80% of all business to business relationships are governed by contractual agreements. Contract life cycle management (CLM) is a solution and process for managing the life cycle of contracts created and/or administered by or impacting the company.These include third-party contracts, such as outsourcing, procurement, sales, nondisclosure, intellectual property, leasing, facilities management and other licensing, and agreements containing contractual obligations now and in the future. [source: Gartner]
IACCM researchs suggests that, on average, corporations are loosing the equivalent of 9.2% of annual revenue due to weaknesses in their contracting process. These losses arise from a combination of missed savings and cost reduction on the one hand, and lost revenue opportunities on the other. It is easy to see the economic advantages of a shift from today’s transactional, control-driven focus, to a more str ategic view based on market risk analysis and relational contract structures.
CLM is a need in Global operations. Around 82% of companies worldwide, of any size, do not adopt any advanced or structured tool or services for managing their contracts yet thus this is a very compelling market opportunity that is fulfilled by a product like Nova CLM.
Contracts are becoming of paramount importance in a global and complexity-growing market. SaaS and Cloud services are no longer a mystery for organizations and the adoption of this delivery model is increasing every year.