HOUSTON and MOUNTAIN VIEW, CA April 16 2020 – Onit, Inc., a leading provider of enterprise workflow solutions, and SimpleLegal, a modern legal operations platform offering e-billing, spend management, and matter management, today launched a suite of savings calculators to help customers and non-customers protect and justify technology spend amid the recent market uncertainty from the global crisis.
“The COVID-19 pandemic has changed the world around us, and we understand the urgent need to adapt to new circumstances quickly,” said Eric M. Elfman, CEO and co-founder, Onit. “This global crisis is challenging us all not only to develop survival skills and forcing creativity to regain normalcy in a world turned upside down–but it’s likely as well that many of your projects are under more scrutiny than ever before. We want to help project sponsors drive cost savings with your existing technology and strengthen a business case to automate more legal work given the unique business environment.”
Today’s current economic shift will mandate that legal and business teams adopt workflow, collaboration and process automation technology at a much faster pace so they can realize savings that have a direct financial impact on the company. According to a McKinsey report, 45% of current paid activities can be automated by today’s technology. The report also stated that when it comes to business processes, 60% of occupations could save 30% of their time with automation. Market research firm IDC says that organizations lose 20 to 30% of revenue every year due to inefficient processes. Forrester predicts that automation can cut operating costs up to 90 percent with business process automation.
Cost containment is a top priority and the potential of technology and its ability to support new models, processes, and paradigms will transform the ever-evolving business landscape. While enterprise legal management technology can realize 5 – 12% savings annually, contract lifecycle management technology is another area where companies can find savings of more than 9% annually, according to The International Association for Contract & Commercial Management (IACCM).
Complimentary Savings Calculator Analysis
As part of this program, Onit is offering a complimentary session with our subject matter experts, and if desired one of our trusted industry consulting partners to help business teams evaluate potential savings from existing and new technology investments. Simply visit us online and request a comprehensive analysis. You can also join us today at 11:00 a.m. CDT for a webinar and see a preview of these new savings calculators. Click here for details and to register.
Savings Calculators: Methodology
The savings calculators were built to help build a business case to support investing in Onit and SimpleLegal products and determine which cost-saving or revenue-generating projects to prioritize. They use a combination of industry best practice metrics and data as well as deep knowledge from various experts and are validated by third-party consultants. The savings calculators designed include Workflow Automation (Apptitude), Contract Lifecycle Management and Enterprise Legal Management.
Workflow Automation Savings Calculator
The Workflow Automation Savings Calculator analyzes the expected annual savings (based on saved time and revenue under better management) from automating an existing manual or semi-manual workflow using Onit’s workflow platform, Apptitude. Understanding that every workflow is different, this tool was built to calculate annual savings for one discrete workflow process at a time. This allows the user to tailor their inputted estimates for different aspects of a workflow and then combine savings across multiple workflows for a more defined understanding of savings.
Contract Lifecycle Management Calculator
The Contract Lifecycle Management (CLM) Calculator was created using industry averages and adjusted based on the experience of various individuals familiar with Onit’s contract lifecycle software. The calculator quantifies potential benefits from using Onit CLM, including benefits from workflow efficiencies, minimizing missed renewals, increasing compliant contracts, increasing spend management, and strategic procurement. The calculator provides the ability to select strategies to implement, given that most users will not implement all the potential strategies in a given year.
Enterprise Legal Management Calculator
Onit’s Enterprise Legal Management (ELM) Calculator quantifies potential benefits from implementing Onit ELM software using a combination of industry averages and experience from industry veterans. Given that most companies are most likely not going to implement all potential ELM cost management strategies, users can select the strategies that they are interested in pursuing during a given year. The calculator takes into account a delay in benefits while the software is being implemented. At SimpleLegal and Onit, these implementation cycles tend to be short. The potential benefits included in the calculation are from rate and fee arrangement enforcement, reduced billing error fees, increased productivity, reduction in time spent on matter management, various matter and vendor strategies, and workflow efficiencies. Customers are using Onit and SimpleLegal to track the entire value proposition of their law department and to cost justify further investment.
Lean into Legal Ops: Online Curriculum & Master Classes
The savings calculators are part of our Lean Into Legal Ops new online learning initiative and includes programming from Onit and SimpleLegal’s customer base, industry thought leaders and innovators in the space. The master classes cover topics such as how to use workflow tools to manage a distributed workforce, how to implement technology strategies that deliver immediate cost savings and ROI, how to quantify and defend the value in the legal department, process efficiency with a globally disparate workforce, and change management best practices in a challenging environment. To see a complete list of the upcoming programming, visit our online schedule. We will continuously update the content and send notifications to all subscribers.
SimpleLegal provides a modern legal operations management platform that streamlines the way corporate legal departments manage their matters, track and interpret spend, and collaborate with vendors and law firms. SimpleLegal combines e-Billing and spend management, matter management, vendor management, and reporting and analytics into one comprehensive application to optimize legal operations and the management of the entire legal department. The company, founded in 2013, is privately held and located in Mountain View, California. For more information, visit www.simplelegal.com.
Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com or call 1-800-281-1330.