Conga, the leader in end-to-end Digital Document Transformation (DDX), has announced the results of a commissioned Total Economic Impact (TEI) study conducted by Forrester Consulting on behalf of Conga. The study examines the cost savings and business benefits organisations may realise by implementing Conga Contracts for contract creation and management. A composite organisation based on interviewed Conga clients found that Conga Contracts provided a 282% return on investment and a payback of less than six months.
Contracts are a crucial component of every business. But they can also slow down legal teams because they are often complicated, time-consuming and difficult to track and finalise. The Total Economic Impact of Conga Contracts reports that interviewed clients using Conga are creating, negotiating and finalising contracts faster — thereby increasing revenue by up to 14 percent.
In addition, the study affirms that Conga Contracts delivered value for a composite organisation based on interviewed customers to:
• Reduce contract creation time from weeks to days: Prior to implementing Conga Contracts, respondents estimated that contract administrators spent an average of 12 hours on each contract, with additional legal time required. After deploying Conga Contracts, clients have decreased that time to two hours — often without legal review required.
• Slash contract revision and renewal times from a week to a day: Conga Contracts streamlines renewals, reducing contract management time from one week to less than a day — with much less legal involvement. This creates a three-year present value of $443,000 in contract renewal and revision management time savings.
• Shift legal teams’ focus to more strategic initiatives: With fewer legal needs during contract creation and revision processes, clients using Conga Contracts can reassign department-specific contract lawyers to focus on other, more pressing, strategic and revenue-generating activities.
• Harness AI to avoid risk: With Conga Contracts, clients can avoid business risks related to contract confusion with the ability to increase accuracy through automation. By using smart contracts, clients can notice hard-to-spot errors with greater consistency — for example, a missing “not” would completely change the focus of a legal clause but could be easily missed by a human reviewer.
• Uncover new business opportunities: By accelerating contract completion, clients can start partnerships sooner — creating less friction for the business partner. Starting the relationship on the right foot means the partner may be more willing to expand terms and take advantage of the contract’s full potential or bridge to other revenue-generating opportunities.
“Documents and contracts are the lifeblood of business. But when businesses have to manually create, review, track, and manage those contracts, it keeps them from operating efficiently,” said Doug Rybacki, Chief Technology Officer, Conga.
“We believe the results of the Total Economic Impact of Conga Contracts study validate the considerable benefits a thoughtful implementation of contracts and automation brings to clients — from the dotted line all the way to the bottom line.”
To help organisations estimate the Total Economic Impact that Conga’s contract management software solutions could have on their business, Conga commissioned a Conga ROI calculator from Forrester Consulting. This self-service web-based tool allows organisations 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.
Forrester Consulting leveraged its Total Economic Impact methodology to create this study. After interviewing three Conga customers, they developed a composite organisation representative of the interviewed companies and used the composite organisation to calculate the benefits customers have when using Conga Contracts.
For more information please visit: https://www.conga.com