As need for digital transformation accelerates due to COVID-19, leading organizations turn to and trust data-driven contract management software provider to digitize contracts and CLM processes.
Contract Logix, a leading provider of data-driven contract management software, announced the number of contracts executed in its software using electronic signatures has skyrocketed by 682% during COVID-19. The company has also seen triple-digit increases in the number of contracts, documents, contract requests, and tasks that customers manage with its software as more and more companies turn to digital contract transformation (DCX) to harness the data in their contracts to deliver the actionable business insights critical to recovery in a post-COVID economy.
Contracts are a business’ lifeblood, but poor contract management continues to cost companies 9% of their bottom line. The risks due to ineffective contract lifecycle management include overlooked penalties, missed obligations, lost revenue, lost savings, lost contracts, unexpected renewals and expirations, hidden clauses that leave a company open to liabilities, and potential overall brand damage. Contract management software allows businesses to speed up processes and time to revenue, as well as meet governance and compliance requirements while mitigating risk.
Before COVID-19 hit, 92 percent of companies thought their business models would need to change given digitization, and business leaders were expecting that 80% of revenue growth would hinge on digital offerings and operations. Now, analysts estimate that digital adoption by consumers and businesses has jumped five years forward in about eight weeks.
DCX allows businesses to digitize their contracts and contract lifecycle management (CLM) processes, making them fundamental pillars to overall digital transformation efforts. The data also gives businesses the ability to benchmark, track and optimize the key performance indicators most important to them, allowing businesses to do more with less.
Contract Logix’s triple-digit growth shows that more and more companies across dozens of industries are not only embracing, but also accelerating digital transformation and modernization efforts to draft, negotiate, approve, execute, and manage contracts. Over the past four months, the company has seen tremendous growth in its customer usage data, including:
- 682% increase in contracts executed using e-signatures
- 367% increase in converted contract requests
- 298% increase in tasks created in the software
- 112% increase in contracts and documents in the software
“Molpus currently manages almost 2 million acres of timberland investments in seventeen states. We are always looking for innovative approaches to bringing efficiencies and streamlining approaches to our internal workflows. We implemented Contract Logix’s solution many years ago to improve contract and transaction management. With the nationwide issues presented by the pandemic, Contract Logix has allowed our legal team to seamlessly switch to remote work and helped us coordinate, communicate, and collaborate efficiently and effectively. We believe it is just as important to work smart as to work hard and Contract Logix allowed us to keep doing that.”
- Wendy Mullins, General Counsel for The Molpus Woodlands Group, LLC
“For many companies, being able to manage contracts remotely and digitally during this pandemic is more important than ever. We are one of the longest tenured companies in this industry, and we continue to work with our customers to ensure that we are helping them track the key performance indicators most important to their businesses and building CLM into their broader digital transformation efforts.”
- Rick Ralston, CEO, Contract Logix
“Even before COVID, digital transformation was one of the top strategic priorities for organizations of all industries and sizes. COVID has shown that we are heavily reliant on digital technologies and demonstrated that we need to accelerate the pace. Data is our customers’ most valuable asset, and when you modernize contracting efforts, you are able to harness the data in them to get better insight into things like unpaid revenue, underperforming services, and additional cost savings opportunities, as well as ensure accounting compliance.”
- Tim Donaghy, CTO, Contract Logix
- Essential Guide to Managing Contracts Remotely – eBook
- An Introduction to Contract Management Software – Whitepaper
- Ultimate Guide to Minimizing Risk with Effective Contract Management-eBook
- 11 Contract Management KPIs Every Business Needs – Blog
- 10 Keys to Digital Contract Transformation – Webinar
About Contract Logix
Contract Logix is a longtime leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The company’s software empowers legal, administration, IT, procurement, finance, and sales professionals across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to streamline and automate their contracting processes while minimizing risk, increasing compliance, and driving profitability. For more information about Contract Logix, visit www.contractlogix.com and follow us on LinkedIn.