Dive into the research conducted by Forrester to see the ways companies are saving time, legal fees, and money with Conga Contracts.
We’re hoping it’s no secret by now that Conga’s digital document automation saves you time and money while bringing in, or keeping, more money for your organization.
But don’t take our word for it—read it in Forrester Consulting’s in-depth Total Economic Impact (TEI) study. Forrester worked with a number of Conga’s customers to find out just how much time and money. The study, commissioned by Conga, created an amalgam organization based on the customers interviewed to really nail down the benefits of Conga Contracts.
They found three things Conga accomplishes to earn your business a savings of about $2.2 million over three years:
1. Conga saves you time.
What’s the cost of saving time?
The TEI study found it takes about 12 hours to create each contract, outside of any time legal would need to spend reviewing the document before sending it off to a customer. But in a business’ post-Conga world, that same contract takes just two hours. With contract generation time sliced significantly, the amalgam organization can move those human resources to higher-value projects. This amounts to a … wait for it … $492,000 savings in that three-year timeframe.
If you’re throwing in contract renewal and revision time—and we are—the time required dropped from seven hours to one hour. This adds up to a three-year savings of $443,000 in time saving.
Finally, the TEI study found contract request and delivery times decreased from two and a half hours to an hour or less, saving $148,000 in time over three years.
2. Conga saves legal fees.
Before implementing Conga, each contract an organization creates would need legal review, likely by a dedicated lawyer to review the documents. With those dedicated hours from a lawyer no longer necessary due to Conga’s legal standardization capabilities, the business would be able to save up to $437,000 over three years.
3. Conga makes you more money.
This one’s a big one: With contracts sent through faster, this means a company can create and sell more, ultimately increasing revenue.
The TEI study found that a business grew from a six percent annual growth to 14 percent after using Conga, with 30 percent directly attributable to Conga Contracts. Now, the composite organization is generating up to $4.7 million in additional revenue, or up to a $650,000 operating margin over three years.
Total savings between these three things: $2.17 million.
That’s a lot of money that could be better spent in your business. Learn more by downloading the Total Economic Impact™ (TEI) study conducted by Forrester Consulting, commissioned by Conga.