Princeton, New Jersey, February 4th, 2019: Ultria, a leading on-cloud AI-based Contract Management software provider, released its first ever edition of ‘How Mature Is Your Organization’s Contract Management? – Ultria CLM Survey Report 2019’, this week. Ultria reached out to the legal and contract management teams, who are directly affected by modifications and transformations in the contract management scenario, to understand their opinions and draw insights on where organizations are headed in the whole new era of advanced CLM solutions. In the report, Ultria also analyzed the current state of contract management processes and the related operational challenges faced by organizations.
Arthur Raguette, EVP, Ultria said, ‘’The focus of this survey was to get a first-hand perception of the public sentiment surrounding next-gen digital advances in contract management and how mature companies are to adapt to them. The data extracted from the responses reveal some interesting insights and enable us to better understand the ever-changing contract management function.’’
A brief profile of our survey respondents
38% of the respondents were from the contract management function while 31% were from the legal function and 18% were from the procurement function. We also observed that companies dealt in large monthly contract volumes, with 62% dealing in more than 100 contracts per month and 26% dealing in more than 300 contracts per month.
A preliminary look into our findings
One of the more significant findings with respect to the level of maturity in the adoption of advanced CLM solutions was that the only feature largely adopted (64%) was ‘contract repository solution’; thus positioning most organizations at the primary most stage of their CLM maturity cycle. Contract Authoring technology, despite being key to a foolproof, effective contract drafting, was the least adopted of all features with only 13% adoption.
Through the survey, Ultria also explored the top contract authoring and contract lifecycle challenges organizations face in the absence of streamlined integrated contract management solutions. We saw that ‘Searching for existing contracts’, as compared to some other authoring challenges, garnered 5X more votes, making it the biggest challenge.
Another important finding, inspired by Ultria’s unique AI-oriented features, was around the most demanded applications of AI in contract management software. Although a variety of AI features seemed to interest a fairly large number of respondents, 51% were focused on its use for ‘Clause extraction and comparison’.
Click here to download the full survey report and get access to all the insights and findings.
About Ultria: Ultria CLM, copyrighted by Ultria, develops and licenses Contract Lifecycle Management solutions for enterprise Legal and Sales departments. Ultria CLM is a proven, scalable, SaaS-deployed Contract Lifecycle Management system that leverages Artificial Intelligence and Machine Learning to be robustly and rapidly provisioned in today’s complex business landscapes. For information on Ultria, visit www.ultria.com.