerts, enabling organizations to enforce consistent policies and drive faster decision-making.

Furthermore, CLM provides organizations with valuable insights into their contractual relationships, enabling them to identify opportunities for cost savings, risk mitigation, and performance improvements. By tracking key performance indicators such as contract renewal rates, on-time deliveries, and payment terms compliance, organizations can identify areas for improvement and take proactive steps to address them. Additionally, with real-time reporting and analytics capabilities, organizations can better understand their contract portfolio and make data-driven decisions to drive business growth.

Moreover, CLM software helps organizations to ensure compliance with regulatory requirements and internal policies by automating audit trails, status tracking, and document version control. By monitoring contract milestones, key dates, and obligations, organizations can mitigate risk and avoid costly penalties resulting from contract non-compliance. Additionally, CLM software can alert decision-makers to impending deadlines and enable them to take appropriate action in a timely manner, reducing the likelihood of contract disputes and legal issues.

However, despite its many benefits, CLM is not without its challenges. Implementation of CLM software can be a time-consuming and resource-intensive process, requiring organization-wide buy-in, dedicated training, and ongoing support. Additionally, some organizations may struggle to adapt to the new systems and processes introduced by CLM software, leading to user resistance and low adoption rates. Furthermore, the effectiveness of CLM software is highly dependent on the quality of the data inputted into the system, making data cleansing and validation an essential but often overlooked step in the implementation process.

Overall, the usefulness of CLM software ultimately depends on the organization’s unique needs, goals, and resources. While CLM can undoubtedly deliver significant benefits in terms of efficiency, compliance, and risk management, it requires a strategic approach and ongoing commitment from all stakeholders to realize its full potential. In today’s rapidly evolving business landscape, organizations that embrace CLM as a strategic asset are well-positioned to stay ahead of the competition and drive long-term success.

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

Leave a Comment