Market-leading solutions enhanced with AI allow ease of integration with the CRM and ERP systems of customers’ choice
Conga, the pioneer and market leader in Revenue Lifecycle Management, announced today a new Contract Lifecycle Management (CLM) offering designed to run on the Conga Platform adding a full SaaS alternative to its traditional Salesforce based user interface. The AI-enhanced solution is available on the Conga Platform, offering a CLM interface that can integrate with any CRM, ERP, or procurement platform.
With productivity demands increasing and the global business and legal environment constantly evolving, there is never-ending pressure to improve revenue and profit on a tight budget. But too often, companies find themselves trapped in the Revenue Friction Zone, slowed by isolated technology, fragmented data, siloed problem-solving, reliance on large functional teams, and poor buyer experiences. Meanwhile, contracting teams face increasing demands while dealing with large, manual workloads.
Conga’s CLM with AI empowers businesses by mitigating risk, reducing contract creation to close time, and helping cut supplier costs. New state-of-the-art AI models increase accuracy and extract text and data from contracts and tables. With Conga’s AI-enabled drag-and-drop bulk document import capabilities, customers save valuable time and create highly precise AI models in minutes, eliminating the need to train the AI.
This new Conga CLM provides unparalleled flexibility for customers by streamlining operations, eliminating internal silos, and connecting contract data and processes so departments can easily access the contract terms and data needed to achieve their goals.
Only Conga CLM provides the following unique combination of features:
- Start delivering value faster by ensuring contract compliance while streamlining processes with pre-defined workflows, approval processes, and templates for faster implementation
- Greater accuracy and ability to handle larger volumes of contracts using AI
- Immediately extract and define custom provisions leveraging new large language models (LLMs)
- Risk scoring and suggestions to mitigate risk before or after signing when preparing to renegotiate
- AI that adapts to each customer’s business as it evolves based on their actions
“Conga CLM on the Conga Platform gives businesses the ability to manage contracts and access data in the systems they use daily while helping them improve performance,” said Grant Peterson, Chief Product Officer of Conga. “Our CLM not only helps accelerate contracting success across teams, empowering legal, sales, procurement, and finance to enhance visibility and make quick and informed decisions, but ensures compliance, while driving stronger results.”
Legal departments today face increasing workloads without the staff to accommodate the change. Conga’s AI helps Chief Legal Officers and legal teams scale up their workload while providing the oversight needed to take control of risk management strategies and manage more contracts. Conga’s solutions deliver better contract outcomes with state-of-the-art data extraction, instant AI models, and legal data verification services to ensure the data businesses rely on is accurate and easy to access and report on. The ability to automatically connect contract data and processes across departments breaks down internal silos, empowering everyone to work where they want and access the information they need.
“Today’s business leaders have a unique opportunity to gain a revenue advantage, but achieving that requires a team effort. As a decade-long leader in CLM and AI, Conga offers an experienced team and the comprehensive technology to empower any department to get what they need from contracting,” said Andrew Bennett, Chief Marketing Officer at Conga. “We’re proud to offer new, modern solutions designed to help businesses conquer the most intricate contracting challenges. As a result, our customers experience benefits like receiving a rapid payback on their CLM investment in as little as six months, recouping at-risk revenue by tracking renewals, taking timely pricing actions, and identifying potential supplier savings to deliver a revenue advantage.”
Visit conga.com to learn more or attend Conga’s June 2024 product launch webinar series on June 25, 2024 at 11:00 am ET to hear what’s new, now, next, and future for Conga CLM.
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