Automated workflow enhancements, additional integrations, and new certifications help eliminate business risk and ensure seamless compliance regardless of physical location
Contract Logix, a leading provider of data-driven contract management software, today announced a number of new product enhancements and certifications that make it as easy and efficient as possible for businesses to successfully manage contracts and supply chain risk during COVID-19. As organizations struggle with business process reengineering and change management in today’s new operating environment, the Contract Logix enhancements help them streamline contract workflows, integrate with other critical business systems, and safeguard contract data.
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- Digital contract transformation (DCX) allows businesses to digitize their contracts and contract lifecycle management (CLM) processes, making them fundamental pillars to overall digital transformation efforts. With DCX, businesses can harness the wealth of data in their contracts to benchmark and track the KPIs critical to optimizing business process management (BPM) and uncover contract risk and opportunity.
- Contract Logix’s enhanced automated workflow engine helps further ensure business process compliance and efficiency, especially while employees are working remotely. Organizations can easily optimize, digitize, and automate the entire contract lifecycle with an intuitive, drag and drop visual workflow builder. Workflows and alerts can be triggered for virtually any contract detail such as payment or fulfillment schedules, individual line items, vendors, contacts, etc. This provides complete contract management process visibility and accountability to reduce bottlenecks, maintain governance, and avoid missed deadlines and obligations.
- Contract Logix’s new flexible contract management REST API allows organizations to bidirectionally send, receive, and sync data between other business applications such as processing a sales contract request from a CRM system or populating supplier information from an ERP system. By easily integrating with existing business applications, Contract Logix helps ensure that organizations have a single source of truth for all contract data to deliver accurate, actionable, and advanced business intelligence reporting.
- As part of its security-first approach to contract management, Contract Logix, which is hosted in the highly-secure Microsoft Azure cloud, successfully completed an audit established by the American Institute of Certified Public Accountants (AICPA) to certify SOC 2 Type 1 compliance for its CLM software application. This further demonstrates to organizations that contract data will be safeguarded securely and is a key addition to an already robust set of security capabilities in the software including roles and feature-based permissions, data encryption, logical separation of data, and multi-factor authentication (MFA).
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“Contract Logix’s goal is to arm our customers with the information necessary to make data-driven decisions that improve and optimize business processes during this critical time. Whether it’s dealing with supply chain dynamics, the collaboration challenges of a remote workforce, or ensuring compliance, businesses can’t be frozen in time if they want to succeed. We provide the tools and insights necessary to keep the contract management processes moving forward in a way that minimizes risk without sacrificing opportunity. Our new product enhancements further help customers achieve this efficiently and effectively.”
- Tim Donaghy, CTO, Contract Logix
“Contracts play a critical role in helping companies manage their relationships with all parties in the supply chain and upgrading CLM processes gives them the agility and flexibility to minimize business risk during this disruptive time. During COVID-19, we have seen tremendous growth in the usage of our software as our customers adapt their business processes to operate in today’s new normal. Our latest product enhancements further increase the control and visibility that Contract Logix’s software provides our customers to run their businesses, which will ultimately help ensure their long-term success.”
- Rick Ralston, CEO, Contract Logix