Resource Type: White Paper

ReviewAI: Improving Productivity and Efficiency with Contract Review and Drafting

Posted on August 13, 2020 by -

Abstract network graphic with interconnected lines and circles, symbolizing legal operations and management solutions relevant to Onit's resources for Contract Lifecycle Management and Enterprise Legal Management.

How efficient is your contract management process? You may be surprised. Reviewing and drafting contracts take up to 70% of an in-house legal department’s time. It’s labor-intensive work when handled manually, often relying on multiple systems, document formats, and reviewers. However, the results can be drastic when artificial intelligence and automation are applied. For example:

  • New users are 34% more efficient with their time and 51.5% more productive
  • Senior lawyers may reallocate 15% of his time from contract work and team management to higher-value activities
  • Cost reductions of 33% related to contract processing

This white paper examines the impact of artificial intelligence (AI) and automation on the entire contract management lifecycle and how lawyers can dramatically streamline many intelligent activities typical of contract work, such as redlining, comparing clauses to corporate standards, and ensuring that fine details comply with corporate policy.

Why Contract Lifecycle Management Technology is Critical for the Modern Business

Posted on December 3, 2019 by -

Group of professionals collaborating around a laptop in a modern office setting, emphasizing teamwork and legal operations solutions.

The demand for contract lifecycle management (CLM) solutions is rising across enterprises in the legal, public, healthcare, manufacturing, and financial services sectors. This growth comes as no surprise considering the tremendous value CLM solutions offer. According to the Association of Corporate Counsel (ACC), contract management tools can dramatically shorten cycle times; in billion-dollar companies, legal departments that employ contract management technology reduce their average contract cycle time by 33% (from 30 days to 20 days).

Read this white paper to better understand:

  • The drivers behind the growth in demand for contract lifecycle management solutions
  • The primary sources of business value from contract lifecycle management software
  • What to look for in a contract lifecycle management solution to maximize value

CLM x DMS: Supercharging Legal Departments

Posted on August 17, 2018 by -

Business professional focused on computer screen, exploring CLM and DMS solutions for legal departments, featuring Onit and NetDocuments branding.

When a powerful contract lifecycle management (CLM) tool is combined with a state-of-the-art legal document management platform, the whole becomes greater than the sum of its parts. Successful contract management is about more than just making life easier for Legal; it should also provide positive impact for all stakeholders in the contract management process – and as Legal becomes an even stronger player in the organization, it can drive even better results for the business through the combination of CLM and document management systems (DMS)

Transforming Legal Operations

Posted on June 19, 2018 by -

Abstract motion blur of city lights and train tracks, representing speed and efficiency in legal operations and management solutions by Onit.

Technology has increasingly played a prominent role in how Legal achieves its objectives. Well-chosen technology solutions now drive efficiencies and control costs in the legal department — and legal operations managers who understand this are taking action.

But there’s more light at the end of the tunnel: when technology solution providers align with CLOC’s core competencies, the legal department’s success already has a running head start. This white paper highlights the transformation of legal operations and covers:

  • CLOC’s 12 core competencies of legal operations
  • Market trends and the future of the industry
  • How technology is driving change
  • Onit’s strategic alignment with CLOC
  • How an innovative platform helps customers holistically solve their legal department needs