Procurement Tech Focus: Top Contract Management Platforms
Platform: DocuSign Agreement Cloud
CEO: Dan Springer - LinkedIn
HQ: San Francisco, USA
Employees: 6,808 on LinkedIn at time of publishing
Founded in 2003, DocuSign pioneered the development of e-signature technology, and remains a market-leader in helping organisations connect and automate their contract management, and revolutionise how they prepare, sign, act on, and manage agreements.
It is a global leader in digitisation of slow, inaccurate and inefficient paper-based legacy systems, automating the process and integrating with existing business systems. The DocuSign Agreement Cloud platform includes more than 350 prebuilt integrations with leading enterprise software solutions, with APIs to connect to websites, mobile apps and more. More than 500,000 customers and hundreds of millions of users in over 180 countries use DocuSign to accelerate and simplify the process of doing business.
Key Customers: BMW, Apple, VISA, Unilever, T-Mobile
- - More than 1,000,000 paying customers and over a billion users worldwide
- - 13 of the top 15 Fortune 500 Technology companies
- - 14 of the top 15 Fortune 500 Healthcare companies
- - 15 of the top 15 Fortune 500 Financial companies
- - Over 3,000 government agencies
Platform: Icertis Contract Intelligence (ICI)
CEO: Samir Bodas - LinkedIn
HQ: Washington, USA
Employees: 1,595 on LinkedIn at time of publishing
Icertis’s stated mission is to be the contract intelligence platform of the world. Its market-leading platform Icertis Contract Intelligence (ICI) leverages AI to transform contracts from a static document into what it calls a “strategic advantage”. The cloud-based solution covers the full lifecycle management, from setup, to negotiations and signing.
From the core ICI platform, Icertis provides a suite of products under the ICI Business Applications umbrella, empowering organisations to readdress and review contracts, mitigate hidden risk, ensure compliance and obligations, and onboard suppliers. More than 10m contracts are under management on the platforms, across 90+ countries and 40+ languages.
Icertis was recently named the 2021 Microsoft AI Partner of the Year, was recognised in May’s Gartner Magic Quadrant for Contract Lifecycle Management, and won a 2021 SAP Pinnacle Award.
Key Customers: Airbus, Daimler, Porsche, Johnson & Johnson, Merck, Microsoft
- - 10m+ contracts managed
- - Contracts worth more than $1 trillion
- - 12 global offices from Silicon Valley to Sydney
CEO: Ajay Agrawal - LinkedIn
HQ: Washington, USA
Employees: 553 on LinkedIn at time of publishing
SirionLabs helps the world’s leading businesses contract smarter on its SirionOne platform. Intuitive to use and highly configurable, SirionLab’s platform leverages AI and natural language processing to create a single source of truth, bringing enterprise teams closer together to collaborate on stronger agreements and manage risk.
Integrating with many ERP, CRM and third-party enterprise systems, SirionLabs’ platform leverages emerging technology to extract data to mitigate risk, simplify the legal review process, and surface actionable data to inform future negotiations. Users can also drive results through performance management, with simplified visualisation and reporting, obligation management, and end-to-end transparency.
Key Customers: Vodafone, EY, Credit Suisse, Unilever
- - 5m+ contracts managed
- - $450bn+ contract value managed
- - Users in 70+ countries
Platform: Agiloft Contract Lifecycle Management Suite
CEO: Eric Laughlin - LinkedIn
HQ: California, USA
Employees: 166 on LinkedIn at time of publishing
Agiloft’s Contract Lifecycle Management Suite is the flagship product in the company’s market-leading enterprise software solutions. Fully customiseable, and built on a no-code platform, users can gain greater control over their contract management on both buy and sell-side, from initiation through execution.
Seamlessly integrating with existing systems, organisations can gain immediate access to all their contracts, create new contacts instantly from standardised templates, streamline reviews, monitor regulatory compliance and risk, and safeguard data from cyberattacks.
In June 2021, Agiloft announced that is CLM solutions are now available on Amazon Web Services Marketplace. Current AWS customers can now seamlessly deploy the solution.
Key Customers: Honda, Chevron, NASA, U.S. Air Force, ZeniMax Media
- - 3m+ users of Agiloft products
- - Customers range from SMEs to Fortune 100 companies and US government agencies
- - Formerly known as Integral Solutions Corporation
Platform: Conga CLM
CEO: Noel Goggin - LinkedIn
HQ: California, USA
Employees: 925 on LinkedIn at time of publishing
Conga’s CLM solution automates lengthy administrative tasks, with functionality to drive better management and further efficiencies throughout the contract lifecycle. The central platform acts as a central repository for organisations to gain greater visibility over ever contract across ever department.
The platform further automates authoring, negotiation, approvals and reporting for efficiency and accuracy, ensuring complex contracting with no errors and full compliance. Conga was acquired by Apttus in mid-2020 in a deal said to be worth more than $700m, and took its name and branding.
Key Customers: Honda, Chevron, NASA, U.S. Air Force, ZeniMax Media
- - 10,000 customers worldwide
- - $400m in revenue (GAAP)
- - Acquired by Apptus in 2020
RAIN RFID, IoT and AI are key to a proactive supply chain
Across supply chains around the world, we have seen leading companies rely heavily on technologies like AI and IoT during the pandemic. These digital solutions have enabled businesses to accurately capture and ultimately use their own first-party data to drive efficiencies and protect increasingly fragile bottom lines.
However, what is less commonly known is the increasing role of RAIN RFID technology in supporting IoT solutions. By using RAIN RFID to capture item data and then feed that data into AI systems, businesses can identify inefficiencies within the supply chain and make informed decisions.
What is RAIN RFID?
In short, RAIN RFID is a powerful IoT technology that enables itemised data collection. By applying small, battery-free tags to items, organisations can identify, locate, and authenticate each of those items, scanning up to thousands of items simultaneously with a variety of devices, including hand-held, fixed and wearable readers.
RAIN RFID solutions dramatically improve the operational capabilities of an organisation by ensuring they have exactly the right items, in the right quantities, at the right locations, at the right time. During the pandemic, RAIN RFID solutions have been key to limiting disruptions in retail and manufacturing supply chains, most notably by increasing inventory and asset visibility and improving the management and flow of goods.
Three ways RAIN RFID helps solve supply chain concerns
RAIN RFID is used to streamline processes, maintain real-time inventory, increase productivity, and help manage labour shortages. We see three key ways RAIN RFID helps solve supply chain concerns:
- Automate shipment verification: Today, significant labour is required for multiple, manual barcode scans during the shipment process. RAIN RFID tags can be read automatically without a direct line of sight, erasing the need for workers to pause, locate a barcode, and scan it. By using RAIN RFID, supply chain leaders can automate their shipment verification process and improve warehouse efficiencies by up to 25%.
- Deliver real-time visibility: Retail Systems Research says that 76% of supply chain survey respondents reported that real-time inventory visibility was their leading focus for improving performance. When supply chain managers lack information about the status of assets and shipments moving into and out of warehouses, confidence and productivity suffer. By using RAIN RFID, supply chain leaders gain real-time visibility into an item’s identity, usage, and location. With this information, they can quickly find inventory and assets, and reduce the cost of asset investments.
- Improve order accuracy: Today, companies rely on redundant manual checks to verify that the right cartons are loaded onto the correct pallets. By using RAIN RFID, supply chain leaders can automate pallet build verification to streamline the process and increase order accuracy. In fact, a recent study by Auburn University found that RAIN RFID can help an organisation achieve up to 100% order accuracy, eliminating claims costs and unhappy customers.
RAIN RFID can increase value of AI-powered analytics
In today’s AI-driven, rapid decision-making business environment, RAIN RFID is uniquely capable of making systems more effective. This is because it provides item identifiers for tracking and locating billions of items, from clothing to food, pharmaceuticals, tools, packages, pallets, and more.
It also works without line-of-sight, providing visibility into places and processes not previously available. The data provided by a RAIN RFID system can give AI-powered solutions the ability to see individual items throughout the supply chain, understand how the entire supply chain is functioning and identify which areas can be improved.
As companies accelerate digital transformation, we expect to see a rise in interconnected data as investments into new technologies and IoT surge. But as the volume of real-time and accurate data about the movement of goods rises, so too do the demands on operations teams to make sound business decisions quickly and with confidence, often using AI-powered systems that thrive on improved data to make better decisions.
As an example, over the past several years, Delta Airlines transformed its customer experience by investing in technology including real-time RAIN RFID bag tracking and automatic check-in via the Fly Delta mobile app. Delta is now leveraging this set of investments in their implementation of an AI-driven platform that analyses millions of operational data points, from luggage movement to aircraft positions to flight crew restrictions to airport conditions. This system simulates operating challenges and creates hypothetical scenarios that help Delta’s professionals make critical operational decisions that improve the overall customer experience.
The need to drive digital transformation rapidly during the pandemic has made supply chain and logistics professionals increasingly tech savvy. As we prepare for a post-pandemic era, companies’ increased know-how and awareness of solutions like RAIN RFID, IoT and AI will play a key role in evolving the industry’s approach to solving supply chain issues from reactive to proactive, setting them up for future success.