As agile working has become the norm for many legal departments, so has the need to automate contract creation. Drafting contracts with NO overview over who is doing what, when, how and where can result in an act of “the blind leading the blind”.
In organisations where contracts and legal documents are created manually, legal departments often find themselves having to painstakingly review copy versions of old contracts sent by other departments resulting in time and financial losses. What’s more, it will be on the legal department to make multiple changes to ensure contracts are up-to-date and compliant. It is simple. With manual processes, mistakes are bound to happen, leaving the company exposed to unmitigated risks.
An effective document automation tool significantly reduces effort and risk associated with manually drafting contracts and legal documents.
Did you know that implementing automation can reduce administrative costs associated with contracts by 25%-30% and cut contracting cycles by 50%!?
You can create and maintain a library of Word-based templates for contracts and colleagues in other departments can select a template for the type of contract they need to create. The template includes your approved standard language and clauses, and the department simply “fills in the blanks” using a simple, dialogue-driven questionnaire. You can eliminate repetitive tasks and deliver drafts quicker. Any deviations can be discussed and, if necessary, you can adjust the Word-based contract template or the underlying business logic for the future.
By standardising contract language, clauses and design in the templates that you approve for use, you ensure compliance across contracts used by the business. Any updates you make are automatically shared with users. As a result, new laws, policies or regulations are incorporated immediately, reducing your risk and avoid economic losses.
A contract automation tool that is user-friendly and based on Microsoft Word can give you all the benefits without the hassle because it requires no additional programming knowledge or expensive training and users can continue using the same tools they use today with no interruption.
A document creation tool for the content you manage, that can be used by colleagues across the entire organisation, can empower the business to self-serve and streamline approval workflows, while you stay in control.