Realyst insights into latest IACCM Capgemini Report
Realyst insights into latest IACCM (The International Association for Contract and Commercial Management) Capgemini Report on Contract Lifecycle Management (CLM) Software Solutions
In response to the wide variety and functionality on offer from global software vendors, and the latest trends in technology, the IACCM initiated an investigation into what solutions were available globally, and the functionality each provided. Realyst was one of over 200 vendors invited to participate by completing various assessments, giving insights into our solution set and demonstrating our capability. To compare how RealContract stacks up against the global leaders, a vendor selection tool can be found at software.iaccm.com. Please contact us for the full report should you wish to review the content in more detail.
Clearly there is a wide variety of tools available, from simple contract drafting, document storage and basic alerting, to richer cross business functions and management capabilities. Whilst there are modules of RealContract that can be provided as an entry level solution, we believe the trend to automation, and the digital future, require, at the very least, an understanding of where the maturity of such software and functionality is required. This report provided an excellent insight into these global trends.
In support of this, the report concluded that “One major improvement is the growing realisation that contracting is not solely a transactional activity; it draws from and informs broader business and commercial strategies and operations”. It’s our experience that the maximum value from a contract management initiative should be driven across the business silo’s, and not be limited to what is termed “LegalTech”, as an example. There is a growing trend for one solution that has the ability to manage any contract type, “smart buyers increasingly recognise that their trading relationships are inter-dependant and that the contract management system should be unified”. Integration is more common and is essential to the quality of data flows.
Across all the vendors that were assessed, the following 14 areas of functionality were identified under the broad term of CLM solutions:
- Contract Drafting
- Contract Approvals
- Contract Query
- Contract Discovery
- Obligation Management
- Document Repository
- Dispute Management
- Performance Management
- Contract Change Management
- Contract Information Extract/ Machine Learning
- Collaboration with Counter Parties
- Management Reporting
- Contract Portfolio Analysis
RealContract Functionality in Comparison
RealContract is the only application in Africa that was assessed against these criteria by the IACCM, and proudly rates in the AMEA region as one of the top vendors. We have even added a 15th category to our suite; a digital signature application built on the foundation of contract management capability, supporting our years of innovation and providing cutting edge tools for our clients.
“The market is diverse, but the path is clear. Automation in CLM is maturing fast and represents a major source of future value, offering a return on investment that far outweighs its cost. After many years on the periphery, contract management technology is starting to go deeper and broader into enterprise systems. Therefore, it is key to know what you need and how to implement it.” The report was very insightful, and for Realyst an extremely useful benchmark against what we already provide. We would add to the report findings by believing that there is a critical role for contract management to play in the new digital future, after all, the data that resides in contracts in the lifeblood of the organisation, they determine what revenue is due, who the customers are, and what expenses are incurred. Data is seen as the new currency, enabling the platform economy, and one day, a seamless “one-click to apply and contract”, and where does the potential in the blockchain and smart contracts fit into the way forward?
For the full report, click here.