Are you looking to add Contract Lifecycle Management (CLM) to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Contract Lifecycle Management (CLM) statistics of 2023.
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How much of an impact will Contract Lifecycle Management (CLM) have on your day-to-day? or the day-to-day of your business? Should you invest in Contract Lifecycle Management (CLM)? We will answer all your Contract Lifecycle Management (CLM) related questions here.
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CLM Statistics and Facts
☰ Use “CTRL+F” to quickly find statistics. There are total 68 Contract Lifecycle Management (CLM) Statistics on this page 🙂
CLM Market Statistics and Facts
- MR report, the global Contract Lifecycle Management market is projected to grow at a compound annual rate of 13.5% between 2023 and 2032.
- From 2017 to 2021, the market experienced impressive growth, registering a CAGR of 10%.
- MR Study North America Contract Lifecycle Management Market to Grow at an Impressive 10% CAGR In a recent market study, Fact.
- The global contract lifecycle management market is expected to be worth US$ 845 million in 2023, rising to approximately US$ 3 billion by 2032, with a CAGR of 13.5% during the forecast period.
- As a result, over the forecast period, the market is estimated to grow at a rate of more than 13%.
- North America is expected to be the fastest growing market, with a CAGR of 10%.
CLM Software Statistics and Facts
- While only1.2% of Administrative personnel participated in contract management, document automation software can help balance out the workload, helping lawyers concentrate on other tasks.
- It takes an average of 3.4 weeks to get a contract approved, but using CLM software reduces that time by an average of 82% according to Forrester and Aberdeen.
CLM Adoption Statistics and Facts
- By 2024, Gartner predicts manual effort for contract review will be reduced by 50% due to adoption of AI based contract analytics solutions.
- The 100% configurable platform and intuitive, modern user interface support high rates of user adoption with minimal training.
CLM Latest Statistics and Facts
- Analysts at PricewaterhouseCoopers suggested that a business can save up to 2% of their annual costs by utilising contract management and thus avoiding inaccuracies and non.
- Accelerate negotiation cycles by 50% Reduce erroneous payments by 75 to 90%.
- Cut operating and processing costs related to contract management by 10.
- 70-80%of business operations are governed by contracts 46 cents out of every $1spent on legal services goes on external costs.
- 37% of companies spent more than $750k on legal technology in 2018.
- Up to40% of a contract’s value can be lost without close contract governance, says aKPMG.
- $6.900 is the average cost of a simple contract, estimated byWorld Commerce and Contracting.
- For example, with AXDRAFT you can cut the average contract costs by automating the drafting processes and saving up to 70% of your lawyer’s time.
- In its 2019 Benchmark Survey ACCstated that 80.8% of in house lawyers had to participate in contract management by simply reviewing and drafting documents.
- 57% of work on Data Collection Is allocated to LDs.
- 79% of Legal researchand90% of Records Management Is also done by your lawyers.
- Did you know that Contract process consume 18% of the selling cycle.
- According to CLOC 2019 State of the Industry Report, only 12% of surveyed LDs are using AI tools in their processes.
- Here is what companies achieved after switching to CLM, based on the research 1%larger average deal size 2.5%higher annual customer renewal rate.
- 20%higher lead conversion rate 24%shorter sales cycles.
- CLOC found out how ready lawyers are for accepting digital identities 43% of LDsare using eSignature tools in their operations 27% are completely satisfied.
- The tool 9%of surveyed LDs are using more than3 different legal service providers Smart contract code is used to automate main clauses of agreements based on external or internal data inputs.
- 57%of senior level executives rank “risk and compliance” as one of the top two risk categories they feel least prepared to address.
- 62%of organisations have experienced a critical risk event in the past three years.
- 87% of organisations see tech risk management as a siloed, reactive process rather than an organisation wide function for proactive risk management.
- 32% of organisations were victims of a major cyber attack in 2017.
- Nearly 60% of executive rank cybersecurity as one of their organisation’s top five risks.
- Only 18% of organisations leverage automated processes for IT risk data collection and reporting, even though this methodology provides the most proactive approach to risk mitigation.
- Only 13% of organisations consistently use key risk indicators to understand and manage IT risk.
- While companies can take every preventive measure out there to protect their data in house, can they really be 100% sure third parties will treat their sensitive information with the same care?.
- 57% of organisations don’t keep an inventory of all the third parties with which they share sensitive information.
- And yet, 57% of organisations aren’t confident that their vendor management policies would prevent a data breach.
- DocuSign research found that, on average, 32% of professionals spend 30 minutes or more when locating a single contract.
- Search and filter agreements by keyword, concept and metadata Learn how Genisys shortened contract processing time by 50%.
- Learn how Flexential shortened sales cycles by 25% by automating contract processes.
- Companies lose 9.2% of their bottom line through ineffective contract management.
- 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.
- Today’s estimates are that anywhere from 55% – 70% of organisations DO NOT have effective contract management systems.
- “In the U.S, contract disputes represent 64% of cases in state courts, making it imperative that organisations know where their contracts are located”.
- World CC, World Commerce & Contracting, cites that roughly 9.2% of gross revenue is lost on poor contracting processes.
- At Icertis, we have seen healthcare customers who have moved from 100% paper contracts to the Icertis contract intelligence platform experience upwards of 95% compliance with contractual obligations.
- Organizations using a contract intelligence platform cut contract creation from 70 steps to 15, and have realised, on average, 40% reduction in contract administrative costs, along with 70% improvement in overall contracting cycle time.
- World Commerce and Contracting calculated that poor contract management practices are costing businesses an average of 9% of revenues each year.
- A KPMG survey of outsourcing suppliers found that without close contract governance, businesses stand to lose up to 40% of a contract’s value.
- Administrative costs associated with contracts are reduced by 25% 30% through implementing automation according to Aberdeen Research.
- 25%–40% of a lawyer’s time is spent on tasks that don’t require a lawyer resulting in $2.7 million in lost productivity according to Gartner Less than 50% of negotiated savings are typically realised over the life of a contact according to The Faculty.
- What’s 9% of your business’s annual revenue?.
- 65% of Legal professionals identify time lost on administrative tasks as their biggest pain point according to a global legal survey.
- It takes, on average, 20 30 days for a company to create, negotiate and finalise a contract according to Aberdeen Research.
- Best in class companies renew 56% of their contracts annually, according to Aberdeen Group.
- This is more than twice the percentage of those companies outside of best in class (25%).
- Aberdeen Group estimates best in class companies have 78% of their contracts in a searchable, central repository vs 34% for the rest.
- Digitisation of contract management offers the potential to improve compliance by 55% according to Forrester and Aberdeen.
- The Journal of Contract Management estimates that 71% of businesses can’t locate at least 10% of their contracts.
- GDPR fines can be up to 4% of annual global turnover or €20m, whichever is greater.
- On average, organisations lose 9.2% of revenue due to poor contract management.
- Contract Lifecycle Management Industry is Projected to Achieve a Global Market Size of US$ 845 Mn by 2023, North America to Surge an Impressive 10% CAGR through 2032 Rockville, Maryland, UNITED STATES ROCKVILLE, Md., March 15, 2023.
- That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions.
- Research from the International Association for Contract & Commercial Management suggests that 9.2 percent of revenue is lost as a result of poor contract management.
- 13.5% CAGR Projected Market Size US$ 3 Bn Key Takeaways Government and the public sector will adopt 1/3 of contract lifecycle management technologies.
- By business function, information technology is expected to grow at a 14% CAGR.
- Through 2032, China’s CLM deployment is expected to grow at a 9% CAGR.
- That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions.