By some estimates, contract processing time can take up to 70% or more of an in-house counsel’s work hours. The often manual and collaborative process – if not properly managed – can lead to complications such as failure to enforce negotiated supplier terms, regulatory breaches, inadequate delivery to customers, revenue leakage and more if not properly managed.
That’s where Contract Lifecycle Management (CLM) comes in. Contract automation tools with legal AI can streamline all phases of the contract lifecycle from capture and creation, through negotiations and approvals, to execution and post-execution management, often resulting in an average of 9% average cost savings and reducing the average sales cycle by 24%. It also offers a single source of truth for all contracts, whether buy-side, sell-side or corporate contracts.
Now, Onit is pleased to announce that contract processing times are shrinking even more, thanks to our enhanced integration between Contract Lifecycle Management and ReviewAI, which uses legal AI on legal contracts to review and redline documents in two minutes or less. The integration combines the power of contract automation and AI-based contract management into one tool that accelerates contracts at management phases. Plus, it ensures that corporate legal departments have everything in one CLM workflow.
Legal AI for Contract Automation and Lifecycle Management
With the newly enhanced, seamless integration, business users can submit contracts to corporate legal via an online intake form. ReviewAI handles the first-pass review, noting recommendations and offering a contract risk assessment – freeing corporate counsel from a highly manual process. In fact, when paired with Onit Contract Lifecycle Management, legal AI from Review AI increases productivity by 50% or more.
Onit’s Ongoing Commitment to AI
The robust integration of Onit CLM and ReviewAI is one of many AI product innovations. In November, we launched our AI Center of Excellence, the AI-powered business intelligence platform Precedent and ReviewAI. In May, we’ll release InvoiceAI, an AI-assisted invoice review for legal spend and enterprise legal management. Between now and then, you can also expect more AI and product announcements.
Reduce Contract Processing Time Now. Here’s How.
Deploy contract automation tools and leverage the power of legal AI to improve your contract lifecycle management. Free up legal counsel from a manual, time-intensive legal contract management process. Find out how you can use automated contract analysis tools and risk assessments with legal AI contract automation tools.
To learn more about contract lifecycle management, ReviewAI and Precedent, reach out to your account manager or schedule a demonstration here.