Contract Lifecycle Management (CLM) Statistics


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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.

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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 most significant advantages of CLM is its ability to improve contract visibility and accessibility. By centralizing all contracts in one platform, stakeholders can easily access and retrieve any contract, saving time and reducing the risk of misplaced or lost contracts. This enhanced visibility also allows businesses to keep better track of contract terms, deadlines, and obligations, ultimately reducing the likelihood of costly mistakes or legal disputes.

Moreover, CLM software enables organizations to standardize their contract processes and templates. This standardization not only ensures consistency and compliance with company policies and regulations but also eliminates the need for manual intervention, reducing the likelihood of errors and ensuring all contracts meet the necessary guidelines.

Contract Lifecycle Management also enables businesses to automate repetitive tasks and workflows, such as approval processes, notifications, and reminders. By automating these processes, organizations can significantly reduce the time and effort required to manage contracts, enabling employees to focus on more strategic tasks and projects. Additionally, automation can help improve contract turnaround times, minimizing delays and expediting the contract lifecycle.

Furthermore, CLM software provides valuable insights into contract data and analytics. By analyzing contract performance, risks, and trends, organizations can make more informed decisions and optimize their contract strategies. Additionally, these insights can help businesses identify areas for improvement and mitigate risks before they escalate into larger issues.

Another crucial benefit of Contract Lifecycle Management is its ability to enhance collaboration and communication among stakeholders. By providing a centralized platform for all contract-related activities, CLM fosters better communication between employees, suppliers, and customers, ensuring everyone is on the same page and reducing the likelihood of misunderstandings or disputes.

In conclusion, Contract Lifecycle Management is a valuable tool for businesses looking to streamline their contract processes and maximize efficiency. With its ability to improve contract visibility and accessibility, standardize processes, automate workflows, provide valuable insights, and enhance collaboration, CLM software offers numerous benefits for organizations of all sizes and industries. By investing in CLM software, businesses can optimize their contract management practices, reduce risks, and ultimately improve their overall operational efficiency and effectiveness.

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

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