July 26, 2016 | Written by: Kunal Mehta
The average Fortune 1000 company can maintain around 40,000 active contracts, often with obligations that number in the tens of thousands considering the nature of complex services agreements. Surprisingly, most contracts are still being managed using manual processes or with very limited technologies.
The status-quo approach often leads to poor visibility and control over contracts, lost savings and revenue opportunities, and increased legal and financial risk.
A fast-growing number of Fortune 1000 companies that face these issues are automating and streamlining their contract management processes with Contract Lifecycle Management (CLM) solutions, also known as Enterprise Contract Management (ECM).
Forrester Research has named IBM a leader in its latest Forrester Wave™ research report on contract lifecycle management (CLM) solutions. Forrester analyzed more than a dozen enterprise contract management solution providers and researched, evaluated, and scored them on 28 specific criteria – and ranked IBM as a “leader” in the sector.
The Forrester Wave™: Contract Life-cycle Management, Q3 2016 evaluation focused on three different contract scenarios: one weighted to an “all-contracts” scenario, a second weighted toward “buy-side” contracts, and a third weighted toward “sell-side” contracts. The IBM Emptoris Enterprise Contract Management solution was ranked a “leader” in all three categories.
The Forrester Wave stated, “IBM Emptoris had been a leader in past CLM Wave evaluations, and it still scores highly for the contract types supported, contract approval, contract process management, integration, and globalization. Its inclusion of the Cognos BI engine gives it advanced reporting and analysis functions, which will be strengthened by future plans to include Watson cognitive capabilities.”
“It is a top choice for large global enterprises with complex contracting requirements, a preference for the control and security of a single-instance hosted or on-premises solution,” the report stated.
The Forester Wave evaluation went on to give IBM the highest scores possible on specific criteria in the buy-side contracts dimension around “Contract types supported,” “Related applications,” and “Globalization.” IBM also received the highest rating in the “Current Offering” category for Buy-Side Contracts. Finally, the reported noted that clients found the solution to be “powerful.”
IBM Contract Management and procurement solutions are used by hundreds of Fortune 1000 and Global 2000 companies to manage all stages of the contract lifecycle from creation, execution and discovery through renewals, renegotiation, performance monitoring, and analysis. IBM Emptoris Contract Management software enables companies to actively and effectively manage all types of contracts, including enterprise, procurement, and sales contracts.
Register to receive a complimentary copy of The Forrester Wave™: Contract Life-cycle Management, Q3 2016. To learn more about the IBM Emptoris Enterprise Contract Management solution, watch the demo or join us for Empower 2016, where you can participate in the demo in person and get ideas on how to address your most pressing procurement challenges. See you there!