Leading Contract Management Software Provider Experiences Notable Growth in Usage as Customers Leverage Contract Automation and Analytics Tools to Mitigate Risk and Increase Compliance
LOWELL, Mass., June 11, 2024 /PRNewswire-PRWeb/ -- Contract Logix, a leading provider of data-driven contract management software, today announced another 12 months of incredible product usage growth, as customers continue to digitally transform contracting processes to mitigate business risk and increase compliance. The company has seen significant increases in the number of completed tasks for contract reviews and approvals, completed contract requests, automatic workflows, and the number of real-time contract collaboration and negotiation sessions triggered by its customers. This notable growth in usage highlights how customers are leveraging contract automation and analytics tools.
The company also saw an impressive 108% increase in the number of documents signed by e-signature, as organizations look for secure and efficient ways to finalize business. And finally, Contract Logix experienced a 45% increase in customers using the platform's performance and processing metrics and a 154% increase in the number of custom reports created, indicating that customers are increasingly relying on the software to benchmark and track key contract KPIs and get visibility into their business and agreements with advanced analytics.
Key Facts:
Contract Logix's growth shows that more and more organizations are embracing automation and digital contract transformation (DCX) to mitigate legal and financial risk, maximize corporate and regulatory compliance, and finalize business faster.
Over the past 12 months, Contract Logix added many new enhancements to its platform. Bulk Data Extraction helps organizations digitize large volumes of contracts quickly, reducing the need for manual data entry. Enhancements to its Collaboration Room technology gives customers and their counterparties the ability to communicate, negotiate, edit, review, and approve contracts in real-time. A new a no-code integration with Salesforce allows sales teams to request and track sales agreements without ever having to leave their CRM.
Continuing its focus on highly regulated industries, Contract Logix entered a new partnership with TrailBlazer Consulting to provide commercial, legal, and operations leaders in the energy industry a blueprint to maximize asset revenue and mitigate business risk through CLM.
Contract Logix was recently named a Top 35 in CLM by MGI Research in its most recent CLM Ratings & Buyer's Guide.
Over the past year, the company saw tremendous growth in its software usage data, including:
- 86% increase in completed tasks
- 80% increase in automated workflows
- 38% increase in clauses created
- 108% increase in documents e-signed
- 72% increase in completed contract requests
- 28% increase in Collaboration Room sessions
- 45% increase in custom metrics to track contract performance
- 154% increase in the number of custom reports created
Executive Comments:
"Contract Logix has had another year of tremendous success due to a combination of our tenure in the contract management industry and a boutique approach to the market that allows our customers to successfully achieve fast time-to-value and broad user adoption with the software. We have continued to invest in our platform, rolling out features, enhancements, and partnerships that will help our customers manage contracts in a way that is fast, accurate, and efficient." - Karen Meyer, Chief Executive Officer, Contract Logix
"We're extremely proud of Contract Logix's continued growth. We continue to take cues from our customers and the market to evolve our platform to help meet their most pressing needs. Our mission is to continue evolving our data-driven approach to contract management and continue to help organizations leverage the data in their contracts to mitigate risk and save time and money." - David Blume, Chief Revenue Officer, Contract Logix
Additional Information:
About Contract Logix:
Contract Logix is a longstanding leader of intelligent and data-driven contract lifecycle management software. The company's software empowers legal, administration, IT, procurement, finance, and sales professionals to simplify the way they digitally draft, negotiate, approve, execute, and manage contracts. Hundreds of brands have partnered with Contract Logix to streamline and automate their contracting processes while minimizing risk, increasing compliance, and finalizing business faster. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.
Media Contact
DAVID PARKS, Contract Logix, 9786747095, [email protected], https://www.contractlogix.com/
SOURCE Contract Logix
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