Last week we hosted a webinar with Pearson about the changing times and how Pearson has saved more than 35% using contract lifecycle management technology. You can view the recording today. The webinar, A Platform Approach to Contract Lifecycle Management, was part of our new Lean into LegalOps online learning initiative and included a comprehensive demo of Pearson’s contract lifecycle management (CLM) system.
Amanda Sengbusch, Senior Project Manager at Pearson, started the session with an overview of what Pearson does on a global scale. She also noted the efforts Pearson has undertaken to contribute during the current COVID-19 crisis. Matt DenOuden, Vice President of Global Sales at Onit, then offered some insight into Onit’s new online learning initiative, Lean into LegalOps, and our business continuity Apps.
In setting the stage for Amanda’s demo, Charmel Rhyne, CLM Sales Director at Onit, explained Onit’s contract lifecycle management solution and how it adds value, providing end-to-end automation of the entire contract management process. She also explained the many benefits of using contract lifecycle management technology, such as reducing the hours spent on contracts by 20%, automating renewal increases with an average of 5% per contract, saving 9% annually with good contracting, and reducing the average sales cycle by 24%.
Amanda then provided some background on how Pearson began their journey to reduce legal spend in 2017. In response, their legal department created the Transaction Services Center (TSC), which facilitates high volume, low risk standard agreements, allowing internal counsel to focus on more complex agreements and more time to support the business. Onit provided the contract lifecycle management solution used by the TSC, consisting of four main features: legal service requests, contract review and approval, contract database and legal advisory requests. Amanda emphasized that the game changer for Pearson was, “having data and being able to use it;” meaning that they used Onit data in conjunction with their Tableau business intelligence tool for advanced reporting.
Amanda continued by providing a highly detailed demo of their Onit contract lifecycle management system. We hope you’ll take some time view this highly informative webinar by clicking the link below.