Conga, a leader in contract lifecycle management (CLM) and AI-driven solutions, has unveiled its latest product enhancements in a highly anticipated June 2024 launch.
This blog will cover the key highlights from the launch, including the new features and benefits of Conga’s solutions and how they are designed to address the priorities and challenges faced by executive and contract teams.
Executive & Contract Team Priorities and Challenges
In today’s fast-paced business environment, executive and contract teams are constantly under pressure to deliver results while managing risks and costs. Key priorities include:
- Delivering a revenue advantage: Maximizing revenue opportunities while minimizing risks.
- Reducing supplier costs: Identifying and eliminating unnecessary expenses.
- Streamlining operations: Improving efficiency and productivity through automation.
However, these teams often face significant challenges, such as increasing demands, manual workloads, and stagnant productivity, which can negatively impact revenue, productivity, operations, risk, and reputation.
What is the solution and demo of Conga?
Conga’s solution is designed to empower all departments to get what they need from contracting by:
- Delivering a revenue advantage: Helping businesses maximize revenue opportunities.
- Reducing risk: Identifying and mitigating potential risks in contracts.
- Lowering supplier costs: Streamlining procurement processes to reduce expenses.
- Streamlining operations: Automating manual processes to improve efficiency.
The demo showcased how Conga provides data and insights to help manage obligations, customers, suppliers, teams, and contracts, ultimately leading to better business outcomes.
Conga Revenue Lifecycle Platform
Conga’s Revenue Lifecycle Platform integrates seamlessly with any CRM, ERP, or procurement system, eliminating the need for a Salesforce ecosystem. Key features include:
- Reusable Web & UI Components: Simplify and accelerate the deployment of new applications.
- APIs and Connectors: Enable seamless integration with other systems.
- Unified Data Model: Ensures consistency and accuracy across all data.
The platform supports CLM and AI, configure, price, quote (CPQ), and document automation, providing a comprehensive solution for managing the entire revenue lifecycle.
Business Impact: Access to Contract Data
Departments need access to contract data to drive business impact. Avoidable costs can be substantial, with low-risk contracts costing $6,900 and high-risk contracts costing $49,000. Organizations can stay up-to-date, automate processes, and increase productivity by focusing resources on managing compliance, business outcomes, and risks.
Contract Team Challenges
Contract teams face several challenges, including:
- Poor contracting results: Leading to a 9% loss in revenue.
- Increasing demands and manual workloads: Resulting in inefficiency and stagnant productivity.
- Negative impacts on revenue, productivity, operations, risk, and reputation: Causing bottlenecks and a lack of control.
Executive Confidence and Expectations
Executives are increasingly confident and have high expectations, with a focus on growth, profit, and technology. Key areas of focus include:
- Growth (62%)
- Technology (33%)
- Financial (23%)
- Cost management (11%)
- Customer focus (22%)
- Productivity & efficiency (23%)
Why Conga?
Conga is the top choice for reliable and comprehensive AI-driven CLM solutions. With ten years of AI and CLM experience, in-house expert legal verification, and 1,165+ built-in models in English and 150 multilingual models, Conga offers:
- AI-driven table extraction
- Self-service custom multilingual models
- Continuous Learning AI (Artificial Intelligence)
Empowering Every Department to Achieve Their Goals
Conga helps departments achieve their goals by:
- Reducing risk and contracting time: Focus on high-risk contracts with pre-defined workflows, templates, and approvals.
- Managing more contracts confidently: Standard contracts, self-service, risk scoring, and suggestions.
- Unleashing Artificial Intelligence for better outcomes: Extract obligations, alert and tracking, avoid missed renewals, and identify cost savings.
- Integrating and automating processes: Empowering legal, sales, and procurement teams.
AI Add-on Modules
Conga’s AI add-on modules include:
Contract Intelligence
- Discovery AI
- Contract & Negotiate AI
- World-class extractive technology
- Proven value proposition
- Extract data and manage legacy contracts
Enhanced Risk Assessment + Redlines (Oct '24 or 2025)
- Identify and act on obligations
Contract Library Management AI (2025+)
- AI-generated insights and reports
- Contract library copilot
- Playbook consolidation and management AI
Conclusion
Conga’s latest product launch demonstrates its commitment to empowering businesses with innovative CLM and AI solutions that drive efficiency, reduce risk, and enhance productivity. By leveraging Conga’s advanced technology, organizations can achieve their goals and stay ahead in a competitive market.
Future Prospects and Vision for Conga
As Conga continues to innovate, the company is not only addressing the current challenges faced by executive and contract teams but also anticipating future trends and needs. The integration of advanced AI capabilities with CLM solutions is just the beginning. Conga envisions a future where AI-driven insights and automation will become even more sophisticated, enabling predictive analytics and proactive risk management. This will allow businesses to not only react to current market conditions but also to forecast and prepare for future challenges. Additionally, Conga is committed to expanding its multilingual support and enhancing its user experience to cater to a global audience. By staying at the forefront of technology and continuously refining its offerings, Conga aims to set new standards in the industry and empower businesses to achieve unprecedented levels of efficiency, compliance, and profitability.
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