How automation is impacting the bottom line
There’s nothing worse than adding busywork to an already-jammed day. Sure, heavy workloads are expected — but superfluous tasks are easy things to avoid. Once they’re out of your hair, you’re free to do the meaningful work that helps your organization advance.
So when we saw the Total Economic Impact (TEI) study released late last year and the massive impact Conga Contracts had on saving money, time, and energy by automating (and therefore eliminating) the work no one really wants to do anyway, we were honestly a little relieved. We hope you’ll feel that relief, too.
The commissioned TEI study, a 23-page in-depth look into the daily business of three Conga customers before and after implementing Contracts, was conducted by Forrester Consulting on behalf of Conga. Forrester created one composite organization based on the customers reviewed to discover standardized results over a three-year period of time to give us the most well-rounded look at Contracts’ benefits.
The TEI found that the present day value of savings from day-to-day in-house attorney reviews over the three-year period was $437,000 — all by simply reducing the need for lawyers to spend time developing and authorizing contract templates and clause libraries.
With Contracts, templates and standardized, up-to-date, pre-approved legal language is all found in one repository, and it’s accurate, each and every time. So what once took considerable time for not only an attorney, but an extra step for a sales rep, now happens at the literal push of a button.
The TEI found that the composite organization no longer required a full-time lawyer salary, estimated to be an average $185,000 annually. That dedicated lawyer who once spent his or her days reviewing documents can now be reallocated back to corporate offices to focus on more pressing undertakings.
That’s not to say legal counsel isn’t totally eliminated, but it frees up departmental budget for specific guidance, when necessary.
“We’ve changed everyone’s focus to higher-value tasks. There’s less, ‘I don’t know where that is, let me call somebody,’ and more, ‘I know exactly where to find that,’ so they can focus on improving the way the program works,” said a systems strategist at a government agency, one of the three companies used in the composite company research."
It’s no secret automation eliminates the risk of human error, and the same goes for compliance and legal language.
“We now have better compliance with our standards than we had in the past,” said a VP of procurement and vendor management at a financial services organization, another Conga customer examined in the TEI study.
For more information on the TEI findings, take a look at the study.