Leading professional services firm leverages Conga solutions to improve productivity, reduce contract review and execution time from several days to mere minutes
BROOMFIELD, Colo., Nov. 9, 2023 /PRNewswire-PRWeb/ -- Conga, the global leader in Revenue Lifecycle Management solutions, announced today that Peloton Consulting Group (Peloton), a global provider of digital transformation services, has successfully deployed Conga's Conga Contract Lifecycle Management solution. The solution automates and centralizes contract review and execution, speeds up previously inefficient processes, and provides greater visibility and real-time tracking into contract management.
Peloton Consulting Group makes digital transformation a reality by leveraging Enterprise Performance Management (EPM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Human Capital Management (HCM), Customer Experience (CX), Analytics, and Data Management for the cloud. Peloton engages with businesses of varying sizes, including many Fortune 100 – Fortune 500 companies, across diverse industries, including retail and manufacturing. With significant growth in the last decade as it established a broader presence in India, Latin America, Europe, and Asia, Peloton's total number of contracts has grown fivefold during this period.
Amid Peloton's rapid expansion, the legal team wrestled with managing the status of contracts and multiple formats, while dedicating extensive hours to maintaining their contract review pace amid a growing workload. Previously, Peloton tracked all contracts and RFPs in Excel spreadsheets, offering limited views into the contract lifecycle. The team also lacked a centralized communication and document management platform, complicating the contract process and necessitating the adoption of new software to automate the increasingly untenable manual workflows.
Peloton sought a comprehensive contract management system within Salesforce that could offer visibility and real-time tracking into all contract data. The company decided to leverage Conga Contracts for Salesforce, which expedited implementation and allowed Peloton's procurement and legal teams to control and maintain contract templates. The team can now easily store and update contracts in a central location within Salesforce, eliminating the burden of juggling outdated versions outside the system.
By implementing Conga's Contract Lifecycle Management (CLM) solution, Peloton has significantly accelerated productivity, reducing contract review and execution time from days or hours to just minutes. Conga's solutions have further enabled Peloton to decrease administrative burden by automating and centralizing contract processes, allowing the legal team to better allocate 50% of their time away from internal check-ins and manual process updates to focus on legal strategy and efficiency.
"Conga offers a 360-degree view of our sales and provides a streamlined, user-friendly, and customizable solution to meet our growing and diverse project needs," said Elise Hiller, Chief Legal Officer, Peloton Consulting Group. "What we truly value about Conga Contracts for Salesforce is its multifaceted utility, which enhances contract management and offers advantages to other teams across Peloton. As we grow and expand our business, this solution proves to be a versatile, rather than one-dimensional tool."
Before implementing Conga CLM solutions, Peloton reviewed Master Service Agreements (MSAs) using client-drafted agreements 65% of the time, leading to more time spent negotiating terms and conditions. With the new MSA template, Peloton has successfully reversed this trend, with clients now accepting Peloton's MSA 65% of the time, resulting in substantial time savings, improved contract terms, and decreased business risk.
"The ability to automate manual processes for contract management is crucial for businesses, especially for organizations leading the charge for digital transformation in an ever-changing technologically driven landscape," said Noel Goggin, CEO and Culture Leader at Conga. "By embracing Conga's automated solutions, Peloton Consulting Group has streamlined operations to enhance transparency and accessibility across the entire contract lifecycle, enabling the team to increase contracting speed and focus on more strategic initiatives for continued business success."
For more details on Conga's Revenue Lifecycle solutions, visit https://conga.com/products/revenue-lifecycle-suite.‥
Conga crushes complexity in an increasingly complex world. With our Revenue Lifecycle Management solution, we transform each company's unique complexities for order configuration, execution, fulfillment, and contract renewal processes with a unified 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 management processes.
Conga has global operations across North America, Europe, and Asia. Learn more at conga.com or follow Conga on Twitter: @congahq.
About Peloton Consulting Group
Peloton Consulting Group has the strategic vision and connected global capabilities to help organizations envision, implement, and realize the benefits of digital transformation. Our global team has the best practices, knowledge, breadth and depth of industry expertise, and know-how. We make digital transformation a reality by leveraging Enterprise Performance Management (EPM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Human Capital Management (HCM), Customer Experience (CX), Analytics, and Data Management for the cloud. Through connected capabilities, we bring people, processes, and technology together. We help organizations go further fast. That is the Peloton way! www.pelotongroup.com