AI-powered contract lifecycle management software enables significant performance improvements over traditional methods Page 1

The Hackett Group, Inc. (NASDAQ: HCKT) has released the first Digital World Class Matrix focused on the contract lifecycle management (CLM) and intelligence software market – a core component of upstream procurement tools within the source-to-pay (S2P) technology landscape driven by rapid innovation in artificial intelligence (AI) and increasingly complex business requirements.

CLM spans the entire life of a contract from initiation to award, compliance, tracking, and renewal. Optimizing and aligning CLM with processes like procurement and risk management is critical to the successful operation of organizations of all sizes. With 28% of organizations planning to test CLM technology and increase their investment in AI-driven solutions in 2024, the market is expected to grow by 11% this year, according to a recent study by Hackett Group.