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, when artificial intelligence and automation are applied, the results can be drastic. For example:
- New users are 34% more efficient with their time and 51.5% more productive
- A senior lawyer reallocated 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 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.
Ready to learn more? Download our white paper today.