Study finds Conga Contracts decrease contract creation time from two weeks to three days and renewal time from a week to one day
Broomfield, Colo. (Oct. 22, 2019) — Conga®, the leader in end-to-end Digital Document Transformation (DDX), today 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 organizations may realize by implementing Conga Contracts™ for contract creation and management. A composite organization 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 finalize. The Total Economic Impact of Conga Contracts reports that interviewed clients using Conga are creating, negotiating and finalizing contracts faster — thereby increasing revenue by up to 14%.
In addition, the study affirms that Conga Contracts delivered value for a composite organization 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.
“Businesses are architected by their contracts. But when businesses have to manually create, review, track, and manage those contracts, their contracts architecture 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 organizations 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 organizations 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 organization representative of the interviewed companies, and used the composite organization to calculate the benefits customers have when using Conga Contracts.
To learn more, download the study here: go.conga.com/TEI.
For more information on Conga, visit conga.com
Conga is the leader in end-to-end Digital Document Transformation (DDX). The Conga Digital Document Transformation Suite, which includes Conga Composer® Conga Collaborate™, Conga Contracts™, Conga Grid™, Conga Sign™ and Conga Orchestrate™, drives segment-leading ROI by simplifying and automating intelligent data, documents, contracts, signing and reporting. From document collaboration and creation, through contract management and negotiation, to agreement and eSignature, the Conga Suite has set the standard for automating business productivity. Conga is Digital Document Transformation®.
The company is privately-held and based in Colorado with global operations across North America, in the UK and in Australia. Learn more at conga.com or follow Conga on Twitter: @getconga.