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The Quadrant Knowledge Solutions SPARK Matrix provides competitive analysis & ranking of the leading Contract Lifecycle Management (CLM) platform vendors.
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CobbleStone, with its proven record, comprehensive vision and roadmap, robust partner ecosystem, compelling customer value proposition, strong domain expertise, extensive customer base across industries in both the public and private sectors, and sophisticated technology platform, is well-positioned to maintain and grow its market share with continued success amongst the large enterprise segments.
Quadrant Knowledge Solutions announced that it has named CobbleStone as a 2022 technology leader in the SPARK Matrix analysis of the global CLM market.
The Quadrant Knowledge Solutions SPARK Matrix includes a detailed analysis of global market dynamics, significant trends, the vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK Matrix. It gives strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Akshaysingh Chandel, Analyst, Quadrant Knowledge Solutions, “CobbleStone Software’s AI-enabled, user-friendly CLM solution, titled CobbleStone Contract Insight®, enables end-to-end management of the entire contract administration process. The company’s roadmap is aligned with ongoing market dynamics; it plans to significantly invest in areas such as CobbleStone connector plug-ins and apps, standardizing system integrations with compliance data aggregator services, and developing increasingly more powerful functionality in the CobbleStone Contract Insight suite. The company’s comprehensive functional capabilities, product strategy, extensive customer base, and industrial expertise and knowledge have received strong ratings across parameters of technology excellence and customer impact.
“CobbleStone is honored to be recognized as a Leader in Contract Lifecycle Management by Quadrant Knowledge Solutions in their report – SPARK Matrix: CLM, 2022,” – says Bradford Jones, Vice President of Sales & Marketing & CLM Futurist at CobbleStone Software.
“This recognition serves as yet another of the many testaments to the user-friendliness, scalability, configurability, and industry reach of CobbleStone – as we help organizations in numerous industries in both the public and private sectors centralize contract lifecycle management, vendor management, procurement, sourcing, supply chain management, bids, RFx management, CRM processes, ERP processes, and many other mission-critical needs.”
Quadrant Knowledge Solutions defines a Contract Lifecycle Management (CLM) software as a solution that automates and streamlines the end-to-end contract lifecycle from creation, negotiation, approval, execution, analysis, and compliance to renewal/expiry. The CLM software also provides a centralized contract repository for all types of contracts and agreements, including contracts from vendors, business partners, customers, employees, and others. The CLM software often stores supplier data, contract terms, negotiated prices, and other information to provide centralized visibility, enabling companies to execute contractual agreements faster and more efficiently. The CLM software helps the organization minimize administration costs and improve contractual performance, operational efficiency, and regulatory compliance.
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Driven by the growing digital transformation across industry verticals, emerging innovative business models with various licensing structures and diverse payment types, and ever-growing complexities of governance, risk, and compliance processes are driving the need for enterprise-wide smart contract lifecycle management systems. The modern contract lifecycle management (CLM) software has evolved significantly to include automation, advanced analytics, and artificial intelligence capabilities to enhance contracting performance, minimize risks, and reduce administration costs. These growing technological advancements are ushering in complete digitalization of the contracting processes, enabling organizations to achieve higher operational efficiency. The modern cloud-based CLM systems are supplementing this automation by integrating aspects of contracts such as workflows, templates, clause libraries with CRM, sourcing, P2P, ERP, and other such solutions, along with third-party e-signature and storage repositories. The systems can now support various use cases, including updates on contract renewal dates, control over terms and conditions or discount terms for the purchase of higher volumes, shortened duration of contract execution, and more. The AI-powered CLM software can manage end-to-end contracting processes efficiently and help organizations save costs and reduce time. The future CLM systems will be focused more on outcome-driven CLM business models. These systems will support enhanced horizontal and vertical collaboration on solution delivery across the ecosystem. The maturity of AI and ML capabilities will deliver end-to-end performance improvements across the CLM platforms. Additionally, there will be a focus on integrating the contract-centric platform with buy-side and sell-side systems to optimize and drive enhanced visibility across the contracting process.