Analyst Report:
The Hackett Group's Digital World Class® Matrix Contract Lifecycle Management (CLM) and Intelligent Software Provider Perspective
Raindrop is pleased to be included in The Hackett Group’s research on 21 Contract Lifecycle Management (CLM) and intelligent solution providers. CLM solutions are a core component of upstream procurement tools within the source-to-pay ecosystem.
“Raindrop was designed by procurement professionals for procurement with a source-to-pay platform that includes contract lifecycle management, intake orchestration and more. The platform is impressive with it’s focus on functionality that matters, usability, and ease of adoption.”
Key findings and insights from The Hackett Group® CLM Digital World Class® Matrix Report 2024 include the following.
Key solution features and improvement opportunities include:
Full visibility to spend with user-defined or persona-based dashboards, robust reporting and visualizations, AI-powered decision support, and end-to-end analytics.
Varying levels of success using AI for conversational search, creation of contracts (improving the output and receptivity from employees), and generating AI-driven contract reviews.
Spend analytics, contract lifecycle management, and category management are the biggest opportunity areas for using generative AI in procurement
The impact of a CLM solution:
63% increase in contract automation and efficiency
35% Reduction in average cycle time to complete a contract
81% Adoption of contracts within the CLM solution
AI capabilities are extensive for contract intake, search, data management, creation, authoring and workflows.