We’re thrilled for this opportunity to invite you to watch our new webinar we co-hosted with Duff & Phelps. This webinar, When the Budget Committee Comes Knocking: Quantifying Project Savings, is part of our new Lean into LegalOps online learning initiative.
The presentation began with a quick overview of Onit’s Lean into LegalOps online learning initiative, and our Business Continuity Apps. Matt Denouden, vice president of global sales at Onit then explained the current challenges as we see them, including the fact that CFOs want to see numbers to support new or ongoing projects, and how calculating cost savings can be time-consuming. In addition, he elaborated on how accurate data can be hard to come by for making a business case. In response, Onit developed savings calculators for Enterprise Legal Management (ELM), Contract Lifecycle Management (CLM) and Workflow Management. Matt then illustrated the average savings realized with Onit’s products as evidenced from actual usage by some of Onit’s major clients:
Contract Lifecyle Management
- 9% – Average annual savings (IACCM)
- 20% – Reduce average hours spend on contracts (Goldman Sachs)
- 24% – Reduce average sales cycle (Aberdeen Group)
- 5% – Automate renewal increases per contract (ACC)
Workflow Management (Apptitude)
- 45% – Annual cost savings if workflow activities can be automated (McKinsey)
- 40% – 75% – Annual cost savings if workflow costs can be saved via automation (Forbes)
- 90% – Annual cost savings if workflow’s operating costs can be saved via automation (Forrester)
Enterprise Legal Management
- 5 – 12% – Average incremental annual savings (Industry consultants)
A detailed demo of the Enterprise Legal Management calculator followed and then Charmel Rhyne, CLM sales director at Onit, offered insight about the cost savings from using contract lifecycle management technology. Mike Stevens, managing director at Duff & Phelps then explained some of the benefits of the calculator, with a key takeaway that the calculator (and business case) should be tailored to your organization.
Jonathan Powers, director of training and special projects at Onit completed the webinar with an overview of Onit’s business process automation platform, Apptitude, and its associated Workflow Management calculator. Before getting into the actual calculator, Jonathan described some common workflows built in Apptitude, such task tracking, PTO requests, approval processes, enterprise legal management, legal service requests, legal holds, NDAs and contract lifecycle management. The Workflow Automation cost savings calculator was then explained to gain a basic understanding of its benefits.
A Q&A session rounded out the remaining time on the webinar. We hope you’ll take some time to watch this highly informative webinar.