By Amit Garg
2024 was a reminder of innovation’s power to redefine limits. Much like SpaceX’s historic milestone of catching a rocket mid-air, a feat that once seemed impossible, 2024 was a reminder of how the impossible can become the new standard. This was also the year when conversations around AI fundamentally shifted, evolving from speculative possibilities to a real vision of it becoming a core part of the future of work.
For the boldest companies, this year marked the moment to act, leaning into AI’s practical applications to drive ROI and tangible outcomes. As with any great leap forward, the focus is no longer on technology for technology’s sake, but on how it can be harnessed to achieve ambitious goals. This shift was especially evident in the CLM space, where innovation transformed what businesses expect from their systems.
CLM market evolution
The evolution of the CLM market continues to redefine the role of contracts as a strategic enabler for organizations. Generative AI continued to dominate the CLM conversation this year, moving beyond the hype to become a strategic priority for companies and legal leaders. And as CLM companies started incorporating Generative AI into their core strategy, we saw early signs of a market shift, with point solutions being absorbed into more expansive systems. This consolidation highlights how Generative AI has become a foundational capability shaping the future of contract management.
Driving adoption of CLM systems beyond legal teams also became a critical priority, as organizations increasingly recognize the cross-functional value of effective contract management. Functions like procurement, sales, and finance are emerging as key stakeholders, leveraging CLM to streamline their work, improve collaboration, and get reliable data. This shift is fueling demand for solutions that are not only flexible but also capable of integrating seamlessly into existing processes and technology stacks. Businesses now view tailored and adaptable systems as essential to unlocking the full potential of CLM across the enterprise.
What we were upto
2024 marked a transformative year for smartContract CLM as we achieved some critical milestones, deepened customer trust, and advanced our market leadership. Our inclusion in Gartner’s Voice of the Customer Quadrant is a testament to the confidence our customers place in us and our commitment to delivering real value through contract management.
Generative AI continued to define our innovation journey. We worked closely with our clients to develop practical use cases that empower businesses to work smarter, faster, and with greater confidence. With new supercharged assistants, users can now accelerate contract reviews, ask ad-hoc questions and create customized contract summaries, unlocking entirely new possibilities for managing contracts as strategic assets.
Another key milestone of 2024 was achieving SOC 2 certification, which underscored our commitment to delivering enterprise-grade security and compliance. This milestone reassures our customers that their sensitive data is safeguarded with the highest standards.
In response to the growing demand for flexible and industry-specific solutions, we’ve made customization a cornerstone of our platform. Retail was one of the key areas where our industry-specific solutions had significant impact last year, with some of the largest companies adopting our solution. At the same time, by optimizing for scalability and streamlining implementation for customization, we ensure that businesses across sectors can unlock the full strategic value of their contracts.
Building on this momentum, we also expanded our global reach through new strategic partnerships. These collaborations establish a solid foundation for continued growth and scalability.
To further ensure our customers’ success, we launched a comprehensive internal health tracking program. By closely monitoring key metrics and proactively identifying opportunities, we help our clients maximize the value of our solution and fully realize their business objectives.
Looking ahead
Looking ahead to 2025, our mission to reshape contract management and unwavering dedication to making our customers successful remains at the heart of everything we do. Building on the momentum, we aim to expand our industry-specific solutions, amplifying the voice of our customers and championing their evolving needs and challenges.
Generative AI will remain a central focus, evolving in line with our customers’ priorities to deliver even greater value to their organizations and ensuring contracts serve as a strategic enabler.
A personal top priority is to set up new programs that enable us to better listen to our customers and understand their needs. What excites me most about 2025 is the opportunity to partner even more closely with our customers, helping them unlock new levels of efficiency and value.
