Onit’s suite of savings calculators were built to help justify technology spend amid the recent market uncertainty from the global crisis. These savings calculators were designed to build a business case to support investing in Onit products and determine which cost-saving or revenue-generating projects to prioritize. They help legal departments quantify potential savings that could exceed 45% in workflow automation, 9% in contract lifecycle management and up to 12% in enterprise legal management.
Complimentary Savings Calculator Analysis
We are offering a complimentary session with our subject matter experts, and if desired one of our trusted industry consulting partners to help you evaluate potential savings from existing and new technology investments. Simply fill out the form and let us know which calculator you would like to run an analysis on.
Contract Lifecycle Management Calculator
Average annual cost savings of 9% and 20% reduction in hours spend on contract review
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.
Enterprise Legal Management Calculator
Average incremental annual savings of between 5 – 12%
The 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. 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.
Workflow Automation Savings Calculator
Potential cost savings of 45% with automation
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.