Recent independent study demonstrates how Conga CLM drives efficiency and improves contract renewal success, resulting in an estimated $19.3 million in realized benefits
BROOMFIELD, Colo., June 7, 2022 /PRNewswire-PRWeb/ -- Conga, the global leader in scalable revenue lifecycle management solutions, today announced a commissioned study conducted by Forrester Consulting on Conga's behalf, The https://conga.com/resources/downloads/total-economic-impact-conga-clm-reportTotal Economic ImpactTM of Conga CLM. The study examines the cost savings and business benefits enabled by Conga's Contract Lifecycle Management (CLM) Solution. According to Forrester's findings, organizations deploying Conga CLM achieved an estimated 294% return on investment (ROI) and $19.3 million in financial benefits over three years.
The Forrester TEI study demonstrates several quantifiable benefits achieved by companies using Conga CLM based on an aggregate of Conga customers interviewed by Forrester. Examples of key findings and benefits include:
- Faster contract creation and labor reduction: Using Conga CLM allows contract administrators and managers, lawyers, and others to reduce required work time to complete and sign contracts from 25 hours per contract to 15, equating to a $3.9 million value.
- Accelerated contract delivery: Conga CLM accelerates existing contract requests, reducing cycle time from 8 hours to 30 minutes. Prior to using Conga CLM, it could take nearly a day to receive a contract after requesting it, meaning contract admins spent hours searching databases, digital repositories, and file cabinets.
- Recovered revenue from optimized contract renewals: Conga CLM provides visibility and reporting for teams to analyze renewals, allowing them to evaluate terms for upcoming renewals and consider negotiation as needed to boost profits or revenue, while ensuring they didn't overlook manual renewal deadlines and miss out on revenue.
- Avoided costs from improved contract obligation management: Hard-to-find contract obligations can mean an organization doesn't deliver on service-level agreements (SLAs), leading to increased costs or lost business. It can also mean incorrect vendor invoices aren't tracked properly and that an organization may not realize it is overcharged. Conga CLM helps customers track and manage contract obligations more effectively, reducing at-risk contracts from 3% to 1.4%.
Enterprise customers interviewed in the study praised Conga's single data model delivering unified revenue intelligence throughout the lifecycle. "Conga CLM's value comes down to less time wasted searching for documents and data points, less frustration, a more user-friendly system, and the ability to find, review, and negotiate contracts faster," said a Senior Vice President of a software services provider interviewed by Forrester. "To compare our old solution to what we're using now, it's like night and day. Everything is so much sleeker and faster."
Conga CLM provides end-to-end contract lifecycle management that can automate contracting processes, increase contract visibility, and enforce compliance to mitigate risk. The solution can manage buy- and sell-side contracts across geographies and departments. Conga CLM provides a seamless experience within the Salesforce user interface that pulls and passes data between the CLM and CRM, with the ability to integrate with other systems via APIs
"At Conga, we are committed to helping our customers simplify revenue lifecycle complexity, while improving efficiency, scalability, and ROI," said Noel Goggin, CEO and Culture Leader, Conga. "Large enterprise companies increasingly seek innovative ways to manage complicated contract lifecycles to mitigate risk, reduce friction, and empower business growth. We believe Forrester's Total Economic Impact Study validates how Conga CLM offers real-time collaboration and automation to enhance contract management processes and streamline operations end-to-end."
To help organizations estimate the Total Economic Impact that Conga CLM could have on their business, Conga commissioned a Conga ROI calculator from Forrester Consulting. This self-service, web-based tool allows organizations to input their contract data to immediately calculate the return on investment and ultimately showcase how Conga aims to provide immense value for current and future customers.
To learn more about Conga's revenue lifecycle solutions and for information related to the Total Economic Impact™ study, download the complete study here:https://conga.com/resources/downloads/total-economic-impact-conga-clm-reporthttps://conga.com/resources/downloads/total-economic-impact-conga-clm-report
Conga crushes complexity in an increasingly complex world. With our revenue lifecycle management solution, we transform your unique complexities for order configuration, execution, fulfillment, and contract renewal processes with a single critical insights data model that adapts to ever-changing business requirements and aligns the understanding and efforts of every team.
Our approach is grounded in the Conga Way, a framework of entrepreneurial spirit and achieving together to champion our 11,000+ customers. We're committed to our customers and to removing complexity in an increasingly complex world. Our solutions quickly adapt to changing business models so you can normalize your revenue operations.
Addie Reed, FINN Partners for Conga, 1 (312) 766 5515, [email protected]