Today, almost all businesses have jumped the bandwagon of improving services with the help of advanced technologies. The same can be said for contract management, which has evolved phenomenally from a back-office activity into a full-blown intelligent contract management process. Managing contracts has become a crucial part of the business that requires better supervision. It has been estimated that by 2022, the global business generated with the help of AI and AI-powered products will exceed $3.9 Trillion. In this article, learn how AI has transformed the system of managing contracts.
Click here to read 5 Key Ways How AI Brings Value to Contract Lifecycle Management
Content authoring is perhaps one of the most important parts in the contract management process. Creating a contract requires the expertise of content specialists, who can draw a legal document, with all the terms and conditions of the company’s contract duly mentioned. Before the advent of AI-powered systems, companies depended upon third party applications in creating contracts, which considerably decreased the operational efficiency of the team. Contract management software, built with the power of AI, simplifies the entire contract authoring process and expedites it by 75%. With smart features that makes contract authoring easy, effective, and improves the productivity of the contract management team.
Transitioning of Legacy Contracts
When adopting a better contract lifecycle management system, the biggest challenge is transitioning the existing contract documents to the high-performing software. The robust enterprise contract management software enables a seamless transition of existing contracts into the application.
Click here to read What is Document and Contract Redlining?
When contracts are of similar nature, the company can save a great deal of time in creating contracts. The intelligent templating feature enables the team to replicate and template important contracts, which can be quickly edited and amended when recreating a similar contract. With the templating feature, the team can save as much as 97% of time in creating a complete contract, i.e, the team can prepare a legal contract in under 5 minutes. Unlike copy and pasting the content for a contract, the templating features gives a head start for the team.
Click here to read What are the Top 5 Challenges Facing the Procurement Department Today
In Depth Analytics
The main reason for creating contracts is to enforce compliance. The terms and conditions of the contract dictates the relationship between the involved parties. Whether its a sales contract or an employee contract, the terms and conditions are required to be honoured by all the involved parties. Furthermore, every contract possesses key deadlines and tasks, which are to be completed duly. The contract management software for sales helps the team to track contract compliance, and gather insights into the contract performance regularly.
The AI-powered contract management software system, expedites the management process throughout the lifecycle of contracts. When amendments are required to be effected, in a conventional situation, it might cause confusions due to clerical errors. The software enables the team to navigate the application effectively and add addendums in under a minute. Even if there are thousands of contracts in the system, the smart technology enhances the processes of negotiation and further amendments.
Click here to read How Do Procurement People Do Contract Management Today
Apart from these, the software possesses several attractive features like simple user interface, improved security protocols, implementation of KPIs, integration with other enterprise applications, an informative dashboard, employee monitoring system and power. The power of AI has transcended the software’s offerings, thereby making it one of the must-have products for a high-level business organization. DocuCollab.is one of the leading software companies that leverages AI in rendering a superior contract management solution. Click here to know more.