The Forrester Wave™: Contract Lifecycle Management, Q2 2023
The shift toward digital business has made CLM technology essential for modernizing commercial activity. Before the pandemic, CLM was about efficiency and speed; today, critical insights and strategic value are must-haves. Greater expectations and economic pressure drive customers to seek CLM that supports contracts enterprisewide throughout the lifecycle with AI-powered analytics, integrations, and workflow flexibility as differentiated capabilities, while digital repositories and contract templates have become table stakes.
No common features specified.
Vendors must, among other requirements:
A: This research evaluates 13 contract lifecycle management (CLM) providers across 26 criteria, analyzing their current offerings, strategy, and market presence. The evaluation covers vendors' capabilities in contract digitization, creation, negotiation, execution, analysis, reporting, workflow, AI capabilities, integrations, and support for both buy-side and sell-side contracts. It assesses how well providers support pre- and post-signature processes, meet enterprisewide needs, leverage AI for workflow, and integrate with upstream and downstream systems.
A: Contract management professionals, procurement teams, legal departments, sales organizations, and HR teams evaluating CLM solutions should use this research. It is particularly valuable for organizations seeking to standardize contracts on a single platform, those undergoing digital transformation, companies looking to consolidate technology investments, and buyers who need to compare vendors based on specific criteria such as AI capabilities, integration options, workflow flexibility, and support for different contract types. The customizable Excel-based vendor comparison tool allows readers to adapt criteria weightings to their specific needs.
A: Vendors included in this evaluation must have at least $20 million in annual CLM revenue, support a broad range of use cases enabling holistic CLM (at least 50% of core capabilities including digitize/aggregate/categorize contracts, create/negotiate/execute contracts, analyze and report on key data, and optimize contracts), provide both buy-side and sell-side functionality with at least 20% customer adoption for each, and demonstrate interest from or relevance to Forrester clients through inquiry requests or market capabilities and presence.
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A: Current Offering evaluates the strength of vendors' present product capabilities across contract digitization, analysis, creation, management, workflow, reporting, platform capabilities and user experience. Strategy evaluates the strength of vendors' future direction including their vision, innovation, roadmap, partner ecosystem, global delivery strategy, community engagement, and adoption initiatives.