9.30.19
Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and business process automation, today announced the official launch of its contract lifecycle management (CLM) software. Onit CLM empowers legal and business teams to streamline the entire contract process, drastically reduce processing time, thereby achieving higher contract compliance rates, and compressed revenue cycles.
Onit CLM is available immediately and can be offered as a standalone product or as part of a broader offering that includes enterprise legal management (ELM), legal service requests (LSR), legal holds, and more than 200+ other operations, risk and compliance workflow solutions.
“The unveiling of our new contract lifecycle management software is a natural extension of our existing portfolio of products and services,” commented Eric M. Elfman, Onit CEO and co-founder. “We built our best-in-class CLM technology based on nearly a decade of building contract workflow solutions for our customers and learning from their needs. We’ve also adapted our best practices for implementing these solutions into the new Onit CLM software. Our commitment to serving Fortune 500 companies and the largest global companies is foundational to our company and we are passionate about building a workflow automation platform that helps drive operational and process improvements across the enterprise – not just in legal. By expanding our footprint in contract lifecycle management, we can offer a comprehensive solution that addresses the growing needs of legal operation departments of all sizes and geographies.”
Market Assessment
As corporate legal operations departments gain more responsibility and oversight of the contract process, they need a technology partner that can grow with them. According to the 2019 Association of Corporate Counsel (ACC) Benchmarking Survey, contract management tools can dramatically shorten cycle times. In billion-dollar companies, legal departments that employ contract management technology reduce their average contract cycle time 33% (from 30 days to 20 days). The profound impact of technology on CLM is gaining momentum globally as more companies are realizing its extensive benefits as a business value driver.
The Onit Advantage: Onit CLM
Onit CLM is a cloud-based contracts repository with automated functionality that supports all phases of the contract lifecycle from capture and creation, through negotiations and approvals, to execution and post-execution management. Onit CLM streamlines the entire contract lifecycle and provides ease of use for all parties involved while reducing risk in the process. Supplier and vendor relationships are dramatically improved as well as overall customer satisfaction.
With CLM, companies receive a fully-featured contract lifecycle management product with advanced functionality for authoring, redlining, approvals, and signatures. Built with a powerful reporting engine and robust business analytics, knowledge workers can search, analyze, and report on real-time metrics as well as configure alert notifications to maximize visibility and control. Additional features of Onit CLM include:
• Enterprise Contract Management: Manage buy-side, sell-side, and corporate contracts.
• Clause/Template Library: Manage and maintain contract clauses and templates in a centralized and secure cloud-based repository.
• Contract Generation: Use Microsoft Word or Adobe PDF to automatically generate well-formed custom contracts or submit other party contracts for review.
• Conditional Generation: During contract generation, automatically include/exclude clauses (or other text) based on a robust rules engine and contract metadata.
• Microsoft Word Integration: Empower users to work on contracts within their preferred word processing tool, while maintaining a seamless and secure link to Onit CLM.
• Routing and Approval Workflow: Use Onit’s robust Apptitude business automation platform to design and build simple to complex workflows to generate and route your contracts.
• Document Management: Empower users with automatic version control as well as simple and easy to use check-in, check out functionality.
• Secure Collaboration: Allow secure collaboration between not only your knowledge workers but also third parties to reduce risk and ensure compliance.
• eSignature Integrations: Seamlessly integrate DocuSign and Adobe Sign signatures as part of your Onit contract management workflow.
• Partner and Client Self-Service: Make work easier for not only you but your key stakeholders through our easy to use portals.
Maximize Productivity with Cloud-based CLM
Onit CLM is deployed in the world’s most advanced cloud platform, Amazon AWS, providing companies with maximum performance, reliability, and scalability. Accessible on all major web browsers and mobile devices, companies can access their business-critical contract information anytime, anywhere. Many Onit CLM customers collaborate on a global scale and even use Onit to offshore and onshore contracts work.
