Onit Delivers the Next Generation of Its Platform and AI-Based Portfolio: OnitX and Onit Catalyst

Global News

20
Mar
2023

Editor

Onit, the leading provider of legal workflow solutions, including enterprise legal management (ELM) and contract lifecycle management (CLM), today announced OnitX, the next generation of its configurable platform for automating complex legal workflows, and Onit Catalyst, a family of AI-enabled products purpose-built to transform ELM and CLM.

OnitX evolves and expands capabilities from the company’s original Apptitude platform, optimizing customer workflows across their legal operations spectrum — from managing spend and matters to contract lifecycles and risk. Onit Catalyst provides legal teams with insights at the point of need, enabling them to swiftly make better data-driven legal and contracting decisions and proactively manage their law firm business relationships.

The release and integration of OnitX and Onit Catalyst are purposefully timed. As enterprises operate in uncertain economic times, both help corporate legal departments optimize their operations by addressing three rising challenges: increasing volume and complexity of matters, unclear ROI and changing dynamics between Legal and internal clients.

According to HBR Consulting, in-house legal teams anticipate an 84% increase in demand in the coming year. In addition, new data from Onit’s 2023 Enterprise Legal Reputation (ELR) Report reveals a decline in the quality of interactions that Legal has with various departments, particularly with revenue-impacting functions. A year-over-year comparison shows a 30% and 27% drop in the quality of Legal’s interactions with Sales and Marketing, respectively.

OnitX and Onit Catalyst support customers to improve internal client experience, optimize spend and increase the efficiency of legal operations at a time when executive teams are searching for new ways to drive growth and EBITDA.

New Integrations and Product Developments Increase Value for ELM and CLM Customers

OnitX gives large, global enterprises flexibility in running its legal operations with a business-critical platform that is configurable, automated, smart and extensible. The OnitX platform seamlessly integrates with Onit Catalyst, a family of AI-enabled products from several recent strategic acquisitions — including Onit’s Precedent and Bodhala — to form ELM and CLM solutions that provide insights at the point of decision.

Several key product developments for the OnitX platform and Onit Catalyst will be demonstrated at Legalweek New York 2020:

• Benchmarking for smarter spend management: OnitX Spend Management’s integration with Onit Catalystenables legal operations teams to make better timekeeper rate approval decisions faster by using external benchmarks versus conducting a time-consuming and expensive separate analysis.
• A complete European ELM solution: OnitX Matter Management’s integration with Onit BusyLamp provides European corporate legal departments with flexible and configurable means to manage legal matter workflows, including outside counsel spend using BusyLamp capabilities designed to address specific European currency, regulatory and tax requirements.
• Smarter contract lifecycle management: Onit Catalyst Contract Review and Catalyst Contract Extraction help streamline the contract lifecycle pre- and post-signature processes by using AI to review contracts and extract essential data — such as key terms and obligations, dates and other relevant information — to quickly identify contract risks and opportunities.
• Seamless litigation compliance: OnitX Legal Holds Management streamlines litigation compliance management and reduces the risks associated with pending litigation.
• Visual forms builder: Build custom applications powered by the OnitX workflow engine to address simple legal-related requests like invention disclosures, trademark or logo usage and data breach incident reporting.
• Application and data integrations: OnitX leverages scalable technology from Workato, an industry-leading iPaSS technology provider, to integrate with applications such as Salesforce, SAP Ariba and Microsoft 365 so users can work in their preferred tools while data flows into other critical business systems that support revenue and operating expense management.

“Onit’s mission is to elevate Legal’s stature within the enterprise by automating business-critical workflows that drive material impact,” said Scott Wallingford, President of Onit’s Enterprise Business. “With the next generation of our platform in OnitX and key product updates from Onit Catalyst, customers can optimize legal workflows across their entire enterprise — from ELM functions like matter and spend management to CLM functions like contract management and review. Macroeconomic pressure influences enterprise functions to show value in new and visible ways, and we’re partnering with our customers to do just that. Legal’s moment of impact is now.”

Learn more about OnitX on March 20 – 23 at Legalweek New York 2023, where the company is offering live demonstrations of all its ELM and CLM solutions.