Welcome – all of you wonderful contract dorks - to the thrilling new world of contract summary software! Most people would not put “thrilling” and “contract summary” next to one another, but that is simply because they are not legal experts who know just how fun contracts can be!
We're about to explore the groundbreaking utility that will restructure the way you manage contracts in your organization. After all, who doesn't love saving time, reducing contract risk, and improving the efficiency of contract processes? Let’s provide you with some benefits of contract summary software and five tips to help your legal team succeed.
The Time-Saver: Contract Summary Software
Picture this: you're at your desk, sipping your cold brew or your iced latte or whatever people drink these days.
You are scrolling through a never-ending pile of contracts that need reviewing. This contract review process is tedious; manually reading endless clauses and sections and providing redlines seems like it is taking forever. Time seems to slip away as you try to stay on top of every detail.
Enter automated contract summary software – your legal team’s new best friend.
Contract summary software systems are designed to streamline the entire contract lifecycle, from drafting and negotiation to execution and renewal. The cherry on top? They are estimated to reduce the degree of manual effort required for contract review by 50 percent by 2024 (White, 2021) [1]. That's right – no more tedious, time-consuming processes to review contracts!
In order to help you grab the reigns and steer the contract management horse toward greener pastures, let’s review some of the top contract summary software features that general counsel, corporate counsel, paralegals, lawyers, and other legal professionals continue to rave about in the new age of legal operations digital transformation.
5 Key Contract Summary Features for Smooth Sailing
- AI-Powered Contract Analysis Unleash the power of AI technology with machine learning to extract essential contract data, map potential risk via an engaging risk assessment matrix, leverage contract analytics to see how contracts are performing and how your team is utilizing risk tools available, and provide actionable insights.
Your very own personal contract analyst! Additionally, experts predict that - by 2026 - organizations that develop trustworthy, purpose-driven artificial intelligence will see over 75% of AI innovations succeed, compared to 40% among those that don’t develop strategic AI processes (Goasduff, 2022) [2]. Using natural language processing and fuzzy logic matching, you can make the most of contract data, clauses, and legal phrases and terms.
- Notifications and Reminders Never miss a deadline again! Contract summary software systems offer configurable notifications via in-system alerts, email alerts, and more. This friendly functionality helps you stay on track with tasks, obligations, renewals, and crucial contract milestones.
- Centralized Repository and Easy Search Keep all your contracts in one place and quickly find the information you need. Say goodbye to the days of sifting through endless folders and documents! Quickly name, categorize, and store contracts with the ability to leverage filters to drill-down search down to the field level.
- Automated Workflows Automate and streamline your contract approval process with highly configurable workflows assigned to various users – which include workflow task escalation for tasks not being completed on time. Cut contract lifecycle time by reducing bottlenecks and promoting accountability.
- Seamless Integration Make the most of tools you already use. Contract summary software easily integrates and connects with your existing systems - like CRMs, ERPs, contract financials tools, and word processing tools - providing a seamless and smooth experience. One happy software family!
Key Takeaway
Now that you have learned some of the ways contract summary software can help your legal team, you can take the steps needed to implement contract summary software that answers the question: How can my legal team streamline legal ops for the future?
Embrace the Future of Contract Summary & Management
It's time to step into the future of legal operations and make your contract management process easy and engaging with contract summary software systems. Armed with AI-powered contract lifecycle management, automated workflows, a central and searchable repository, and more, you'll have the tools you need to navigate the world of contract management with ease.
So, go ahead, digitally transform your contract management and join the ranks of businesses who've reclaimed loads of time wasted on manual tasks. You can rest assured; your legal team will probably thank you!
[1] White, A. (2021, January 10). Our Top Data and Analytics Predicts for 2021 Gartner.
[2] Goasduff, L. (2022, April 05). 12 Data and Analytics Trends to Keep on Your Radar Gartner.
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.
