Conga Announces Accelerated Customer Growth in Contract Management Market
Market-leading artificial intelligence (AI) and robust contract lifecycle management capabilities delivering business process automation and revenue intelligence behind momentum
BROOMFIELD, COLO. – April 12, 2022– Conga, the global leader in scalable revenue lifecycle management solutions, today announced accelerated momentum and innovation in its market-leading Conga Contract Intelligence and Conga CLM products. Driven by innovative and market-leading new product capabilities, Conga has witnessed a 123% improvement in win rate, positioning Conga’s contract management business for accelerated growth amid the $6.5 billion market opportunity.
Conga Contract Intelligence applies artificial intelligence (AI) and machine learning (ML) capabilities to deliver certainty and accuracy for businesses, regardless of industry and size. Its technology empowers teams to be more efficient – from weeks and days to minutes – as companies uncover insights into contracts to manage risk and optimize revenue with improved accuracy.
Designed specifically to improve organizations’ bottom lines, key benefits include:
Capturing every revenue opportunity: Contract Intelligence distributes data across the organization so every stakeholder gets proactive alerts about the contracts they're responsible for, making it nearly impossible to miss an obligation or revenue opportunity.
Eliminating costly manual work: The solution saves hours a week of tedious administrative tasks by replacing chaotic workflows with proactive insights and alerts that catch every chance to save money.
Lowering risk: Contract Intelligence uses AI and ML technology to identify key contract terms and clauses automatically with the option of human attorney review to offer the most reliable solution for identifying key content and risks avoiding manual work and reducing risk exposure.
Scaling company performance: With a single system of truth for every contract’s lifecycle, Contract Intelligence allows every team member access to analytics and insights in the systems they're most comfortable with. This also allows for ownership of contracts among the right stakeholders to make data-driven decisions and provide access to contract data instantly across the organization.
“Managing contracts is a crucial function of every growing business, and this is especially true for Ovation. Just as important is contract optimization – the way terms and obligations actually impact risk and cost once a contract is executed – but this was always an information black hole for our organization,” said Julie Moskovitz, Director, Business & Legal Affairs, Ovation. “With Conga, we have bridged that critical visibility gap.”
Additional organizations like INRIX, Lucid, Thoughtworks, and HomeLight have benefited from implementing Conga Contract Intelligence. Jeremy Gordon, Associate General Counsel and Vice President of ThoughtWorks added, “We really needed revenue recognition for every single contract. Without a contract management tool, the only way you do that is hire a lot of people and throw bodies at the problem. Now, on average, every single person on the North American legal team saves four hours a week of time they would be spending searching for and reading through contracts.”
HomeLight also spoke to the value Conga delivers in time and cost savings. “One of the ways Conga Contract Intelligence saves us money is by catching auto-renewals. It more than pays for itself with this alone,” said Jobe Danganan, General Counsel at HomeLight. “We looked at other vendors, but found that Conga Contract Intelligence was superior, especially the way they use AI to get us the information we need.”
Whether on a company’s contract or third-party paper, Conga Contract Intelligence has the capability to ingest all of a company’s contracts, apply AI and ML to verify and accurately extract and organize key terms and clauses from contracts, validate accuracy using expert attorneys, and organize the results into a single searchable repository. As many organizations are faced with chaotic and burdensome business process activities, applying ML and AI to the contract management process helps to simplify contract operations, accelerate review and revenue cycles and maximize the value of every contract. Combining Conga Contract Intelligence with Conga CLM, companies of all sizes can holistically manage all their contracts in one central repository with a full view of the entire contract cycle to uncover key strategic insights, mitigate risk, and ensure compliance while maximizing revenue potential. The two products are available to Conga customers through the native and seamless integration of solutions.
“Conga has experienced strong growth over the past year, marked by the accelerated adoption of contract management solutions as organizations worldwide realize the imperative nature of accuracy in their contracting process,” said Noel Goggin, CEO of Conga. “Whether a procurement, legal or sales department, inaccuracy in contracts is no longer acceptable. We are in a unique position to address customers’ needs and offer sophisticated contract management capabilities that will ensure certainty at the highest rate possible.”
To learn more, visit conga.com.
Conga crushes complexity within an increasingly complex world. With our revenue lifecycle management solution, we transform your unique complexities for order configuration, execution, fulfillment, and contract renewal processes with a single critical insights data model that adapts to ever-changing business requirements and aligns the understanding and efforts of every team.
Our approach is grounded in the Conga Way, a framework of entrepreneurial spirit and achieving together to champion our 11,000+ customers. We’re committed to our customers and to removing complexity in an increasingly complex world. Our solutions quickly adapt to changing business models so you can normalize your revenue operations.