Contract Logix Experiences Triple Digit Percentage Growth in Platform Usage as Momentum for Digital Contract Transformation Continues
Leading Contract Management Software Provider Helps Customers Rapidly
Digitize Contracting Efforts to Minimize Risk and Drive Business Efficiencies
Lowell, MA – May 16th, 2023 – Contract Logix, a leading provider of data-driven contract management software, today announced another 12-months of tremendous growth for the company, as customers continue to digitally transform contracting processes. Contract Logix has seen a triple-digit percentage increase in the number of electronic signatures, completed tasks for reviews and approvals, contract requests, and automatic workflows triggered by its customers. In addition, the company saw a nearly 100% increase in the millions of contracts and documents managed in its software and 60% increase in the number of users.
- Contract Logix’s growth shows that more and more organizations are embracing digital contract transformation (DCX) to mitigate legal and financial risk, maximize corporate and regulatory compliance, and finalize business faster.
- As part of its commitment to continuously enhance the value of its platform for customers, the company added several new artificial intelligence (AI) capabilities to enhance its already-robust suite of intelligence and advanced analytics functionality. These include support for data extraction, natural language processing (NLP), and enhanced optical character recognition (OCR) to remove one of the biggest barriers to the successful adoption of contract management software – the data migration of existing contracts and documents into the system.
- Additional recent enhancements to help organizations with their digital transformation efforts include its new Metrics Manager and automated reporting, for providing real-time insights on contract and process performance to optimize the business, benchmark and track contract KPIs, and to mitigate risk.
- Over the past year, the company saw tremendous growth in its software usage data, including:
- 93% increase in contracts and documents managed in its platform
- 362% increase in contracts executed using e-signatures
- 171% increase in automated contract workflows triggered
- 143% increase in converted contract requests
- 209% increase in tasks created for contract reviews, approvals, and other key CLM functions
- The company’s success did not go unnoticed. Contract Logix was named number one vendor in G2’s Spring 2023 Enterprise Contract Lifecycle Management (CLM) Usability Index. This included awards for:
- Best Usability
- Easiest Admin
- Best Meets Requirements
- Contract Logix was also awarded as well as the “Easiest to Use” in the Spring 2023 Mid-Market Contract Lifecycle Management (CLM) Usability Index.
- The company was also named a “High Performer” in all G2 Spring 2023 Grid ® Reports for Contract Lifecycle Management Software including Enterprise, Mid-Market, Small Business, and Overall for the ninth consecutive quarter.
All businesses have hidden risks in contracts, and the risks due to ineffective contract lifecycle management can be small, or they can be massive. We have had fifteen years to perfect our data-driven approach to contract management and we’re thrilled to see those businesses, our loyal customers, use this approach to harness the most important data from their contracts to deliver the accurate and actionable insights they need to save time, money, and reduce risk.
-David Blume, Chief Revenue Officer, Contract Logix
Contract Logix has had another year of tremendous success as more customers take advantage of our data-driven contract lifecycle management software. Our strategic emphasis on customer success and adoption coupled with our continued investment in the platform, and expanded leadership team, have helped our customers adapt and utilize our solutions to optimize their businesses and digitally transform their contracting efforts.
-Karen Meyer, Chief Executive Officer, Contract Logix
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About Contract Logix:
Contract Logix is a longtime leading provider of intelligent and data-driven contract lifecycle management software. The company’s software empowers legal, administration, IT, procurement, finance, and sales professionals to simplify the way they digitally draft, negotiate, approve, execute, and manage contracts. Hundreds of brands have partnered with Contract Logix to streamline and automate their contracting processes while minimizing risk, increasing compliance, and finalizing business faster. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.