AI-powered Contract Life-Cycle Management Software Delivers Significant Performance Improvements Over Traditional Methods Page 1

The Hackett Group, Inc. (NASDAQ: HCKT) today released the first Digital World Class Matrix focused on the contract life-cycle 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 lifecycle of a contract, from initiation to award, compliance, tracking and renewal. Optimizing and aligning CLM with processes like sourcing and risk management is critical to the successful operation of companies of all sizes. With 28% of companies planning to pilot CLM technology and increasing investment in AI-driven solutions by 2024, the market is expected to grow 11% this year, according to recent research from The Hackett Group.