Agiloft recognized as technology leader in CLM for procurement

Agiloft is pleased to announce that the Spend Matters’ 2024 edition of the ’50 Providers to Know’ list has recognized Agiloft as a technology leader and best-in-class CLM for Procurement.  

The ‘50 Providers to Know’ list recognizes best-in-class companies in the procurement and supply chain market. These vendors lead the charge on new procurement technologies and services, setting the industry standard. Vendors listed are independently selected by the analyst team over multiple rounds of debate, focusing on factors such as innovation, market presence, tech competency, and solution delivery. 

Nikhil Gaur the Director, Strategic Projects & Research Analyst says, “Spend Matters tracks some 1,500+ procurement and supply chain technology and services providers. Agiloft is a vendor to know for 2024 because it has continued to support more advanced CLM use cases. This, combined with its existing user-friendly and customizable nature, makes Agiloft a vendor that cannot be excluded from CLM conversations.” 

Agiloft brings years of leadership in the contract lifecycle management (CLM) space and has provided measurable differences to Procurement functions like yours.

For example

 Rush University Medical Center was very aware of their problem with everyone going around the procurement system and signing unapproved contracts, committing the organization to obligations and expenses they weren’t budgeted for. The reason people started to go around the system is that it took on average 70 days to review a contract and not unheard of for it to take up to 200 days. With AI, Rush was able to categorize the level of scrutiny that each contract would take. For example, a contract to snowplow the parking lot at their Chicago campus might be sent directly for signature. A $5,000 a week contract with a consultant to help with inventory management might need to be reviewed by a paralegal, and if there was an enterprise-level service agreement for new software, it might need a full legal review. It was through Agiloft’s GenAI Prompt Lab that any incoming contract could be automatically directed to the appropriate workflow for signature or different levels of scrutiny.  

This not only prioritizes the contracts for review but also, as soon as a contract is executed, it instantly syncs to the ERP system, causing PO to be generated so that all financial obligations are immediately trackable.  

Then there’s the financial tech company, which works closely with the federal government for sizable consumer loans, that was dealing with an inflexible legacy contract system. They would wait for weeks if even a small change to the system, like the name of a field, was needed. It could also take weeks to generate any type of ad hoc report needed by upper management or auditors that wasn’t already in the system. Many times, the ability to generate a unique report came too late. When they started to miss deadlines, they turned to Agiloft’s CLM for Procurement. 

Now obligation management is no longer a stress point. They know that notifications will automatically be sent for any contract renewal and deadlines are no longer missed. They can pull up any data in just moments. The auditor can call with a request and the information can be found while they are on the phone. The efficiency uncovered, and the stress eliminated, bring a huge sense of relief to the Senior Director of Procurement and Supplier Management: “No frustration” is how she sums it up.  

In conclusion

Agiloft is already a leader within Gartner, Forrester, and IDC. We are humbled and grateful to be included in Spend Matters ‘50 Providers to Know’. 

If you’d like to learn more about Agiloft’s CLM for Procurement and our AI-based features read Spend Matters Vendor Analysis 2024. 

(Dan Auge and Allison Hart of Agiloft
with Nikhil Gaur of Spend Matters)