Posted on September 13, 2022 by Onit -
The global contract lifecycle management (CLM) software market projects to reach $2.9 billion by 2024* as more companies recognize the profound benefits the solution offers. A CLM solution allows companies to capture, automate, and analyze the entire contract lifecycle from initiation through approval, compliance, and renewals. In fact, it can drive business value by compressing time to revenue, mitigating risks by having fewer contractual exceptions, and increasing internal and external customer satisfaction.
Read this white paper to discover:
- The challenges of manual contract management
- Signs your company needs a new approach to managing contracts
- Features you should expect and the solution’s anticipated ROI
- How to select the right solution for your company
- How a platform approach offers unlimited growth and enables implementation in less than 30 days
* Markets and Markets: Contract Management Software Market by Component, 2019
Posted on August 15, 2022 by Onit -
The past two years have thrown unprecedented challenges at companies. Their corporate legal departments have risen to the occasion. From the pivot to remote work to the push to ramp up efficiency and control costs, legal professionals have adapted to all challenges with precision and skill.
Now, new areas of focus have arrived. Our white paper compiles current data, metrics, and benchmarks to identify the top trends influencing legal operations, illustrating how Legal will take action to solve today’s (and tomorrow’s) most pressing challenges.
Posted on March 8, 2021 by Onit -
In recent years, corporate legal departments have seen a shift in expectations for conducting business. Gone are silos and limited interaction with the rest of the organization. In their place is the desire for self-service for low-risk requests, enhanced responsiveness, and increased transparency. As Deloitte noted in a report on the legal department of the future, “In-house lawyers are becoming business partners, embedded and able to work across units and specializations.”
No-code business process automation (BPA) platforms and business intelligence (BI) platforms powered by artificial intelligence (AI) are making this happen. They enable corporate legal to spin up Apps and solutions to fit any business use – from contract lifecycle management to managing diversity to data breach reporting.
Download our latest white paper to discover:
- How platforms work and how they differ from other technology solutions
- The benefits of platforms
- What factors a legal department should consider when choosing one
- Real-world examples of legal departments using platforms to enable enterprise collaboration and enact digital transformation
Posted on August 13, 2020 by Onit -
How efficient is your contract management process? You may be surprised. Reviewing and drafting contracts take up to 70% of an in-house legal department’s time. It’s labor-intensive work when handled manually, often relying on multiple systems, document formats, and reviewers. However, the results can be drastic when artificial intelligence and automation are applied. For example:
- New users are 34% more efficient with their time and 51.5% more productive
- Senior lawyers may reallocate 15% of his time from contract work and team management to higher-value activities
- Cost reductions of 33% related to contract processing
This white paper examines the impact of artificial intelligence (AI) and automation on the entire contract management lifecycle and how lawyers can dramatically streamline many intelligent activities typical of contract work, such as redlining, comparing clauses to corporate standards, and ensuring that fine details comply with corporate policy.
Posted on December 3, 2019 by Onit -
The demand for contract lifecycle management (CLM) solutions is rising across enterprises in the legal, public, healthcare, manufacturing, and financial services sectors. This growth comes as no surprise considering the tremendous value CLM solutions offer. According to the Association of Corporate Counsel (ACC), contract management tools can dramatically shorten cycle times; in billion-dollar companies, legal departments that employ contract management technology reduce their average contract cycle time by 33% (from 30 days to 20 days).
Read this white paper to better understand:
- The drivers behind the growth in demand for contract lifecycle management solutions
- The primary sources of business value from contract lifecycle management software
- What to look for in a contract lifecycle management solution to maximize value
Posted on August 17, 2018 by Onit -
When a powerful contract lifecycle management (CLM) tool is combined with a state-of-the-art legal document management platform, the whole becomes greater than the sum of its parts. Successful contract management is about more than just making life easier for Legal; it should also provide positive impact for all stakeholders in the contract management process – and as Legal becomes an even stronger player in the organization, it can drive even better results for the business through the combination of CLM and document management systems (DMS)
Posted on June 19, 2018 by Onit -
Technology has increasingly played a prominent role in how Legal achieves its objectives. Well-chosen technology solutions now drive efficiencies and control costs in the legal department — and legal operations managers who understand this are taking action.
But there’s more light at the end of the tunnel: when technology solution providers align with CLOC’s core competencies, the legal department’s success already has a running head start. This white paper highlights the transformation of legal operations and covers:
- CLOC’s 12 core competencies of legal operations
- Market trends and the future of the industry
- How technology is driving change
- Onit’s strategic alignment with CLOC
- How an innovative platform helps customers holistically solve their legal department needs
