Onit and SimpleLegal Launch Suite of New Savings Calculators
Amid Market Uncertainty from the COVID-19 Pandemic
Potential Savings Could Exceed 45% in Workflow Automation,
9% in Contract Lifecycle Management and up to 12% in Enterprise Legal
Management
Onit, Inc., a leading provider of enterprise workflow
solutions, and SimpleLegal, a modern legal operations platform offering
e-billing, spend management, and matter management, today launched a suite of
savings calculators to help customers and non-customers protect and justify
technology spend amid the recent market uncertainty from the global crisis.
“The COVID-19 pandemic has changed the world around us, and
we understand the urgent need to adapt to new circumstances quickly,” said Eric
M. Elfman, CEO and co-founder, Onit. “This global crisis is challenging us all
not only to develop survival skills and forcing creativity to regain normalcy
in a world turned upside down--but it’s likely as well that many of your
projects are under more scrutiny than ever before. We want to help project
sponsors drive cost savings with your existing technology and strengthen a
business case to automate more legal work given the unique business
environment.”
Today’s current economic shift will mandate that legal and
business teams adopt workflow, collaboration and process automation technology
at a much faster pace so they can realize savings that have a direct financial
impact on the company. According to a McKinsey report, 45% of current paid
activities can be automated by today’s technology. The report also stated that
when it comes to business processes, 60% of occupations could save 30% of their
time with automation. Market research firm IDC says that organizations lose 20
to 30% of revenue every year due to inefficient processes. Forrester predicts
that automation can cut operating costs up to 90 percent with business process
automation.
Cost containment is a top priority and the potential of
technology and its ability to support new models, processes, and paradigms will
transform the ever-evolving business landscape. While enterprise legal
management technology can realize 5 – 12% savings annually, contract lifecycle
management technology is another area where companies can find savings of more
than 9% annually, according to The International Association for Contract &
Commercial Management (IACCM).
Complimentary Savings Calculator Analysis
As part of this program, Onit is offering a complimentary session with our
subject matter experts, and if desired one of our trusted industry consulting
partners to help business teams evaluate potential savings from existing and
new technology investments.
Savings Calculators: Methodology
The savings calculators were built to help build a business case to support
investing in Onit and SimpleLegal products and determine which cost-saving or
revenue-generating projects to prioritize. They use a combination of industry
best practice metrics and data as well as deep knowledge from various experts
and are validated by third-party consultants. The savings calculators designed
include Workflow Automation (Apptitude), Contract Lifecycle Management and
Enterprise Legal Management.
Workflow Automation Savings Calculator
The Workflow Automation Savings Calculator analyzes the expected annual savings
(based on saved time and revenue under better management) from automating an
existing manual or semi-manual workflow using Onit’s workflow platform,
Apptitude. Understanding that every workflow is different, this tool was built
to calculate annual savings for one discrete workflow process
at a time. This allows the user to tailor their inputted estimates for
different aspects of a workflow and then combine savings across multiple
workflows for a more defined understanding of savings.
Contract Lifecycle Management Calculator
The Contract Lifecycle Management (CLM) Calculator was created using industry
averages and adjusted based on the experience of various individuals familiar
with Onit’s contract lifecycle software. The calculator quantifies potential
benefits from using Onit CLM, including benefits from workflow efficiencies,
minimizing missed renewals, increasing compliant contracts, increasing spend
management, and strategic procurement. The calculator provides the ability to
select strategies to implement, given that most users will not implement all
the potential strategies in a given year.
Enterprise Legal Management Calculator
Onit’s Enterprise Legal Management (ELM) Calculator quantifies potential
benefits from implementing Onit ELM software using a combination of industry
averages and experience from industry veterans. Given that most companies are
most likely not going to implement all potential ELM cost management
strategies, users can select the strategies that they are interested in
pursuing during a given year. The calculator takes into account a delay in
benefits while the software is being implemented. At SimpleLegal and Onit,
these implementation cycles tend to be short. The potential benefits included
in the calculation are from rate and fee arrangement enforcement, reduced
billing error fees, increased productivity, reduction in time spent on matter
management, various matter and vendor strategies, and workflow efficiencies.
Customers are using Onit and SimpleLegal to track the entire value proposition
of their law department and to cost justify further investment.
Lean into Legal Ops: Online Curriculum & Master
Classes
The savings calculators are part of our Lean Into Legal Ops new
online learning initiative and includes programming from Onit and SimpleLegal’s
customer base, industry thought leaders and innovators in the space. The master
classes cover topics such as how to use workflow tools to manage a distributed
workforce, how to implement technology strategies that deliver immediate cost
savings and ROI, how to quantify and defend the value in the legal department,
process efficiency with a globally disparate workforce, and change management
best practices in a challenging environment.
Source: Onit media announcement
