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Independent study: three out of four businesses must fundamentally adapt core processes to keep up with the demands of modern contracts

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Independent study: three out of four businesses must fundamentally adapt core processes to keep up with the demands of modern contracts

Conga unveils new insights to help organisations measure and understand the maturity of their contract management strategies

Conga, the leader in digital transformation for commercial operations, today announced new tools and resources from Forrester Consulting to help organisations more effectively create and manage contracts to successfully navigate the risks, obligations and opportunities facing their businesses.

The typical business creates, manages and executes more than 1,100 contracts every year – 78 percent of which are customised. To understand more about how businesses manage the volume and velocity of their contracts, Conga commissioned Forrester Consulting to evaluate organisations’ contract lifecycle management (CLM) approaches, challenges and future plans.

Key findings of the Forrester Consulting study, “Reduce risk and improve your contract velocity with a CLM technology solution,” include:

  • Contracts take more than half a workweek to create and execute: While respondents believe it should take 1.2 days to execute a contract, the study found that businesses spend 2.6 days on average. For nearly one in five businesses, the process takes five or more days
  • Businesses struggle with people, process and politics challenges: Close to half (47 percent) of business leaders point to a lack of visibility across contract creation and management processes; nearly two in five noted their current process requires time from too many employees to complete; and only 13 percent noted their current process supports quick negotiation and creation. The lack of insight into where contracts are developed, who is executing them and when they are executed not only creates bottlenecks, but also exposes businesses to new risks
  • Organisations are investing in next-generation CLM technology:Sixty percent of respondents are interested in implementing AI-enabled wizards to guide users to the right contract templates and clauses, 68 percent are looking to semantic analysis AI to identify issues in contracts and 59 percent are planning to implement bots for voice or IM user interaction
  • Executives are not confident in their organisations’ contracts:On a 10-point scale, from not at all confident (one) to completely confident (ten), the average organisation rated themselves as a six – in terms of being confident that its contracts cover all risks, obligations and opportunities. All leaders, regardless of whether they have implemented CLM or not, expect the technology would benefit their organisation by reducing the risk of their contracts

“Contracts are the glue that binds the business world together – they define who does what, when they do it and how much they do it for,” said Ben Allen, SVP of corporate development, Conga. “And yet even in this digital world, we believe the results of the Forrester Consulting study verifies that too many businesses still rely on outdated ad hoc, manual or homegrown systems to manage their organisations’ agreements. Conga is dedicated to helping our clients digitally transform their contracts – and the processes that surround them – to achieve commercial excellence.”

The second resource available today is the Conga CLM Maturity Assessment. The maturity of an organisation’s CLM strategy explains how effectively their contracts are processed, managed and leveraged. To help organisations measure the maturity of their CLM strategies, Conga introduced the Conga CLM Maturity Assessment, which provides an interactive, online quiz that delivers results in less than two minutes.

Business

Calabrio charts record year-on-year UK growth as demand for cloud technology soars during lockdown

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How cloud technology can help you keep on top of your business finances

Digital transformation acceleration drives cloud contact centre adoption of Calabrio workforce engagement management technology

Calabrio, the workforce engagement management (WEM) company, has seen a strong growth trajectory in the UK during the last 12 months, despite the global pandemic. Achieving 30% year-on-year sales growth, Calabrio International has welcomed more than 150 new customers, with the UK adding a third of those from a wide range of industries including many online challenger businesses. In addition, Calabrio has made strategic new appointments to build its customer support network.

Calabrio charts record year-on-year UK growth as demand for cloud technology soars during lockdown 1

Kris Mckenzie

Kris McKenzie, SVP, Sales, International at Calabrio commented, “Our focus on cloud-first solutions has resonated well with our customers’ need to accelerate their digital transformation and move their contact centres to the cloud in order to maintain business continuity. At a time of uncertainty when consumers need robust support more than ever before, we are witnessing first-hand the cloud transformation of customer services by organisations looking to deliver the next level in customer experience. Modern businesses and contact centres using Calabrio are able to provide exceptional service to their customers through disrupted times.

“Coupled with businesses operating solely online, we have also seen strong demand across the board from more traditional sectors such as finance, insurance, retail, consumer goods, local and central government departments. These organisations require an innovative yet reliable solution to help them manage unprecedented levels in demand.”

When Calabrio surveyed its customers recently[i] 72% of organisations stated they are either moving to the cloud, are already there or plan to increase their investment in cloud technology in 2021. In order to support forward-thinking organisations looking to optimise their investment in cloud contact centre solutions, Calabrio has made two significant appointments.

Niall Gallacher has joined Calabrio as Business Intelligence (BI) strategic consultant and will be instrumental in the design of services that drive value from data and analytics, helping Calabrio customers to solve complex business problems. Before joining Calabrio, Niall spent 6 years with Qlik as Industry Solutions Director. He has 25 years of experience in data, analytics and BI, 15 of which have been with contact centres for leading companies in telecommunications, energy and high-tech industries.

Graeme Gabriel joins as a presales engineer, supporting Calabrio’s workforce engagement suite. He will work with customers to ensure that they achieve maximum benefit from their use of Calabrio solutions, no matter the remote, on-site or hybrid environment. Graeme has international experience encompassing telephony, contact centre, WFM, analytics and customer experience (CX) across a range of sectors, and has held consultancy, advocacy and planning positions at companies including Injixo, Vluent, QPC and AVIOS.

McKenzie concluded, “We welcome both Niall and Graeme to Calabrio, during what has been an incredible year of growth for Calabrio as we supported our customers through these challenging times. This is an exciting and dynamic time for Calabrio as we continue to deliver the value of our all-in-one cloud contact centre suite, including call recording, quality management (QM), WFM, speech analytics and business intelligence suitable for organisations of all shapes and sizes.”

[i] TechValidate survey of 192 users of Calabrio.  Published 29 December 2020.

 

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Business

Thomson Reuters fourth-quarter revenue, adjusted earnings rise

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Thomson Reuters fourth-quarter revenue, adjusted earnings rise 2

NEW YORK (Reuters) – Thomson Reuters Corp reported higher fourth-quarter revenue on Tuesday and said it would start a two-year program that will change it from a holding company to an operating company.

The news and information company, which owns Reuters News, said revenues rose 2% to $1.62 billion, while its operating profit jumped more than 300% to $956 million, reflecting the sale of an investment, a gain from an amendment to pension plan and lower costs.

Its three main divisions, Legal Professionals, Tax & Accounting Professionals and Corporates, all showed higher organic quarterly sales and adjusted profit.

It was not immediately clear if adjusted earnings per share of 54 cents were directly comparable to the 46 cents expected.

Thomson Reuters’ markets are healthy and evolving, making this a good time to transition the company from a content provider to a “content-driven technology company,” Chief Executive Steve Hasker said in a statement.

Workplaces have been transformed by the COVID-19 pandemic and artificial intelligence has a larger role in professional markets, he said.

(Writing by Nick Zieminski in New York, editing by Louise Heavens and Jane Merriman)

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Business

Tesla shares set to skid into the red for the year

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Tesla shares set to skid into the red for the year 3

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

By 1029 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on January 25.

Currently trading at about $657 in pre market transactions, the stock has lost 27% from its peak, which is above the 20% level which technically defines a bear market.

Bitcoin has also swung into a bear market, falling from a peak of $58,354 on February 21 to a low of $45,000 earlier on Tuesday.

A Germany-based trader said he was “taking chips off the table” on Tesla as its 1.5 billion investment in the cryptocurrency could “backfire now”.

Analysts at Barclays noted that there has been a drop of conversations about the electric car makers in the Reddit’s WallStreetBets forum, which could explain some of the loss of appetite for the stock.

“With only 2-3 total submissions on each of the past several days, we remain below the trend in attention that has come along with big returns jumps in the past”, the analysts said in note.

Other analysts have also cautioned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings.

Graphic: Tesla shares selloff after multi-fold gains

Tesla shares set to skid into the red for the year 4

(Reporting by Julien Ponthus and Thyagaraju Adinarayan)

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