Conga Contracts is a comprehensive Contract Lifecycle Management (CLM) solution designed to streamline, automate, and standardize the entire contracting process, enhancing efficiency, compliance, and risk management across various departments.
Key Functions
Contract Creation and Automation
Conga Contracts enables the automation and standardization of contract creation using pre-approved templates and a clause library. This allows sales and procurement teams to generate contracts independently, reducing the need for legal intervention in low-risk contracts. The system integrates with CRM and procure-to-pay systems to populate company details, ensuring accuracy and compliance.Centralized Contract Repository
The platform provides a secure, centralized repository to store all contracts and related documents. This single location offers easy access and visibility to all stakeholders, facilitating quick information retrieval through advanced search functionality.Workflow and Negotiation
Conga Contracts streamlines approval and signature workflows using AI-driven contract review, approval, and signature processes. Customizable workflows can be set up to match specific business needs, ensuring contracts move smoothly from creation to execution. The system also includes a negotiation portal and features like the “True-Up All” function, which allows for the acceptance of all changes with a single click, synchronizing the system of record.Risk Management and Compliance
The platform utilizes AI and machine learning to analyze contracts for potential risks, flagging areas that need attention and suggesting risk remediation and redlines. It also monitors performance, compliance, and deadlines, identifying potential risks such as missed obligations or non-compliance early on. Custom and out-of-the-box reporting and analytics help track obligations, compliance, cycle time, and contract volume.Supplier Management
Conga Contracts includes robust supplier management features, allowing for the organization of contracts under project profiles with specific workflows, tasks, and documents. Suppliers can self-register their information and fill out documents, reducing data entry. The system also provides supplier scorecards for clear visibility and strategic decision-making.Integration and Automation
The platform integrates seamlessly with various systems, including any CRM (such as Salesforce), ERP, and procure-to-pay systems. This integration allows users to manage the entire contract lifecycle without leaving their preferred tools, enhancing productivity and efficiency.AI-Powered Insights
Conga Contracts leverages AI to summarize contracts, provide answers to critical business questions, and anticipate customer and supplier obligations. This AI Copilot feature helps teams make faster, more informed decisions and ensures that renewals and autorenewals are managed efficiently.Benefits
- Speed and Efficiency: Reduces contract cycle times by up to 75% through automation and standardization.
- Compliance: Ensures consistency and compliance by using pre-approved templates and automated workflows.
- Risk Mitigation: Identifies and flags potential risks using AI-driven analysis.
- Visibility and Access: Provides a centralized repository with advanced search functionality for easy access to contracts.
- Integration: Works seamlessly with existing systems, including CRM, ERP, and procure-to-pay systems.
- Decision Support: Offers strategic insights through AI-powered analytics and reporting.