CLM: The Talk of the Town

In the last few months, you must have repeatedly seen or heard about Contract Lifecycle Management (CLM), either on social media or through your colleagues. CLM as an industry is growing at a rapid pace, and as per market research by Fact.Mr, the projected global market size for CLM by end of 2022 is US$ 845 Mn. CLM market is forecasted to grow at a CAGR of 13.5% for the next decade. 

But first, what does Contract Lifecycle Management mean? In simple words, it is managing and streamlining the contracts to have control over various activities of the business. The value that CLM provides goes beyond end-to-end contract management, rather it is how the relationship between two entities is maintained and if the highest potential of that relationship can be reached. As mentioned in an article by Icertis, with a company’s growth, the complexity of contracts multiplies, necessitating a proper system that caters to all emerging needs of the business. 

This surge in demand has been confirmed by Gartner, where they saw a 40% increase in CLM inquiry volume in 2020. Further, CLM software providers garnered multiple rounds of fundins in 2021, including Indian-based #SirionLabs which raised $44mn in its Series C round. This brings us to – what is it about CLM that has brought everyone under its spell? 

  1. Disruption = New Learnings

When the world came to a standstill for almost 2 years, companies were acquainted with the risk of contract failure and had to undergo the tedious task of renegotiating most of the contracts. Businesses around the world are moving at an uncertain pace, which means an unknown amount of derived demand and simultaneous contracts, hence the ones who are the quickest – win. CLM provides the functionality to make the most of the surge in demand, be it through subcontractors or be it service level agreements while keeping the whole organization in loop.

      2. Super Efficient = Super Power

CLM makes each step of the process quicker, easier and more accurate. It specifies timelines, automates repetitive tasks, divides workload through workflows, and provides clear visibility to all concerned stakeholders. In other words, it helps organizations avoid the most common contract difficulties while making the process more transparent. 

      3. Cost-Saving = Revenue Gaining 

Managing risk, and being on the toes when it comes to compliance has become increasingly important with the rapid change in global policies and regulations. When contracts go unmanaged, the chance of potential litigation and reputational damage increases. Further, as the repetitive tasks are automated and streamlined, the workforce can channel their skills and time towards the company’s growth contributing to higher revenue. 

It is time that organizations let CLM do its magic. 

Stay tuned and Follow Cacti Global to know which CLM software provider is the most suitable for your unique company.

Share:

More Posts

Financial Stability for Today and Tomorrow

Having a habit to save from an early age not only helps individuals to achieve financial stability but also enables them to confidently make decisions about what to do with the money they earn.

Our Testimonials

Cacti’s work culture has allowed me to change my career field after 18 years of experience. The transparency and faith gave me the confidence to take up opportunities in a completely new field and succeed in the same. It is the commitment that Cacti puts into my growth that acts as the biggest motivator.
– Laxmee Jena

Our Testimonials

I have worked in different areas to understand what I enjoy the most. The creative freedom and opportunity that I have been given to try and learn different things have truly made work enjoyable for me.
– Lipi Gandhi

Our Testimonials

Coming from a non-technical background to working in the tech-analytics domain of the organization, Cacti has paved the way for my dreams to become reality. This was possible because Cacti helped me to become an expert and specialize in the field of my liking
– Ankita Kumari

Our Testimonials

What makes Cacti Global unique is the inclusivity and the strong culture of collaboration that I have seen being reflected across all levels within the organization as well as echoed in client profiles. The open and supportive environment has encouraged me to share ideas. The team spirit and willingness to help each other are truly inspiring. I am grateful to be a part of such a great group.

– Gaurav Agarwal

Our Testimonials

Cacti Global has provided me with a very conducive environment to learn, grow and prosper. The essence of the organization lies in its contemporary, innovative, and entrepreneurial approach towards ways of working. There is a true sense of belonging, respect, and involvement that has helped me derive job satisfaction

– Ritwik Raj

cacti

Our Testimonials

Satisfying and smooth journey for 2 years with Cacti has helped me in maintaining an incredible balance between my personal life and job. For me, Cacti has been like a family which is always supportive, and encouraging. The flexible hours is a huge plus and also a major motivator.
– Rita Jaitley