2020 Gartner Magic Quadrant for contract lifecycle management: DocuSign named a leader
We are pleased to announce that DocuSign CLM (formerly Spring CM) has been named a Leader in the Gartner Magic Quadrant for Contract Lifecycle Management, February 2020.
DocuSign eSignature has transformed how 500,000+ organisations complete agreements, but the lifecycle before and after signature is still often managed through manual processes - increasing risk, slowing the pace of business, and frustrating customers and employees.
Contract lifecycle management solutions can drive positive change and rapidly improve productivity across organisations by addressing the entire contract process. DocuSign CLM allows you to automate manual tasks like document generation, orchestrate complex workflows and approval, and eliminate unnecessary risk.
In its assessment of contract management, Gartner cited excellent customer experience and overall product capabilities as well as high scores in completeness of vision and ability to understand customer needs.
What is contract lifecycle management?
Contract lifecycle management (CLM) is the process of managing contracts from initiation through ongoing management and eventual renewal or termination. DocuSign CLM allows organisations to streamline the agreement lifecycle by transforming manual processes into a digital automated workflow. The end result is an accelerated pace of doing business, increased compliance and more efficient employees.
There are a number of recognised stages in the lifecycle of a contract. These can be simplified into the following: contract preparation, contract negotiation, contract signing, contract management and contract storage.
Examples of the types of agreements that can be managed with the CLM solution include: purchase orders, sales contracts, loan documents, real estate lease agreements, employee offer letters, change orders and non-disclosure agreements.
By using reusable templates, a library of terms, and repeatable, consistent conditions, buyers and suppliers save time and reduce errors during the contracting process.
Contract management software is designed to:
- Increase operational, contractual and regulatory compliance
- Improve customer experiences
- Provide greater visibility into spend and commitments
- Do business faster by using templates and workflow
Why was DocuSign CLM named as a leader in Gartner’s Magic Quadrant?
In this assessment, Gartner's Magic Quadrant evaluated CLM vendors based on 15 criteria including Product/ Service, Overall Visibility, Market Responsiveness and Customer Experience. Of the 12 products evaluated, DocuSign CLM was named one of only three leaders.
Based on interviews with customers, Gartner gave DocuSign high marks for overall service and support. DocuSign also received the highest score of any vendor in this Magic Quadrant for our ability to understand customer needs, as well as the timeliness and completeness of responses to questions about products and services.
To read more about Gartner‘s contract management assessment —and to learn more about the CLM category as a whole—a complimentary copy of the Gartner, Inc. 2020 “Magic Quadrant for CLM” is available for download here.
Here’s what to expect from good CLM software:
- Flexible, configurable workflow - Organisations should be able to define, deploy and maintain contract workflows with ease, including workflows that involve other systems, such as electronic signature technologies or billing/payment systems. This means less dependence on upfront professional services, a faster path to value and lower total cost of ownership as contract processes change.
- Easy integration with other systems - should include prebuilt connectors and rich APIs that enable key contract tasks to happen within the tools you already use.
- Seamless document generation - Create preconfigured templates that auto-populate contracts with data from other systems and approved language.
- Centralised searchable repository – that allows you to store, tag and organise all contracts in a single, searchable place.
- Support for collaboration and negotiation – by sending contracts for review, tracking changes across multiple versions, and maintaining a single source of truth for who did what, when.
- Clause library – to reduce sales dependence on legal during negotiation, your solution should include easily accessible library of pre-approved clauses and fall-back options.
- Security – in order to minimise risk, a solution should be compliant with SOC 2, HIPAA, TRUSTe, and FedRAMP.
Does my business need a CLM solution?
Contract management software is crucial to the productivity of an organisation. Good contract management could improve profitability by the equivalent of 9% of annual revenue, according to research by the independent International Association for Contract & Commercial Management (IACCM).
As contracts are used in every department, in organisations of every size and in every industry, contract lifecycle management can be highly effective in strengthening and exploiting the value of its contract portfolio to shorten the sales cycle and lower the costs of customer acquisition.
Smaller and medium-sized businesses often need to be more agile and work with smaller budgets and teams, this can often mean that manually generating, sorting through or managing agreements is a waste of time and money that could be better invested elsewhere.
Similarly, larger businesses need a secure document and contract management platform that allows them to generate documents, collaborate with stakeholders, and automate business processes to accelerate the path to revenue – all while keeping things accessible yet secure.
Choosing a CLM
There are a number of steps when choosing a CLM solution:
- Audit and map your current internal workflows and any you may have in the future.
- Think about security and compliance requirements that your CLM could support.
- Consider which core business systems you might want to integrate with.
- Are all of your users tech-savvy? If not, usability is going to be a key factor for you.
See how Gartner positioned DocuSign CLM in the report. Download the full report, Gartner 2020 Magic Quadrant for Contract Lifecycle Management by Patrick Connaughton, Kaitlynn Sommers, Marko Sillanpaa, Micky Keck , 25 February 2020.
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