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Webdox consolidates its contract lifecycle management offering 

Webdox consolidates its contract lifecycle management offering 

ChileColombiaDigital TransformationSoftwareTop Stories

The Chilean company Webdox, an expert in digital contract lifecycle management, will expand its operations to other countries.

Webdox has been operating for over 10 years and quickly expanded from Chile to other countries such as Colombia, Brazil, Mexico, Chile, Ecuador, Peru, Bolivia, Uruguay, Paraguay and Guatemala. In addition, operations will soon reach the US.

What is the reason for such rapid expansion? The offer of specialized contract lifecycle management software, CLMS (Contract Lifecycle Management Software), through a SaaS model.

José Manuel Jiménez, Founder and CEO, Webdox, said: “Our offer is due to an urgent need in the corporate market regarding the management of legal documents. The purpose of Webdox CLM is to digitally connect organizations to achieve fair, efficient and transparent business relationships by facilitating the search, management, creation, and administration of contracts and documents.”

High impact innovation

This natural evolution of contract management significantly improves work environments, particularly for companies with a high volume of customers and contracting processes. By digitizing processes, the risks of errors, costs and time are reduced. In addition, there is generally an improvement in productivity and quality of life for employees along the value chain.

“This benefits the entire organization and even maximizes its effectiveness with its internal and external customers. At Webdox, we understand the importance of monitoring the status and lifecycle of contracts and the impact this has on business productivity since it allows us to achieve better relationships with the different actors of the companies, taking control and traceability of the entire contractual process,” said Jiménez.

“Being such a valuable asset and managing them digitally, the negotiation, signing and monitoring processes of contracts are streamlined, achieving faster and more transparent negotiations between the parties. In addition, by having full visibility of the content of a contract in an orderly manner and with easy access, it clarifies the commitments and obligations of each party, thus minimizing failures and possible resource losses.”

A Webdox study on an overview of contract management made in 2022 presented some relevant data from specialized entities to understand the impact of digitization and automation of contracting processes.

These include a 30% reduction in costs, an increase of at least 60% in operational efficiency, particularly in the legal area, so that lawyers can spend more time on valuable activities, and a reduction of at least 30 days in the production and approval of contracts. In addition, contract automation speeds up negotiation cycles by up to 85% and erroneous payments by 75% to 90%.

Expanding business

Benjamín Amenábar, Chief Revenue Officer (CRO), Webdox, explained the business plan for the medium term, which starts with solutions that help to improve the offer before the many ways of managing contracts both regionally and globally.

“Our roadmap for 2022 includes the launch of a series of improvements and new functionalities in our CLM, including new automation of contract processes, dozens of integrations with sales systems, purchases, data intelligence systems and electronic signatures, new tools to facilitate negotiation, monitoring, automation and contractual administration. Therefore, all types of Colombian companies can achieve better contracts. That is to say, more efficient, fair and transparent,” said Amenábar.

Lastly, Webdox plans to continue its expansion, achieving better market penetration in the next four years. Its purpose is to become a ‘unicorn startup’ reaching a value of one billion dollars. Likewise, the plan is to take Webdox worldwide and become a world leader in contract lifecycle management.

“In 2021, we grew 80%. It is a consequence of managing more than 3 million contracts for approximately 300 customers in 12 countries. This year we plan to grow very strongly in the region, with expectations of 200%. This projection is leveraged very markedly by the recent Series A investment round of US$7.3 million,” said Amenábar.

About Webdox

Webdox is a SaaS CLM focused on large and medium companies in LATAM and the US. The company automates and optimizes the entire contract lifecycle, streamlining the workflow through different features such as requests, drafting, workflows, e-signature, repository and reports. The company was created in 2012 and has over 120 clients in nine Latin American countries.

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