Contract Logix Revolutionizes the Way Businesses Negotiate Contracts with Groundbreaking Collaboration Room Technology
LOWELL, Mass., Jan. 28, 2021 /PRNewswire-PRWeb/ -- Contract Logix, a leading provider of data-driven contract management software, today announced the addition of a new and transformative contract collaboration capability, called Collaboration Room, to its flagship Premium(TM) CLM platform.
Organizations are under significant pressure to digitally transform their business processes to increase visibility, continuity, and remote operations. The new Collaboration Room technology enables this by allowing all internal and external parties to collaborate with greater speed, ease, and intelligence during negotiation. Parties can review, approve, and mark-up contracts in real-time and from any location via a single secure cloud-based destination.
Key Facts:
-- The average cost of processing and reviewing a negotiated contract
continues to rise and can range from $6,900 for a simple contract to
more than $49,000USD for complex agreements. This expense is due to the
sheer number of people needed to complete the process, inefficiencies in
tracking changes, and the lack of visibility into who is involved in the
negotiations or what stages have been completed.
-- With more people working on cross-functional teams and remote
collaboration, more agility and visibility into the contract review and
negotiation process is required. Contract Logix's new Collaboration Room
technology addresses this need by enabling all appropriate internal and
external parties to simultaneously and securely message, comment,
collaborate, redline, and negotiate contracts in real-time from a single
online destination via any browser, eliminating the time-consuming and
risk-prone need to email contracts back and forth between parties. This
provides one, always-up-to-date, system of record for tracking all
changes, timelines, and collaborators involved in the entire contract
negotiation process.
-- The Collaboration Room technology provides an easy, intuitive, and
frictionless user experience for all parties involved while increasing
the transparency, compliance, and auditability of the negotiations. For
organizations focused on business process optimization, the system
allows them to benchmark and track KPIs that can be used to improve
contract negotiation strategies such as measuring time to execution,
identifying common objections and redlines, understanding exactly who
from the counterparty is involved in the process, and more.
Executive Comments:
-- "Contract Logix's new capabilities transform the way that people are
going to negotiate contracts. Our Collaboration Room technology gives
our customers and their counterparties the ability to communicate,
negotiate, edit, review, and approve contracts faster and with more
transparency than if they were in the same room together. Our goal is to
help our customers manage contracts in this new normal by offering
features that help improve and optimize their current processes, as well
as give them the foundation they need to grow in the future." - Tim
Donaghy, CTO, Contract Logix
-- "For organizations being asked to do more with less, contract management
software helps leaders optimize their businesses. The features and
functionality announced today represent a major update to our product
and align with our vision of giving our customers the data-driven tools
and insights necessary to minimize business risk. Innovative
enhancements like our new Collaboration Room technology help our
customers realize faster sales, better vendor management, greater
compliance, and increased efficiency of their resources." - Rick
Ralston, CEO, Contract Logix
Additional Information:
-- Contract Logix Collaboration Room - Product Overview
-- Introducing Collaboration Room - Blog
-- Contract Logix - Product Overview
-- The Digital Contract Transformation - Video
About Contract Logix
Contract Logix is a longtime leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The company's software empowers legal, administration, IT, procurement, finance, and sales professionals across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to automate and streamline their contracting processes while minimizing risk, increasing compliance, and driving profitability. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.
Media Contact
David Parks, Contract Logix, 9786747095, dparks@contractlogix.com
SOURCE Contract Logix
