Enhancements to Contract Logix’s Advanced Analytics Give Organizations Real-time Insights to Optimize Contracting Processes and Eliminate Legal Bottlenecks
Contract Logix, a leading provider of contract management software, announced new product capabilities that enhance its already robust data- and analytics-driven contract lifecycle management (CLM) platform. The new Contract Logix Metrics Manager empowers organizations to optimize the performance of their contracts and contracting processes by visualizing real-time data about average and total contract values, volumes, timeframes, conversion rates, and other critical areas.
Organizations can leverage Metrics Manager’s rich set of easily configurable processing metrics to benchmark and track key performance indicators (KPIs) to significantly mitigate business risk associated with their contracts. The Metrics Manager dashboards and reports deliver actionable insights about contracts and CLM processes such as where legal bottlenecks and risks lie so that Contract Logix users can take appropriate action to improve performance, in a way that is tailored to the unique needs of their business. By tracking KPIs in this way, organizations have instant access to critical contract intelligence that will help digitally transform the way they manage legal agreements.
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Key Facts:
- Well-designed business processes can improve profits and help ensure higher quality and better customer relationships. Poor business processes increase inefficiencies and risk and can impact the quality of business decisions made based on those processes. Contract Logix’s CLM software allows organizations to automate and take control over contract processes, in a way that helps improve and perfect them.
- The Contract Logix Metrics Manager includes several advanced analytics capabilities such as average number of days in a contract lifecycle; average time to achieve contract milestones like requesting, drafting, negotiating, approving and signing contracts; ratio of complete, outstanding and missed contract obligations; and total dollar value and volume of active contracts by type, organization, risk profile, and more.
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Executive Comments:
- “Modernizing processes and improving operational efficiency while being agile enough to pivot when needed makes sense regardless of your industry, size, or geography. Contract Logix’s new Metrics Manager builds upon our already robust reporting and analytics to give our customers even more visibility into their contracts and processes so that they can improve performance and minimize risk.” – Karen Meyer, CEO, Contract Logix
- “Contract Logix has been helping our customers harness the wealth of data in their contracts and processes for over a decade. The intelligence and insights provided by our new Metrics Manager makes it incredibly easy to leverage contract data to not just uncover hidden risk, but also opportunity. We will continue to work with our customers to show how this data-driven approach makes good business sense.” – David Blume, CRO, Contract Logix