HOUSTON, Nov. 11, 2021 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, today announced that it has been named as a Major Player in the IDC MarketScape Report: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment (Doc # US46965921, November 2021).
Onit introduced its Contract Lifecycle Management software two years ago, with a vision of assertive and constant innovation. Within this short amount of time, the company has expanded its CLM offering with artificial intelligence for all phases of contract management trusted by Fortune 500 customers. On average, Onit CLM customers see a 9% annual cost savings and a 24% reduction in sales cycles while decreasing hours spent on contracts by 20%.
“Companies realize that inefficient contract management affects the entire enterprise – slowing down obligations, revenue-generating opportunities and increasing risks,” said Eric M. Elfman, CEO and co-founder of Onit. “Healthy businesses need contract lifecycle management software that is effective, quick to deploy, equipped with pre-trained AI and flexible enough to accommodate operations as a company evolves. We’re honored to be included in this report as we continue our mission to make it easier to practice the business of law.”
About Onit Contract Lifecycle Management
Onit Contract Lifecycle Management (CLM) empowers legal and business teams with end-to-end automation of their entire contract management process, providing greater governance, business insight and efficiency. Onit CLM is a cloud-based centralized contracts repository with automated functionality and artificial intelligence that supports all phases of the contract lifecycle from pre- to post-contract execution. Recent innovations to the technology include:
- ReviewAI, which uses AI to quickly and accurately draft, review and redline all types of contracts, creating faster contract approvals by up to 70% and increasing productivity by more than 50%.
- ExtractAI, which handles the post-signature phase of contracting and uses artificial intelligence to simplify contract data extraction and obtain usable data from executed, legacy and third-party paper contracts.
- Automate NDA, a best practice solution that helps customers manage and automate the end-to-end non-disclosure agreement process and speed up the NDA execution cycle by up to 80%.
Organizations interested in Onit’s CLM can schedule a demonstration and learn about the company’s risk-free, 60-day CLM money-back guarantee.
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About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Onit is a global leader of workflow and artificial intelligence platforms and 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 contract lifecycle management, enterprise legal management, matter management, spend 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.