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Back to the blog
David Chai • Feb 1, 2024 12:32:49 PM
ONIT'S COMMERCIAL PORTFOLIO DEBUTS 2023 CUSTOMER STEWARDSHIP REPORT HIGHLIGHTING
INCREASED PRODUCT AND SERVICES INVESTMENT, STRONG CUSTOMER IMPACT
Company Updates
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96% CSAT influenced by expanded product offerings, ongoing innovation, and ample
customer education opportunities
HOUSTON, Feb. 1, 2024 /PRNewswire/ -- Onit, the leading provider of legal
workflow solutions, today announced its 2023 Customer Stewardship Report,
detailing significant milestones that its commercial portfolio, which includes
SimpleLegal for Enterprise Legal Management (ELM) and ContractWorks for Contract
Lifecycle Management (CLM), has achieved over the past year. Highlights from
2023 include 103 product releases, a deeper investment in customer experience
initiatives by delivering additional service options, and improved results and
time savings for customers through artificial intelligence and machine learning.
"We're excited about the progress we've made over the past year," said Melanie
Shafer, Senior Vice President, Customer Experience. "Our focus on the customer
experience, coupled with advancements in our products and the application of
artificial intelligence throughout our products, reflects our dedication to
staying at the forefront of innovation and delivering on customer expectations."
Onit's commercial business, focused on servicing the mid-market segment,
continuously invests in growing its product capabilities and services. The
commercial portfolio is well known for its ease of use, scalability, and success
in delivering value quickly - just 95 days to value for customers after
purchase. The following are a few of the highlights from this year's report:
1. Product Innovation – Launched 13 new products and features for its ELM and
CLM products, enabling a more cohesive user experience and improved
workflows. Also delivered 190 customer requests for product enhancements and
expanded the use of artificial intelligence to drive customer efficiency,
like AI-assisted invoice reviews that automatically capture real-world legal
billing errors without a human in the loop, to generative AI applications
that create clauses and simplify legalese in contracts.
2. Customer Engagement – Expanded service offerings such as custom training
options, held 129 product training sessions and 65 office hours, and hosted
32 user groups and Ask Me Anything (AMA) webinars to build cross-customer
collaboration. These actions have helped expand customer knowledge of Onit's
product and service offerings, making it easier to use and gain value,
leading to a 96% average customer satisfaction rating.
3. Investments & Results – Heavy investment in its products and services has
made a big impact on customers:
a. Average of 97 hours saved each month through improved efficiency with new
contract management tools.
b. Approximately 10% savings on legal spend through rigorous billing
guideline enforcement and artificial intelligence.
c. A 70% reduction in time spent on inquiries from law firms due to enhanced
invoice adjustments and rejection workflow.
d. An average of 35 hours saved annually per customer via expanded bulk
action functionality.
e. 95% improvement in time to value when setting up billing guidelines by
making this feature accessible to customers directly.
f. 92% reduction in time spent creating reports by optimizing dashboards,
making data discovery much quicker.
"In 2024, Onit's commercial customers can look forward to additional
investments," stated Mark Weidick, President, Onit Commercial Business. "Our
dedication remains steadfast in creating more significant value across every
phase of the matter, spend, and contract lifecycles."
About Onit
Onit is the leading provider of legal workflow solutions for enterprise legal
management (ELM) and contract lifecycle management (CLM). Onit's comprehensive
product portfolio customizes AI-driven workflows for managing matters, spend,
vendors and contracts. With Onit, companies can evolve the legal department's
role as a business protector and transform it into a business driver that
materially influences the enterprise by improving operational and cost
efficiency while simultaneously contributing to faster revenue generation and
business growth.
The Onit commercial portfolio of products
includes ContractWorks, SecureDocs, SimpleLegal, and ReadySign. Click to learn
more.
SOURCE Onit, Inc.
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