Contract Lifecycle Management (CLM) Statistics 2023
– Everything You Need to Know

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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).

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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

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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