To get some clarity and cross the contract AI chasm, we have partnered with World Commerce & Contracting to conduct the first-ever, comprehensive benchmark study on the benefits, barriers, and usage of AI within contract management. In this part of our series "Crossing the Contract AI Chasm", we dive deep into our first trend: there are still obstacles to implementing CLM solutions, which limits the application of AI tools.
While some organizations have already turned to digital contract management, many have not. Over 50% of respondents said no when they were asked if they have implemented a CLM solution. This is more than those who said they had implemented a solution already! However, there is hope. More than half of the respondents who haven't implemented a CLM solution yet said selecting a solution is a top priority in the next 12 months with many stating that planning is already underway.