Streamline contract workflows with a solution that learns over time to automatically search, comprehend provisions and clauses, evaluate risks, and help teams close deals. It also ensures compliance, minimizes revenue leakage, and empowers resources to realize entitlements, commitments, and SLAs.
Maximize your company’s performance by transforming contracts into structured, connected, and on-demand data. Let’s see the benefits of implementing contract intelligence in your organization.
Table of Contents
Increased Efficiency
Contract intelligence automates tedious tasks to free up talent’s time so they can focus on higher-value work. It also lets you review contracts more quickly, streamline negotiations, and gain visibility into your contractual obligations, including risk management.
ML-powered contract analysis handles structural complexity, including complex language and legalese. This can be particularly valuable for complex contracts like customer, supplier, and indemnity agreements.
However, choosing a contract intelligence tool that adapts to your unique processes and workflows and seamlessly integrates with other leading business platforms is important. This ensures your team can use the platform effectively while ensuring the right teams have access to the right information. A centralized repository makes it easy to find contract data quickly, and the intelligent search capabilities make finding relevant information even easier.
Enhanced Compliance
Contract intelligence allows teams to monitor contract milestones like payments, delivery schedules, and license renewals. This ensures compliance and helps mitigate risk by flagging any violations.
Similarly, by reviewing contractual data, AI-powered solutions can identify potential contract risks in advance. This way, teams can take corrective actions quickly and avoid regulatory penalties.
Besides this, automated processes and ML tools in contract intelligence enable the system to track critical contract terms and automatically trigger renewals, ensuring timely and compliant payments. This can help companies avoid financial penalties due to late invoices and payments. It can also reduce costs by enabling teams to negotiate better contracts with vendors and streamline compliance goals through indexing critical contract terms. This can help companies recognize revenue faster and improve performance.
Reduced Costs
Using contract intelligence, legal teams can reclaim valuable time from mundane tasks so they can focus on their specialized duties. This means a business can avoid costly mistakes like missed contract deadlines, unintentional overspending, or exposing the company to sensitive information risks.
ML-powered contract software is “trained” to understand contracts and recognize key terms and provisions based on the industry’s best practices. This provides instant insights without tying up legal talent with manual review.
With intelligent CLM tools, teams can also speed up contract creation and review, compliance reviews, and other operational processes by sharing data bi-directionally across business systems. This leads to faster onboarding, quicker responses, and more seamless collaboration with internal departments and customers. It also allows organizations to realize the full intent of each agreement and improve strategic outcomes.
Improved Decision-Making
As businesses grow, keeping track of every agreement becomes an immense challenge. With contract intelligence, teams can add resources or avoid losing control of agreements and opening themselves up to liability risks.
Luckily, contract intelligence automates and streamlines the entire process, so teams can manage larger volumes more efficiently. With automated alerts, advanced dashboards, and extensive audit trails, users can monitor every agreement without overtaxing their team.
Beyond saving time, contract intelligence improves performance by ensuring your organization realizes each entitlement and tracks obligations between all parties. You’ll be able to close deals faster, save on legal fees, and keep your suppliers happy while avoiding leakage. All this translates to a significant ROI for your business. Moreover, intelligent contract management also helps your teams make better decisions with actionable insights that can help them do their jobs more effectively.
Increased Productivity
Using an AI-powered contract management solution, you can do what might take a team of associates a week in seconds. This frees up valuable human capital to focus on other important tasks.
The ML tools within contract intelligence automatically scan contracts and highlight important data points. This significantly speeds up the review procedure and minimizes errors. This saves time and reduces the risk of costly disputes and compliance violations.
Whether you’re looking to realize revenue faster, improve performance, reduce costs, or ensure your company stays compliant, intelligent contract management can help. Get in touch with the experts at Icertis to learn how you can transform your business today.
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