REDWOOD CITY, CA--(Marketwired - Oct 11, 2016) - Agiloft, Inc., a trusted provider of agile business process software, today announced new advanced capabilities for its Contract Management Suite that will streamline approval processes, support version control and compliance, and reduce time spent on repetitive tasks like file uploading. Recently recognized by Capterra as the top-ranked contract management solution for the second year in a row, the Agiloft Contract Management Suite is a powerful service that helps legal and compliance teams within midsize to large organizations manage the full contract lifecycle. The Agiloft suite of business applications is used by more than 2.5 million users in companies ranging from startups to Fortune 100 giants, and is available in both on-premise and SaaS configurations.
Contract management and procurement leaders are challenged by managing dozens or hundreds of contracts across multiple departments, approvers and legal teams. Typical contract management software offers digitized approval processes, but requires extensive re-configuration if a business requirement or regulatory shift dictates a system change. The Agiloft Contract Management Suite helps to eliminate approval bottlenecks, keep contracts available digitally with a centralized repository, and deliver insights into contract revenue and renewal opportunities with budget and forecast reports. But it does so while leveraging an agile platform that eliminates the need for manual coding. This important capability enables changes and customization to the contract management service to be made in near-real time, while other products may require weeks or months to make similar changes.
Suffolk University, a private university in Boston with more than 8,000 students, processes more than 1,000 contracts annually with a small legal team of three people. Prior to deploying Agiloft, the university managed contracts by hand using a spreadsheet log as a tracking system. This meant that about 75 university employees who submitted contracts for approval would need to contact the general counsel office directly with questions and requests for workflow status updates. To digitize and streamline the contract review process, and to offer additional visibility to those requesting contracts, Suffolk University implemented Agiloft in August 2015.
"Since deploying Agiloft's Contract Management service, we've fully digitized the contract review process, which has reduced the average time to approve and sign a contract from one week to three days," said Sheila McGarey, Senior Administrative Associate, Office of the General Counsel at Suffolk University. "We were able to configure the contract review workflow to match our processes. It has easily cut the time I spend on contract management in half."
The average Agiloft implementation takes nine weeks, while competitors can take six months or more to get the software up and running. This, alongside the robust capabilities and ease of customization of the Contract Management Suite, has led to 400 percent sales growth for the service over the past two years.
"In an ever-changing regulatory environment, organizations need the ability to customize their software without engaging in large-scale professional services projects," said Stephen Hendrick, principal analyst at ESG. "Enabling this self-service customization means that businesses can respond more quickly and take advantage of new opportunities, bringing true agility to play, and potentially avoiding costly fines from falling out of compliance."
New capabilities for Contract Management include tools to improve ease-of-use, reduce time spent on file uploading and new contract generation, and improve version control:
- Edit from URL -- Edit Word and Excel files directly, using the native Microsoft Word or Excel client by simply clicking on the hotlink, and save back to the URL by clicking "save" within the application. This reduces time spent on file uploads and supports compliance efforts for documents that should not be saved locally.
- Dynamic Print Templates -- Create dynamic templates by inserting if-then conditions for the display of particular field variables within a Word print template. Contract management admins can define contract clauses that should be used in specific circumstances to help auto-generate contracts drafts.
- Full Word Document Comparison -- Automatically compare and redline documents. This helps to streamline document comparison during negotiations and provides an audit trail for regulatory or internal compliance efforts.
- DocuSign User Integration -- Automatically sync Agiloft users with DocuSign users. The integration with Agiloft enables users to authorize contracts using DocuSign in a single platform, eliminating the need to log into a second service.
- PDF File Merge -- Generate a single document from multiple PDF files by merging them at run time. This eliminates the need to manage PDFs in a separate software, like Acrobat, to merge and send for approval.
- SMS Integration -- Notify users of urgent issues with SMS messages generated directly from the business rules engine. This helps ensure that problems are addressed immediately and deadlines always met.
"Enterprises with complex requirements for contract management and a need for fast implementation and simple changes find that Agiloft matches their priorities," said Agiloft CEO Colin Earl.
"As a large, public media, nonprofit organization, we had the difficult challenge of finding an affordable system that was customizable and accessible enough for our unique needs," said Cindi Kim, Legal Operations Manager at New York Public Radio. "Agiloft has been highly responsive, attentive and flexible in helping us build a reliable system that moves our contract approvals along swiftly while still giving us the independence we require to continue evolving the management of our contracts."
- Agiloft's Contract Management Suite won PC Magazine Editor's Choice award in 2015 and 2016, and was honored as "the most customizable contract management system on the market."
- The Agiloft suite of applications are among the most highly rated by users on B2B review sites such as Capterra, TrustRadius and G2 Crowd.
- The suite can be configured to meet complex requirements and automate even the most unique workflows, enabling partners and their customers to deploy diversified, customized industry solutions rapidly.
To learn more about Agiloft's Contract Management Suite, visit the product information page.
Over 2.5 million users at organizations ranging from small enterprises to U.S. government agencies and Fortune 100 companies depend on Agiloft's top-rated product suites for Contract Management, Service Desk, Custom Workflow, and more. Agiloft specializes in automating processes that are too complex for competing vendors. Our best practice templates and agile technology ensure rapid deployment and a fully extensible system. For more information, visit http://www.agiloft.com.