Leading procurement technology provider significantly strengthens its position following ongoing investments in its product capabilities including artificial intelligence
JAGGAER announced that Gartner has positioned the company as a Challenger in the 2022 Magic Quadrant for Contract Lifecycle Management (CLM). This is the second year in a row that JAGGAER has been recognized as a Challenger for its CLM solution. JAGGAER has been recognized for its Ability to Execute and Completeness of Vision.
With its acquisition of DocSkiff in early 2022, JAGGAER added innovative contract review and analysis capabilities by applying advanced artificial intelligence (AI) with machine learning (ML) and natural language processing (NLP) to its existing CLM solution. The DocSkiff offering (renamed JAGGAER Contracts AI) further differentiates JAGGAER’s CLM solution by including sophisticated AI/ML technology to contract digitization and analysis, including optical character recognition (OCR) for full-text, semantic document searching, contract clause and metadata extraction, standard clause variance and risk analysis, and much more.
With JAGGAER’s full CLM solution and Contracts AI, companies can manage, review, and analyze all contracts at scale, thereby reducing risk, revenue leakage and process inefficiencies, while requiring fewer resources.
“Managing contracts effectively plays a direct role in reducing risk, driving productivity, capturing savings, and enabling business performance. We’ve intentionally evolved our CLM product offering with automation to equip our customers to manage contracts faster and more strategically. With Contracts AI, our customers are already seeing up to 40% lower revenue leakages, 50% improvement on the contract approval process and more time back in their day,” said Jim Bureau, JAGGAER’s CEO.
JAGGAER CLM also offers full-lifecycle contract capabilities, from pre-signature authoring and negotiation to post-signature spend and obligation management. Given JAGGAER CLM is part of JAGGAER’s full source-to-pay suite of solutions, customers can take advantage of their contracts being fully integrated with their sourcing, payments, supplier management, and procurement solutions.
“Customer success is at the heart of everything we do,” added Bureau. “We’re committed to optimizing key commerce processes with technology so that our customers have more time to work on strategic and high-value initiatives. We believe our recognition in the Magic Quadrant for Contract Lifecycle Management is a testament to the recent investments we’ve made, and we’ll continue to innovate to meet our customers’ needs.”
Gartner, “Magic Quadrant for Contract Lifecycle Management,” Kaitlynn Sommers, Patrick Connaughton, Marko Sillanpaa, Micky Keck, October 2022
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