There are quite a few contract automation providers and that’s because it is a critical process for business. Automating contract management can bring many benefits such as saving time and resources, increasing efficiency, and reducing errors.
We cover several platforms in the Legal Technology & Innovation Certificate because we want our students to get as much exposure to a variety of tools.
With the number of firms and in-house teams we engage with it is still the number one deliverable across the legal industry, as it helps streamline the contract management process. Not to mention the benefits through increased compliance with legal and regulatory requirements, and make it easier to track and manage contract-related information.
A good contract automation software will not only help with the above but provide greater visibility into the status of contracts, helping businesses make more informed decisions.
Thanks to Robert Lankester Maxime TROUBAT Miklos Zorkoczy for delivering some hands on and interesting workshops for our current cohort. We covered Thomson Reuters Contract Express, HighQ, Avokka, JURIDOC and Contract Genetica Limited.
If you are interested in signing up for the next cohort which begins in March please register your interest HERE
Some of the key benefits of adopting contract automation software for our community to ponder over and contribute to.
– Efficiency: Save time and resources by streamlining the contract automation process and reducing the need for manual tasks.
– Reduced Errors: Automation can reduce the risk of errors that can occur when manually managing contracts.
– Greater Visibility: Contract automation software can provide increased visibility into the status of contracts, helping firms make more informed business decisions.
– Compliance: Automation can contribute to ensuring compliance with legal and regulatory requirements by automating contract review and approval processes.
– Improved Security: Automation can help ensure that sensitive contract-related information is stored and transmitted securely.
– Better collaboration: Automation can facilitate collaboration between internal and external parties by providing a platform for contract management.
– Better tracking: Automation can make it easier to track KPIs, compliance, expiration and renewal dates, and other important information.
– Cost savings: Reducing the need for manual labor and the number of errors, automation can help firms to save money in the long run.
Feel free to add to the list if we’ve missed anything obvious?
Want to get hands on? Sign up for the upcoming cohort of the Legal Technology & Innovation Certificate HERE.
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#legaltech #lawtech #contractmanagement #contractautomation
Thomson Reuters Contract Genetica Limited Avokka LexisNexis JURIDOCHighQ