HOUSTON, May 10, 2022 (GLOBE NEWSWIRE) -- Onit, the leading provider of AI-based legal solutions for global enterprises, today announced a range of new product updates that bring corporate legal teams closer to their businesses, empowering them to be active partners to their internal clients through greater workflow automation, data analytics, AI and benchmarking.
The developments from Onit signal a deepening convergence of the fast-growing company’s broad portfolio of enterprise legal management (ELM) and contract lifecycle management (CLM) solutions. The following products from Onit and three of its recent acquisitions — Bodhala, AXDRAFT and ContractWorks from SecureDocs — will be demoed at the 2022 CLOC Global Institute in Las Vegas and spotlight how the company is delivering broader solutions to the market.
- Onit DaaS: Onit has added Data-as-a-Service (DaaS) to its award-winning Apptitude platform, enabling legal operations teams to co-pilot with critical business-leading communication and compliance. DaaS improves and promotes data accessibility by driving legal operations insights to Sales, Finance, Operations and other key functional departments across the enterprise. From homegrown data warehouses to reporting tools like Tableau and PowerBI, DaaS easily integrates data stored in Onit into corporate reporting systems and data lakes for holistic enterprise-wide reporting and analytics.
- ReviewAI Playbook Manager: Onit’s ReviewAI playbook manager enables corporate legal teams to easily organize and virtualize their contract expertise. With ReviewAI playbook manager, clients can create customized AI-enabled playbooks that ensure consistency across the organization when reviewing contracts, which minimizes risk, reduces frustration and saves time.
- Matter And Rate Benchmarking: Bodhala, a legal business intelligence provider acquired by Onit in August 2021, announced two proprietary solutions, brand new Matter Benchmarking and expanded Rate Benchmarking. Matter Benchmarking delivers unparalleled insights, including benchmarks for specific tasks and documents, helping legal teams streamline budgeting and matter staffing. Expanded to include named timekeeper benchmarks, Rate Benchmarking provides an accurate gauge against the market and internal panels, streamlining rate review and simplifying counsel selection.
- Collaborative Editor: AXDRAFT, a contract management and document automation software provider acquired by Onit in December 2020, announced Collaborative Editor. The tool streamlines contract negotiation and redlining processes by enabling multiple users to simultaneously edit a legal document.
- ContractWorks/AXDRAFT: AXDRAFT and ContractWorks are making it easy for growing legal teams to manage the entire contract lifecycle by automating critical processes and significantly reducing manual work. The integration of AXDRAFT's powerful document generation and ContractWorks' robust tracking and reporting combines drafting, approval, customized reporting, collaboration workflows and storage in one easy-to-use solution. ContractWorks is a contract management solution from SecureDocs, which was acquired by Onit in December 2021.
Onit’s dedication to more efficient, smooth and cost-effective legal workflows comes at a time when the relationship between legal departments and other enterprise functions is at a crossroads. Data from the 2022 Enterprise Legal Reputation Report reveals a fractured dynamic between legal departments and their internal clients, citing that a lack of speed and delayed responsiveness significantly impact the legal department’s ability to collaborate with others across the business. The report found eight in ten (79%) enterprise employees do not see Legal as a modern operation, stating that the reassessment of policies and technology — specifically workflow automation and artificial intelligence (AI) — is needed for legal processes to be more efficient.
“Our mission at Onit is simple: Provide corporate legal departments with technology that empowers them to automate all legal workflows and be an active business partner across the enterprise,” said Eric Elfman, Onit’s CEO. “It’s time for legal operations to build stronger alliances with its internal clients. The acquisitions of SimpleLegal, AXDRAFT, BusyLamp, Bodhala and SecureDocs make that mission possible. We are committed to bringing these technologies together to provide our customers with the most comprehensive and sophisticated solutions for ELM and CLM.”
Onit is proud to be a diamond sponsor of the 2022 CLOC Global Institute in Las Vegas on May 9–12. Paige Edwards, Director of Customer Experience, will be moderating a panel, Legal Ops and the Connected Enterprise, on May 11 at 10:30 am PDT. Visit us at Booth #209. Book a demo or arrange to meet the team at CLOC.
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About Onit
Onit is a global leader in workflow and artificial intelligence platforms and enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com or call 1-800-281-1330.
