HOUSTON, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Onit, the leading provider of enterprise workflow solutions, including enterprise legal management (ELM) and contract lifecycle management (CLM), today announced a set of feature upgrades to its CLM solution that enrich data analytics and more closely tie contract processes with key stakeholders across the enterprise — from procurement to sales.
Onit CLM’s release addresses two challenging areas of the contract management process: reporting and analytics and system integration. The reporting dashboards leverage AI and data insights to help business leaders minimize risk associated with clause violations, such as force majeure, payment terms and intellectual property from customer-defined contract rules. New system integration with major CRM and ERP systems like Salesforce and SAP Ariba increases efficiencies in critical legal and claims workflows, meeting customers where they work and making work flow seamlessly. In short, the integration with Salesforce and SAP Ariba bring Legal workflows closer to the business.
Onit CLM’s set of newly released features includes:
- Risk Analysis Dashboard: Assess low, medium and high-risk contracts based on customer-defined rules using proprietary AI from Onit.
- Clause Usage Dashboard: Approach clause library management with intelligent visibility into how often clauses are used; allows customers to modify clause libraries based on data and historical actual world actions.
- Salesforce Integration: Give sales teams the transparency to always know the location and status of their contracts within Salesforce, including agreements coming up for renewal.
- SAP Ariba Integration: Enable users to initiate contract workspace creation within SAP Ariba and streamline the flow of supplier data into Onit CLM, reducing data re-entry and improving efficiency.
Applying Onit CLM’s new dashboards and integration to current contract management processes allow users to make real-time decisions about clause violations and new or obsolete contract language while simultaneously achieving seamless data transfer between core business systems to avoid migrating data outside of workflows.
Onit CLM’s risk analysis dashboard is available to customers using Onit’s ReviewAI for contract review and drafting, and clause usage dashboards are available to customers with a Tableau license. The system integration is available to customers using SAP Ariba or Salesforce, with the Salesforce integration soon available via the AppExchange.
“An end-to-end CLM solution connects legal teams more closely to key business departments such as Sales, IT, HR, Business Operations and more while elevating collaboration, efficiency and productivity across the enterprise,” said Mary Fuzat, VP of Product at Onit. “By leveraging more AI-powered insights and further integrating with common front- and back-office systems, Legal has the opportunity to empower the business to focus more strategically and efficiently — while still protecting the company.”
Learn more about the new Onit CLM features here.
About Onit
Onit is the leading provider of workflow solutions for enterprise legal management (ELM) and contract lifecycle management (CLM). Onit’s comprehensive product portfolio customizes AI-driven workflows for managing matters, spend, vendors, and contracts. With Onit, companies can evolve the legal department’s role as a business protector and transform it into a business driver that materially influences the enterprise by improving operational and cost efficiency while simultaneously contributing to faster revenue generation and business growth.
The Onit family of companies includes SimpleLegal, AXDRAFT, Bodhala, BusyLamp and SecureDocs. Learn more at www.onit.com.
