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This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics. Learn more Accept Toggle navigation * Products * * * Contract Management Software * * * Contract Management for Legal * * Contract Management for Sales * * * Contract Management for Procurement * * Contract Management for Enterprise * * * Sourcing & Supplier Information Management * * * Contract Lifecycle Management by Industry * * * Pharma and Biotech * * Healthcare * * Education * * * Financial Services and Insurance * * * * * * * Customers * Featured Customers * Case Studies * Customer Videos * Resources * * * Technology * * * Integrations * Features * Architecture * * AI * Security * System Requirements * * Hosted Cloud * On-premise * Scalability * * * Resource Center * * * White Papers * Case Studies * Customer Videos * * On Demand Webinars * Data Sheets * Blog * * Contract Insights Podinar * * * Training and Support * * * Agiloft University * Help Wiki * Support Login * * Release Notes * Training Videos * Help PDFs * * Customer Community * Upgrade and Support Plans * PDF Downloads * Pricing * Contract Management Pricing * Unconditional Guarantee * Services * Implementation Services * Support Plans * Company * * * About Us * * * Leadership * * Contacts * * * Legal * * * Privacy Policy * * * * News * * * Events and Webinars * * * Awards * * * Careers * * * Partners * Free Trial * CONTACT US * Let's Talk * 6 KEY THINGS LEGAL PROS NEED TO KNOW ABOUT THE FUTURE OF CONTRACT AUTOMATION / Contract Management Software, Integration, Legal June 23, 2022 Share on Facebook Share on Twitter Share on LinkedIn Share by Email What trends are defining how automation is altering the face of contract management worldwide? CLM Futurist and Agiloft’s Chief Product Officer Andy Wishart outlined these trends recently at CLOC, the world’s foremost legal event during his keynote, “CLM Tipping Points, 6 Trends on The Future of Contract Automation,” explaining how they would both alter and emphasize the role of legal in organizations. 1. GENERAL COUNSEL THAT EMBRACE THE CYBORG RISE TO THE TOP It’s happened to other leadership professions. The best digital hunter wins, and CROs and CMOs who don’t have a world-class tech stack to hunt, nurture, track, and analyze every step of their prospects’ journey from cold to sold, will lose out to the competition. They must have the appetite to understand deeply how the tech can deliver value for their business and fight for the right budgets and resources, or they simply can no longer hold these roles. The same is true for General Counsel, as they drive priorities for their organizations. As automation has swept through operations, sales, marketing, and other critical functions, legal is one of the last bastions to be automated—and the age and expectation of instant visibility into a corporation’s risk and contractual obligations has dawned. Legal pros who fail to push for and embrace digital transformation, which has accelerated from years to months in the pandemic, are in existential peril in their roles. The legal leaders who ‘embrace the cyborg’ and bring their legal prowess together with the efficiency and intelligence of today’s legal automation solutions are the only leaders who will advance in today’s market. 2. COMPANIES WITH “TWEET SHIFT” CONTRACT NIMBLENESS WIN THE MARKET We’ve just navigated through the worst of a pandemic, which still lingers and continues to shape business practices worldwide. We are all watching the devastating situation in the Ukraine. We’ve just watched the world’s richest person buy a major corporation in a matter of days. And in all those situations, organizations have been in a mad scramble to adjust—to survive, to manage risk, to cancel contracts, to shift regions, to add new suppliers, to understand ramifications, and be instantly nimble. In a single tweet, markets can change, unrest can happen, and nimbleness and agility have taken on a new dimension. In 2022, your business needs to be able to shift on a tweet. 3. BAD CONTRACT PROCESSES SINK NPS SCORES Insider info says one major corporation had a negative NPS, which was bad enough—but an estimated 10 points of that was driven by a burdensome, frustrating, non-automated contract process that created a poor customer experience. Essentially no one can do business with anyone without a contract. And nearly all corporations are judged by their NPS score—customers choose vendors by them; investors make investments based on them. If your contract process is not streamlined, simplified, and world-class, you’re behind before you even get started and your NPS scores will show it. Contracts truly are the DNA upon which your relationships with customers are built. Recent results of global enterprise study show awareness of the criticality of CLM to customer satisfaction is indeed, on the rise, with improving customer satisfaction and ease of doing business coming as a top 5 strategic priority for CLM.* 4. LEGAL TECH EFFICIENCIES FILL REVENUE GAP CAUSED BY SLOWING GLOBAL GROWTH Global forces like the pandemic, war, supply bottlenecks, and inflation are expected to decelerate global growth from 5.5% to 4.1% in 2022, according to the World Bank. While challenging, as companies look to not only survive but thrive in challenging headwinds, legal teams can confidently turn to the power of automation to enhance their ability to improve productivity in managing contracts. According to World Commerce & Contracting, companies using CLM could save an average of 9.2% a year in annual revenue that is typically lost to slow negotiations and missed milestones. And for larger organizations, that percentage is often 15%. The hunger for revenue protection for legal teams is gaining ground. In a global study of enterprise buyers on CLM, 65% of respondents are focused on improving productivity as a key driver in purchasing CLM solutions to increase productivity and stop revenue leaks.* 5. LEGAL TECH PROS TAKE ON UNICORN STATUS Ten years ago, hiring a Salesforce administrator was nearly impossible. Employees who could optimize what had quickly become the system of record for companies worldwide were some of the hottest tickets in the market. With the advent of marketing automation and account-based marketing (ABM) tools, demand generation pros have become the new corporate darlings, drawing multiple offers and soaring salaries as the market scrambles to source from a talent base that is growing, but still small given these technologies have literally exploded on the scene. That heat is moving to legal ops. As with any technology that has the potential to transform a profession, ensuring you’re building and sourcing the right talent is key to your digital transformation, along with having the resources and talent to really put it to work for you—and to date, many don’t and are at risk. In 2021, Deloitte’s State of Legal Operations Survey found that only 35% of legal teams believe they have good tech skills. 6. INTEGRATIONS THAT CAN SLUICE DATA THROUGH YOUR ORGANIZATION WIN Data, when it’s trapped in your contracts and in file cabinets, holds unbelievable value for your organization. Having a line of sight to risk and business obligations lets you and every function in your business make better, more nimble business decisions that help companies grow, sending resources in new directions and holding back in others. The trouble is, without a CLM to unlock that data, and more important, be able to share that data with other solutions in its network ecosystem, it’s difficult to actually put that information into action. That’s why, like trapped water, CLM systems that can integrate not only seamlessly but widely with today’s common enterprise solutions and let data sluice easily into other technologies are the most powerful. Sure, integration speed is important—but that’s table stakes. Today’s most powerful CLMs need to connect hundreds, not handfuls of systems, and easily let data flow throughout the organization where it can truly help the business grow. Ready to see how CLM can help you be ready for the future of contract automation, click here for a demo. *2022 Global Enterprise Study: Agiloft Insights, a data-driven market research team that uncovers actionable insights on customer needs and industry trends to accelerate and transform the CLM market. Jeffrey Miesbauer SR. MANAGER OF CONTENT AND CORPORATE COMMUNICATIONS With more than a decade in marketing, writing, and content, Jeff often writes about technology, contract management, Agiloft customer success, and why no-code software has the power to change business for good. LATEST NEWS * HOW TO GET THE MOST OUT OF YOUR CLM? LEVEL UP YOUR MATURITY ACROSS THE ENTERPRISE June 2, 2023 CLM * AGILOFT’S TOP 5 HIGHLIGHTS FROM THE 2023 CLOC GLOBAL INSTITUTE May 26, 2023 Agiloft Events * 5 REASONS WHY INTEGRATING AGILOFT CLM WITH MITRATECH’S ENTERPRISE LEGAL MANAGEMENT (ELM) PLATFORM WILL GIVE YOU AN EDGE May 19, 2023 Agiloft News * CALIFORNIA AFFORDABLE HOUSING LEADER DRIVES OPERATIONAL EFFICIENCIES WITH AGILOFT CLM May 12, 2023 Contract Lifecycle Management * MATURING YOUR MATURITY: HOW 4 INDUSTRY LEADERS UNLEASH THE POWER OF CLM May 3, 2023 Contract Lifecycle Management VIEW ALL ARTICLES View All “THE MOST CUSTOMIZABLE MANAGEMENT SYSTEM” PC MAG - EDITORS’ CHOICE Request a Demo Previous Article Next Article View All Articles * Company Information * Press * Blog * Resources * Careers * Submit RFP POPULAR SOLUTIONS * Contract Lifecycle Management * Contract Management for Legal * Contract Management for Procurement * Contract Management for Sales * Contract Management for Enterprise POPULAR LINKS * Features * Contract Management Pricing * Agiloft University * Partner Program * Support Login CONTACT US Agiloft Inc. +1 (650) 587-8615 info@agiloft.com 303 Twin Dolphin Drive, Floor 6 Redwood City, CA 94065 * * * * * Chat With Us © Copyright 2023 Agiloft Inc. All Rights Reserved. Privacy Policy This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics. Learn more Accept Reject × * Analyst Report Agiloft Named a Leader in 2021 IDC Worldwide CLM Corporate Legal Vendor Assessment You may also like: See Related Content * Case Study Automated Contract Selection Streamlines Global CLM Solution * White Paper The Critical Need for Centralized Contract Compliance * Video The Future of AI in Contract Management * White Paper Five Pitfalls of CLM Software Selection and How to Avoid Them * White Paper CLM Via a No Code Platform: 3 Key Factors Driving Long-Term Value Agiloft Named a Leader in 2021 IDC Worldwide CLM Corporate Legal Vendor Assessment 1 / * Fullscreen * Download * Recommendations Toggle Business Email Country United StatesAfghanistanAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntarcticaAntigua & BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBoliviaBosnia & HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBruneiBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongoCongo (Democratic Republic)Cook IslandsCosta RicaCote D'IvoireCroatiaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEast TimorEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland IslandsFaroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuineaGuinea-BissauGuyanaHaitiHeard And Mc Donald IslandsHondurasHong KongHungaryIcelandIndiaIndonesiaIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKiribatiSouth KoreaKuwaitKyrgyzstanLaosLatviaLebanonLesothoLiberiaLiechtensteinLithuaniaLuxembourgMacauMacedoniaMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesiaMoldovaMonacoMongoliaMontserratMoroccoMozambiqueMyanmar (Burma)NamibiaNauruNepalNetherlandsNetherlands AntillesNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorthern Mariana IslandsNorwayOmanPakistanPalauPalestinian TerritoriesPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto RicoQatarReunionRomaniaRussiaRwandaSouth Georgia & South Sandwich IslandsSaint Kitts And NevisSaint LuciaSaint Vincent & The GrenadinesSan MarinoSao Tome And PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSt. HelenaSt. Pierre And MiquelonSurinameSvalbard And Jan Mayen IslandsSwazilandSwedenSwitzerlandTaiwanTajikistanTanzaniaThailandTogoTokelauTongaTrinidad & TobagoTunisiaTurkeyTurkmenistanTurks & Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States Minor OutlyingUruguayUzbekistanVanuatuVatican CityVenezuelaVietnamBritish Virgin IslandsU.S. Virgin IslandsWallis & FutunaWestern SaharaYemenZambiaZimbabweIranSyriaCubaCuraçaoSamoaSudanSouth SudanSint MaartenNorth KoreaMontenegroGuernseyLibya Powered by Hushly - Privacy Policy & Terms Powered by