Technology has revolutionized businesses across sectors and made them efficient and intelligent. The legal industry is no exception. Be it digitizing case laws, ease of research, or manage contracts, technology upgrades have helped lawyers be up to speed with every change or amendment to any contract or statutory regulation. One such critical software system used in almost all the in-house Legal Departments is one for Contract Lifecycle Management.
Let us take a quick look at how traditional contract management has evolved with the advent of technology:
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Modernized contract management tools save time vis-a-vis traditional contract management
- Automation of electronic contracts reduces the chances of typographical errors and allows one to track manipulations easily
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Reduced manual time and efforts, cost of materials such as paper, printing, etc. with the help of electronic contracts
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Data management tools have eased the process of tracking and finding data
CLM software endows all agreements and contracts through one streamlined system to have clear visibility on the entire process while ensuring compliance. The CLM automation software also helps reduce errors during the agreement review and reduces spending unnecessary time correcting mistakes. It helps streamline the management of each contract and helps legal operations increase revenue by maintaining error-free volumes of contracts without any human intervention.
Implementation of CLM moves all contracts from paper towards digital storage, which saves a lot of time for legal department operations. It minimizes the risk of physical destruction or theft of the contract. CLM software can perform functions such as flagging problematic clauses and terms and automatically tagging agreements for speed review and process.
As cyber-attacks become more prevalent, the legal department needs multiple security layers to preserve the integrity of contracts. These risks can be mitigated by using Contract Management Software to maintain accuracy and guarantee the documents’ security.
Some benefits of using CLM tools:
• Maintain accurate contracts history
• Alarms, to never miss a renewal date
• Keep a note of audit dates
• Payment alerts
• Data security measures and compliance
CLM software simplifies the review, approval, and management of contracts in one easy tool. Implementation of CLM helps you put a full stop to the ever-ongoing search in your inbox or folders for the latest version of contracts or agreements. A CLM is crucial in assisting your legal department with contract updates, reporting, configuring notifications, and other tasks.
ValueLabs performed Contract abstraction and delivered Contract summarization using ValueLabs’ proprietary solution “Cognitive Extractor” to a globally reputed financial institution, which is active primarily in banking and global commerce services. The Cognitive extractor used in rendering services to our Customer helped to:
• Reduce manual work
• Ensure compliance and due diligence
• Reduce complexity
So, what are you waiting for? Talk to our experts today and implement CLM in your business now!