Onit, Inc. Enterprise Apps

How Does A Contract Management System with AI Improve the Way Lawyers Work? Let’s Look at the Numbers. [Infographic]

Contract lifecycle management systems allow companies to capture, automate and analyze the entire contract lifecycle from initiation through approval, compliance and renewals. It eliminates data silos, automates workflows and reduces the overall time spent – which means it adds to business value.

When you add AI, the value of a contract lifecycle system increases drastically as technology continuously learns and improves to support in-house counsel.

The Pitfalls of Managing Contracts Manually

Many corporations rely on manual (or mostly manual) processes to handle contracts from inception to execution and beyond. Not surprisingly, these methods include cutting and pasting into templates, writing and sending emails, searching for documents and saving to multiple drives. The process is inefficient and poses risks such as a failure to enforce negotiated supplier terms, inadequate delivery to customers, errors and a reactive vs. proactive approach to contract management. These challenges increase drastically considering that the contract process extends across multiple departments, geographies and external participants.

Signs that Your Corporate Legal Department Needs a Contract Management System

How can you tell if you need a contract lifecycle management system? Start by taking a look at your overall contract management methodology. If these problems keep occurring, it’s time to explore new options:

Contract Lifecycle Management Systems Quantified

Businesses that implement a seamless contract lifecycle management process compress their time to revenue, mitigate risks by having fewer contractual exceptions and increase customer satisfaction.

How do the numbers add up? We’ve collected the latest statistics in a new infographic to demonstrate the impact of CLM and AI.

Please include attribution to https://www.onit.com with this graphic.

Onit’s AI-powered CLM solution can change the way your corporate legal department does business. Schedule a demonstration or email us at info@onit.com to learn more.

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