The Contract Management Category

Q1 SolutionMap℠: 40 Procurement Technology Solution Providers, Ranked

Spend Matters released its Q1 2018 SolutionMap, ranking 40 procurement technology providers across nine different solution categories — including an end-to-end view of Source-to-Pay (S2P) providers and their capabilities for the very first time.

Q1 2018 SolutionMap Release Notes: Sourcing, Spend Analytics, SRM, CLM and Strategic Procurement Technology Suites

tech

This Spend Matters SolutionMap Insider release note provides insight into the Q1 2018 SolutionMap release for Sourcing, Spend and Procurement Analytics, Supplier Relationship Management & Risk, Contract Lifecycle Management, and Strategic Procurement Technologies Suite Solution Maps, reviewing the process we follow and highlighting what has changed since the last release.

Within the individual areas covered in this brief, the following providers have been added to the Q1 2018 release: Agiloft, Aravo, ConnXus, HICX, Opera BIQ, Simfoni and SynerTrade. Additionally, providers such as SAP Ariba have received updated scoring following the submission and demonstration of new capabilities based on production releases of individual modules. (Non-GA capabilities are not considered in SolutionMap scoring.) This SolutionMap Insider release note explores these and additional changes in the Q1 2018 SolutionMap release.

Use Cases of E-Signatures and Digital Signatures in Procurement and the Supply Chain [Plus+]

digital signatures

E-signatures and digital signatures are a rapidly growing sub-segment of the procurement and broader enterprise technology market. The numbers are truly off the charts. According to industry research, for example, the segment experienced 48% growth in 2011, and an average of 53% annual growth in 2012 and 2013. But where do e-signatures and digital signatures fit into e-procurement, beyond simply replacing handwritten signatures on the contract paper? This Spend Matters Plus research brief provides examples and use cases where these solutions can play a critical role supporting end-to-end source-to-pay (S2P) and related procurement processes.

LegalSifter: Vendor Introduction, Analysis and SWOT [PRO]

forced labor

Contract lifecycle management is becoming a priority in many procurement organizations for several reasons. First, sourcing activity is increasingly driven by contract renewals on various types of managed services agreements. Second, sourcing results (e.g., savings) only matter when executed against a contract that gets matched against. Third, outside-in supply risks are ever-present and must be monitored, but a lot of risk is buried within historical contracts in the portfolio. 

As such, managing contracts intelligently is going to require a lot more than just the ability to draft new contracts efficiently and analyze simple header-level contract metadata. It's going to require the ability to analyze contracts efficiently and effectively (i.e., deeply) to determine if they contain specific clause language, address identified regulations or fall into certain categories based on specific business rules.

This is going to require a whole new class of contract analytics that until now was only offered by a few big players, like Seal Software (the clear leader in the buy-side contract analytics space who we’ve covered for years), Exari (CLM app with demonstrated AI capabilities) and, to a limited extent, Icertis. Due to the value such solutions would provide, however, a new breed of vendors, including Kira Systems, RAVN (iManage), LawGeex, Luminance, LegalRobot, Counselytics and LegalSifter, are rising up to offer this service. They are all focused on broader contract analytics (i.e., not just the buy side) and each offers a unique market focus and approach to the problem.

In this Vendor Snapshot, we’ll focus on LegalSifter and its technical approach to the problem.

The Modern Contract: Connected Sets of Data

The purpose of almost every business contract is the same: to define the relationship and allocate risk. To effectively do the latter, supply chain managers must manage external risks and internal risks. But even considered separately, the point is that managing both kinds of risk is challenging. With a plate that full and interdependent, is it any wonder that contracts seem to create more operational friction than they’re worth? Why haven’t we figured out that we can’t adjudicate such variability?

Procurement Business Drivers and Considerations For Digital and E-Signatures [Plus+]

Digital and electronic signatures can play a significant role in accelerating procurement and supplier management processes, reducing cycle times and eliminating latency across a range of activities. They can also help create value in other areas, from organizational and vendor compliance to saving money. This Spend Matters PRO series exploring e-signatures and digital signatures provides a foundation for procurement organizations to understand, evaluate and implement these solutions to enable a variety of use cases, including contract implementation and contract lifecycle management. In this research brief, we explore the business drivers for digital and electronic signature usage as well as selection considerations when evaluating potential solution providers.

Icertis: Vendor Snapshot (Part 3) — Summary and Competitive Analysis [PRO]

Icertis is one of a select number of contract lifecycle management (CLM) solutions that can equally support the needs of both legal and procurement organizations. Its solution provides role-based dashboards and workbenches that enable diverse users across global organizations to interact with contracts, related information and documents not only within the context of core CLM but also within other processes such as source-to-pay (S2P), quote-to-cash and industry-specific workflows.

This third and final installment of this Spend Matters Vendor Snapshot covering Icertis provides an objective SWOT analysis of the provider and offers a competitive segmentation analysis and comparison. It also includes recommended shortlist candidates as alternative vendors to Icertis and offers provider selection guidance. Finally, it provides summary analysis and recommendations for companies considering the vendor. Part 1 provided an in-depth look at Icertis as a technology provider and its specific solutions, and Part 2 gave a detailed analysis of solution strengths and weaknesses and a review of the product’s user experience.

Icertis: Vendor Snapshot (Part 2) — Product Strengths and Weaknesses [PRO]

The contract lifecycle management (CLM) technology market is not one market. Rather, this technology comprises several subspecialties, each served by a diverse set of vendors with varying degrees of capability. Because of this, procurement, commercial, legal and other users have significant choice between broad-based suites and independent CLM vendors today.

Within this market, Icertis is one of the few providers delivering a robust enterprise-class CLM solution with significant depth across nearly all functional areas of CLM that Spend Matters tracks. Moreover, Icertis takes a truly platform-based approach rather offering just a set of fixed modules on a menu. It is also one of a handful of enterprise contract management solutions built on a modern technology stack, as well as one of the few that revolves entirely around the contract — even if its UI reminds us more of the end of the Obama era than Brexit.

This Spend Matters PRO Vendor Snapshot explores Icertis’ product strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide whether they should shortlist the vendor. It also offers a critique of the user interface. Part 1 of our analysis provided a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Icertis in the P2P technology area. The final installment in this series will offer a SWOT analysis, user selection guide, competitive alternatives, and additional evaluation and selection considerations.

By Prioritizing Contract Management, Procurement Can Drive True Digital Transformation

When it comes to long-term business planning, no one wants to be the next Kodak. That’s why companies large and small have embraced digital transformation as the path forward, hoping to accelerate growth, tap new markets and defend against competitive disruption. To drive digital transformation throughout the enterprise, companies will need to change the foundation on which their business process are built. And there is nothing more foundational or business critical to a firm than the contract. Prioritizing a strategic, digital-first approach to contract management, then, is a perfect way to begin a digital transformation.  

Icertis: Vendor Snapshot (Part 1) — Background and Solution Overview [PRO]

As our Q4 2017 CLM SolutionMap highlights, the range and depth of functional capability between suite-based contract lifecycle management solutions and independent, top-performing CLM vendors is increasing, not decreasing. Icertis, one of the top-performing CLM providers in the analysis, is driving this change. It is less than 10 years old but already used in 40 languages within 90 countries, supporting more than 750,000 users and 2.5 million active contracts.

But it is not just the underlying functional “mojo” among top-providers like Icertis causing the divergence for specialized CLM requirements. The most recent class of CLM providers that have graduated to best-of-breed status have designed their solutions to support an increasing range of contracting, collaboration and obligation management scenarios that support supplier agreements, sales contracts, leases, partnership agreements, employment agreements and other agreements between parties. And they are doing so with the simultaneous goals of increasing both efficiency and contracting effectiveness.

This Spend Matters PRO Vendor Snapshot provides facts and expert analysis to help procurement and legal organizations make informed decisions about whether Icertis, as a standalone CLM solution, is a better fit than using a suite-based contract management provider. Part 1 of our analysis provides a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Icertis. The remainder of this multipart research brief covers product strengths and weaknesses, competitor and SWOT analysis, user selection guides, and insider evaluation and selection considerations.

E-Signatures and Digital Signatures in Procurement: Definitions and Considerations [Plus+]

digital signature

While the terms e-signature and digital signature are often used interchangeably, they are not the same. Every digital signature is electronic, but not every electronic signature is digital. This may sound a bit confusing, but it's not with proper definitions. This three-part research series provides a foundation for procurement and supply chain practitioners to understand the benefits that digital signatures can bring to contracting and contract management, as well as interactions with internal stakeholders, suppliers and partners. This first part provides definitions, a general background on the topic and the benefits and drawbacks of these tools.

Outcome-Oriented Contracts for Services: Should You Dangle the Carrot or Wave the Stick? (Part 2)

contract

In Part 1 of this series, we provided an overview of services and outcome-oriented contracts, as well as introduced specific research on that subject. Today in part 2 of this series, we cover key findings of the research and explore some of the more practical implications and potential guidance for practitioners. Below we summarize the research findings published in the working paper “Using outcome-oriented contracts to foster performance improvements in logistics outsourcing relationships” and conclude with a set of takeaways from the series as a whole.