New York-based Ecteon focuses on the much-needed industry-specific high-touch contract management deployments which comprehensively address company-specific business requirements without having to fit into cookie-cutter models. Thriving on their experience across multiple industries for more than three decades, Ecteon leads the market with Contraxx—the optimum solution to complex contract management.
Contraxx is a frontrunner with its depth of functionality found only in a handful of contract management companies. This requires not only a strong development team but also a deep expertise in the subject matter. “Being a pioneer in the contract management space, we draw on that know-how and our customer base to extract those nuances and add extra layers of features,” says Lonnie Blackwood, chief technology officer of Ecteon.
Ecteon recognizes the value of integrating new systems, like Contraxx, into an existing enterprise software infrastructure. Ecteon works to be as flexible as possible by staying focused on contract management core functionality and then integrate with other related systems through robust API technology. “If you have a Salesforce on the sales side, SAP on the procurement side, and SharePoint somewhere in the middle, we can talk to all of them. We’re technology-agnostic in that respect,” states Blackwood.
In highly audited industries like healthcare, Blackwood lays emphasis on security and improved visibility that is a critical concern for CEOs. Ecteon simplifies the process of creating and monitoring language terms of a complicated agreement, cutting down the contracts’ creation time without overburdening the involved person or entities. “You have the best of both worlds. A faster process, which is more compliant,” extols Blackwood. Ecteon’s premium security infrastructure gives CEOs the comfort level and assurance that they need to go the SaaS route.
Being a pioneer in the contract management space, we draw on that know-how and our customer base to extract those nuances and add extra layers of features
The typical customer who Ecteon provides the most value to is one whose business success depends upon regulatory compliance requirements. An Ecteon client, Anthem, focuses on proactiveness in automating their playbooks and document generation enabling them to expeditiously expand their Blue Cross/Blue Shield business to more than two dozen states.
Prior to Ecteon’s Contraxx solution, Anthem had thousands of combinations of different provisions applicable only in certain states and contract types, requiring complex, changing workflows and an extensive administrative staff at their location in Ohio. Ecteon implemented their Contraxx solution allowing Anthem to dramatically increase contracting throughput while maintaining current staffing levels.
Ecteon’s success has always been driven by their ability to translate their customer feedback into new product enhancements while also keeping the ear to the ground on current technology. AI-enabled features is Ecteon’s focus for the coming year. They want to provide a more comprehensive performance analytics dashboard and provide further process automation with natural language processing (NLP) to better extract meaning from unstructured contract documents.
Ecteon will soon release a language extraction tool that will save an attorney a lot of time as they try to analyze a third-party-draft contract and organize their negotiation strategy. Expansions to their Supplier Portal are also in the works, allowing suppliers to interact with Ecteon’s clients in a qualification process. With feature-packed solutions enabling clients to optimize their contract management systems throughout their entire lifecycle, Ecteon is a tough act to follow.