14th April 2020
14th April 2020
By Viraj Chaudhary, Chief Operating Officer at ContractPodAi
On average, it takes 92 minutes for contract review, according to The American Lawyer. And companies have to deal with numerous contracts on a daily basis.
With an automatic contract generator, however, contract review does not feel like an extremely time-consuming and tedious task. Automated contract generation, instead, makes the process of creating and managing contracts - and related documents - far more easy and less stressful.
This blog highlights how automatic contract generation can address the pain points above within your own company and legal team.
Using contract generation tools prevents the need to draft contracts entirely from scratch. Instead, it allows you to create contract templates with trusted technologies integrated into the software, such as Microsoft Azure and Salesforce. A contract generation tool will increase the speed of your company’s regular contracting activities, lead to higher volumes of contracts at any given time, and reduce operating costs. And with the process of entering information so significantly improved on the front end, contract analysis is made much quicker and more reliable.
As a result, corporate counsels and entire legal teams have every opportunity to work more efficiently and effectively.
An automated contract generator - or any kind of automation tool - makes everyday work lives easier for corporate counsels and legal teams. The main features to look for in a tool like this are easy-to-build templates and simple platform integration. But other key benefits are microservice architecture, document comparison, e-signature tools with multi-layered nesting, auto-population of client names, output of complex mathematical expressions, and even clause library support.
The bottom line is that a contract generation tool is simple, yet effective. With it, legal teams will discover that their everyday tasks are easier than ever before. And they will suddenly find more time for those strategic tasks that have been piling up.
Let’s face it, contract review - characterized by a number of paper documents - makes for a lengthy workday. But that kind of manual labor can be decreased with a digital platform, such as a contract lifecycle management (CLM) system. A proper CLM system allows lawyers to focus on other tasks that they had to hold off on while spending copious amounts of time on paper contracting.
So pick a system that offers complete lifecycle management, full end-to-end capabilities, and third-party contract review.
In a previous blog post and press release, ContractPodAi announced our newest feature: Auto-Contract Desk. We explained its capabilities and all of the positive changes it can make to your contract management process. For a more in-depth explanation of what this latest feature can do for you, read our blog.
Of course, there is still the question of how Auto-Contract Desk can benefit your business. Firstly, ContractPodAi’s newest feature addresses all of those pain points that legal teams experience every single day when drafting contracts. That is because Auto-Contract Desk takes care of contract generation for you, as it is entirely automated and template-based. This allows companies to drive automatic contract generation, reducing manual effort and increasing overall efficiency. And the best part is that artificial intelligence (AI) - in the form of IBM Watson - is integrated into relevant steps of your contract management process.
For more information on Auto-Contract Desk or to request a demo, contact ContractPodAi today. We would love to discuss our favorite topic – contract management – and help you with your own contract management process and legal digital transformation.
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ContractPodAi empowers your team to assemble, send, sign and approve all kinds of contracts – from NDAs to sales contracts – anywhere, anytime and using any device.
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