LOWELL, Mass., April 7, 2021 /PRNewswire-PRWeb/ -- Contract Logix, a leading provider of data-driven contract management software, today announced triple-digit percentage growth in usage of its products as customers rapidly digitize contracts and business processes. Organizations across all industries are adopting Contract Logix's platform to automate and digitize their contract lifecycle management (CLM) for the purpose of mitigating legal and financial risk, while maximizing corporate and regulatory compliance.
Amid the COVID-19 pandemic, when people were forced to work remotely, with fewer resources, and on more cross-functional teams, Contract Logix's customers found that its data-driven tools were uniquely positioned to help them digitally and intelligently manage contracts in today's "new normal" operating environment. One year into the pandemic, the company continues to see triple-digit percentage growth in the number of contract requests, triggered workflows, and tasks, as well as quadruple-digit percentage growth in the number of electronic signatures that customers manage with its software.
This skyrocketing adoption provides clear and convincing evidence that executing digital transformation strategies continues to be a top priority for Legal, Procurement, Sales, Finance, and IT organizations, and that CLM plays a foundational role in these efforts.
Key Facts:
COVID-19 has forced legal departments to adopt technology much faster than traditionally accepted. By 2025, legal departments will increase their spending on technology threefold, and designing services in a way that allows legal teams to seamlessly shift to physical or remote interactions as needed will be the norm, rather than the exception.
Contract Logix's data-driven contract management software plays a key role in its customers' digital transformation initiatives by allowing them to speed up processes and time to revenue, as well as meet governance and compliance requirements while mitigating risk. In addition, innovative new real-time collaboration capabilities in the software makes contract collaboration and negotiation fast, simple, and frictionless regardless of where any internal and external parties are located.
Contract Logix's rapid usage growth shows that companies across all industries are accelerating digital contract transformation efforts with no signs of slowing on the horizon. Since the start of COVID-19, the company has continued to experience tremendous increases in its customer usage, including:
- 1800% increase in contracts executed using e-signatures
- 980% increase in number of triggered automatic workflows
- 830% increase in number of converted contract requests
- 400% increase in number of tasks created in the software
Executive Comments:
- "Companies can no longer postpone digital transformation. The need to conduct business anywhere, anytime coupled with the importance of finding ways to finalize business faster has made contract execution a critical investment. The tremendous usage growth Contract Logix is experiencing is a testament to that. We're excited to be a partner with them during this exciting time." - John Stojka, CEO, Sertifi
- "Even amid a global pandemic, Contract Logix showed exactly why we are one of the longest tenured companies in the contract lifecycle management industry. We have been proud to help our customers adapt and utilize our solutions to optimize their businesses and minimize risk." - Rick Ralston, CEO, Contract Logix
- "COVID showed that digital transformation is real, and there's no going back now. In 2021, I see a lot of opportunity for Contract Logix to help even more organizations leverage the data in their contracts to more effectively compete in a post-pandemic economy." - Tim Donaghy, CTO, Contract Logix
Additional Information:
- Contract Logix CLM Platform Overview
- Contract Collaboration Room Technology
- Contract Management Blog
- Video: Contract Logix and the Digital Contract Transformation
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 https://www.contractlogix.com and follow us on LinkedIn.
Media Contact
David Parks, Contract Logix, 9786747095, [email protected]
SOURCE Contract Logix
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