Report Shows CLM Accelerates Revenue and Reduces Friction Between Teams
PRINCETON, N.J. -- Aug. 30, 2022, PRNewswire -- Malbek, the most cutting-edge, AI-fueled Contract Lifecycle Management platform, released a new research report conducted by technology industry research firm Aberdeen: How Best-in-Class Companies Get Value from CLM. The report details how leading enterprises maximize their return on investment in CLM solutions in order to operate more efficiently, especially during times of economic uncertainty.
The findings show that CLM software is now considered a must-have solution for organizations focused on maximizing performance and remaining competitive. Beyond the urgencies of reducing risk and costs during an economic downturn, respondents reported that implementing a CLM solution supports proactive business processes with far-reaching benefits, such as accelerating revenue and reducing friction between teams.
The full report outlines:
Research findings show that best-in-class companies:
Overall, best-in-class companies are 80% more likely to choose AI functionality at every point throughout the contract lifecycle, 77% more likely to automate the contract lifecycle from beginning to end, and 84% more likely to choose the ability to unite contracts across the enterprise. These activities improve contract data quality, minimize manual errors, and provide greater accuracy to drive data-driven decisions across the organization.
To learn more about what makes a best-in-class company, and the additional report findings, visit https://www.malbek.io/aberdeen-how-best-in-class-companies-define-clm-value.
Bryan Ball, Vice President and Group Director, Aberdeen: “This study is critical for investigating the contract lifecycle management processes and technologies companies have in place today and how they can impact and improve business results.”
Hemanth Puttaswamy, CEO, Malbek: “The research conducted by Aberdeen shows that CLM solutions are no longer a luxury, but a necessity for organizations that want to accelerate time to revenue, reduce manual tasks and workflows, and bring diverse teams together in an intuitive way throughout the contracting process. The power of AI in contracting drives efficiency and sheds light on areas missed by humans reducing friction and realizing revenue faster.”
Methodology Statement: In May of 2022, Aberdeen Strategy & Research conducted a 10-minute online survey among 259 respondents who are involved in contract management, 100 of which work at US-based organizations with more than $100 million in annual revenue. These 100 respondents have manager and above titles in primarily finance and operations roles. The organizations they represent provide a strong sample from mid-market and enterprise-level companies in a variety of industries. Contract management plays a critical or prominent role in both the revenue (order-to-case) and sourcing and procurement management processes at these organizations.
Malbek is today’s most modern, cutting-edge CLM solution with a proprietary AI core that empowers the enterprise to do more with less. By supporting the growing contracting demands of your entire organization, including Sales, Finance, Procurement, and other critical business units, Malbek’s CLM solution delights every user. Malbek provides end-to-end contract management with out-of-the-box integration to popular business applications, like Salesforce, NetSuite, Slack, Office 365, and others, allowing your contract data to flow seamlessly while dramatically reducing cycle times. That's contracts reimagined! To learn more, visit www.malbek.io.
About Aberdeen Strategy & Research
Aberdeen Strategy & Research, a division of Spiceworks Ziff Davis, with over three decades of experience in independent, credible market research, helps illuminate market realities and inform business strategies. Its fact-based, unbiased, and outcome-centric research approach provides insights on technology, customer management, and business operations, to inspire critical thinking and ignite data-driven business actions. Learn more at www.aberdeen.com/.
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