Originally published on agiloft.com
Agiloft was recently named a top vendor for the second year running in Gartner’s Critical Capabilities for Contract Life Cycle Management.
What does this mean?
It means that the world leader in research and advisement, Gartner, has conducted a thorough analysis of 13 reputable CLM providers and how they perform across CLM’s most popular use cases—Legal, Procurement, Sales, and Enterprise. It also means that Gartner has ranked Agiloft a top vendor across all use cases in all of its Critical Capabilities reports for CLM.
"We are thrilled to be ranked again as one of the top vendors in the Gartner Critical Capabilities report," said Eric Laughlin, Agiloft CEO. "CLM is increasingly being viewed as pivotal in helping businesses across industries increase sales, drive efficiencies, and reduce security and compliance risk. We believe the unmatched configurability of our user-friendly platform is the differentiator for businesses dedicated to digitizing contracts, while our continuous product development and commitment to implementation success ensure long-lasting satisfaction for our customers."
One of the advantages of an analysis like Gartner’s Critical Capabilities report is providing insights that help people differentiate between the various CLM solutions. Reports like this can play a crucial role in helping organizations determine which provider is right for their specific needs and who they may want to consider for their shortlist.
Here we provide a brief summary of how Gartner defined each of their use cases and how the Agiloft CLM solution performed in those specific areas.
Placing in the top three vendors, Gartner states that Agiloft scores consistently well across all use cases but its highest score is for the sales use case. This is fueled by above-average scores for requesting a contract, creating a contract, running standard reports, and enabling sales workflows.
Gartner Use Case Characterization: The most critical capability for sales is integration with the organization’s CRM or CPQ solutions. Sales leads are typically generated and maintained in those applications with an integration into a CLM solution. As a result, requesting a contract and running reports are key to sales stakeholders.
Agiloft’s take on Gartner findings: This aligns with our own case studies where the Agiloft CLM consistently shortens sales cycles and reduces revenue leakage with instant generation of sell-side documents, one-click contract creation and automated approval processes integrated with email, SMS messaging, and e-signature.
Placing in the top three, Gartner states that Agiloft scores above average for updating/renewing a contract, searching contracts, storing contracts, application setup and maintenance.
Gartner Use Case Characterization: Key capabilities needed by procurement organizations include searching contracts, updating and renewing contracts, and enabling procurement workflows with applications like e-sourcing and procure-to-pay suites.
Agiloft’s take on Gartner findings: Agiloft’s procurement customers reduce supplier onboarding time up to 10X by automating workflows. Beyond searching and renewing contracts, they also prioritize functionality that helps them track vendor performance. Agiloft CLM provides a secure, permissions-based portal that facilitates negotiations and supports ongoing vendor management.
Placing in the top three, Gartner states that Agiloft scores above average for negotiation, approval workflows, searching and storing contracts.
Gartner Use Case Characterization: The key capabilities for legal teams include contract negotiation and approval, and enabling legal workflows with enterprise legal management suites and matter management suites. Contract creation, setting up clause and template libraries, storing, records retention and searching contracts are also critical to legal.
Automated contract review capabilities can help legal teams expedite the negotiation process for third-party contracts, making advanced analytics very relevant to this use case.
Agiloft’s take on Gartner findings: Agiloft’s first CLM customers were legal teams so our functionality in support of their business operations runs deep. AI-enabled scoring surfaces the risk in contracts so legal can minimize high-risk contracts. Compliance is also automated, including HIPAA or SOX or monitoring contractual terms and SLAs.
Placing in the top three, Gartner states that Agiloft is a good choice for organizations looking for a stand-alone CLM solution suitable for managing all types of contracts.
Gartner Use Case Characterization: This use case focused on managing multiple contract types across the enterprise and may also include other contract types such as employment agreements. Deployment typically supports collaboration among key stakeholders, including procurement, sales, and legal.
Agiloft’s take on Gartner findings: As the only no-code CLM platform that also provides open AI capabilities, Agiloft integrates with enterprise systems and is easily extensible to the commercial processes adjacent to contracts, allowing organizations to simplify the intake and organization of existing contracts and to customize the most complex workflows—all without writing a single line of code.