What Has Led To The Sudden Rise And Demand For Cloud Based Clm?

By Author: rishi
Total Articles: 10
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In today’s world, businesses rely heavily on contracts. Especially in B2B relationships, doing business on the basis of a verbal agreement and a handshake doesn’t work when business relationships are now fully electronic and digital. CLM vendors have improved their products’ usability with an average rating of 4.14 for administrator usability and for end user usability, rising from an average of 3.68 in 2016 to 4.12 in 2018, according to a report by Andrew Bartels, Forrester Research Group VP and Principal Analyst.

The improved versatility of hosted solutions and affordable cloud-based services has led to many companies pursue a complete digital transformation of their business model.
This change is especially prevalent in legal organizations which need newer and more innovative ways to manage their contracts. Forrester expects contract lifecycle management software market “to grow by 18% in 2018 to more than $1 billion in revenues,” with Cloud the dominant deployment model (Cloud deployments are increasing at a rate of 30% year-over-year).

Two critical factors that have led to the sudden spike:

Cloud Computing
Internet of Customers
Traditionally, the software would generally be purchased outright and loaded onto a device as an on-premise solution. This led to the lagging of speed and maneuverability which became necessary to match the constantly changing business and legal needs of most enterprises. The inability to meet customer needs and a dependency on IT to keep the solution afloat made CLM a source of frustration and complexity. A second stimulant pulling enterprises towards adopting contract management solutions is a changing relationship between customers and companies; which has now become highly personalized and interactive two-way relationship.

In today’s digital world, Software-as-a-Source (SaaS) is the new and upcoming way of accessing software, which normally refers to a subscription based model where softwares like smartContract are hosted on cloud and accessed via the internet. smartContract is one of those solutions whose cloud subscriptions offer a more predictable but fully supported and maintained alternatives to pricing models while bringing in other benefits such as:

smartContract Cloud not only provides a seamless and centralized contract management platform but also ensures highest levels of data security is implemented to provide the best user experience.
No hardware costs- the processing power is supplied by service provider.
Scalable Usage- smartContract offers variable storage capacity which can be increased on demand at nominal prices.
Accessible from anywhere- you are not restricted to a specific location and with no geographical restrictions access your smartContract platform from anywhere.
No initial setup charges, infrastructure & IT costs are required- smartContract is ready to use once the user subscribes.
Subscribers are automatically updated with new and latest features, thus keeping up with the ever evolving technology and upgradations.
Applications can often be altered to suit the need and branding of customers, smartContract knows how to keep the personalized touch involved.
Pay for what you use- stop worrying about extra features and additional costing, different models can be leveraged as per the requirements of the user.
Experience device compatibility with smartContract as it can be accessed from any internet enabled device.
Mobile ready- find smartContract Mobile App on your app-store and access contracts on the go!
Follow the link to get your subscription now: http://smartcontract.co.in/contact-us/