31st January 2020
31st January 2020
By Viraj Chaudhary, Chief Operating Officer at ContractPodAi
Whether they span a sheet or hundreds of pages, thousands of contracts are signed by single companies every year.
Most companies understand that their suppliers are important partners when it comes to driving innovation, increasing quality, and lowering costs. They appreciate the need for strategic relationships marked by shared goals, risks, and rewards. So when negotiations finally begin and contracts are actually written, these same organizations are careful not to undermine the contract in any way. Not to mention the overall partnership between companies.
Because unwieldy contracts can stand in the way of perfect contractual harmony, perhaps it’s high time to consider streamlining contract management, in general.
According to Gartner, more than 30 percent of respondents see the need to simplify and speed up legal work within law departments by the end of 2023. That’s above everything else. Organizations generate a massive amount of contracts every year. It’s plain to see why it’s becoming even more essential to decrease the amount of effort and time spent on producing such documents.
Meanwhile, the market not only continues to trend toward contract automation; rather it is demanding complex, logic-oriented solutions.
The most forward-thinking organizations are already looking to contract automation to improve the efficiency of their legal department teams. And they view contract generation itself, as the first, logical step in the process.
The specific benefits of automated, template-based contract generation are highlighted in a February 2019 Gartner report. “Self-service, templated authoring increases contracting speed and reduces operating cost,” Gartner reported.
ContractPodAi has responded to the growing market demand for complex, yet automated, contracts. It has leveraged artificial intelligence in order to manage advanced logic and calculations. As the award-winning provider of AI-powered contract lifecycle management software, ContractPodAi recently launched Auto-Contract Desk. This leading-edge contract authoring and generation tool helps business users – more quickly and efficiently - create an even higher volume of contracts. Auto-Contract Desk is also offered with ContractPodAi’s full, end-to-end contract capabilities, including analytics and third-party contract review.
In essence, this latest contract generation feature, available on the current ContractPodAi platform, is entirely automated and template-based. It allows Fortune 500 companies to drive contract automation for themselves. And starting at the very beginning with contract generation, ContractPodAi makes certain that AI-driven efficiency exists at every step of the contract lifecycle management process.
“When it comes to contract management, our solutions are focused on achieving greater results with less time and manual effort,” said Sarvarth Misra, co-founder, and CEO of ContractPodAi. “Auto-Contract Desk allows legal teams to move away from time-consuming contract generation in order to focus on strategic work. What’s more, our AI capabilities reduce the time it takes to approve contracts, ultimately driving revenue generation.”
The advantages of automated, template-based contract generation are quickly made clear to end-users. Allowing self-service, templated authoring, Auto-Contract Desk gives organizations the power to increase the speed of a company’s contracting activities while reducing overall operating costs. What’s more, contract teams can more easily access the tools that they need in order to create, produce, and maintain templates for all other departments.
That’s because Auto-Contract Desk allows administrators to create contract templates within Microsoft Word, using one of the most intuitive and widely used interfaces on the market. The new feature can also be used as a microservice. It can be integrated directly into your other day-to-day applications. By using Auto-Contract Desk, users can complete and submit questionnaires linked to templates more simply. Their completed contracts are then generated rather seamlessly and automatically.
The key benefits of Auto-Contract Desk include microservice architecture, simple platform integration, easy-to-build templates, seamless ties to e-signatures, multi-layered nesting, auto-population of client names, the output of complex mathematical expressions, management of complex logic, dynamic questionnaires, and clause library support. That’s on top of streamlined management processes and completely enhanced functionality.
Find out how ContractPodAi’s Auto-Contract Desk makes your contract drafting far more efficient and effective. Download our Auto-Contract Desk Product Sheet today to learn more about the features and functionalities of advanced contract generating. See how Auto-Contract Desk can fit into your contract lifecycle management process. And discover exactly how this new feature can help speed up your legal work while lowering overall operating costs.
More broadly, ContractPodAi’s award-winning contract lifecycle management system enables corporate legal departments to assemble, automate, approve, sign, and manage all of their contracts and documents. And it is completely affordable, intuitive and easy to use. Our platform is built in partnership with some of the most trusted technologies in the industry, including IBM Watson, Microsoft Azure, DocuSign, and Salesforce.
To find out how ContractPodAi is empowering in-house legal teams within large-scale organizations around the world, visit https://ContractPodAi.com.
Chief Operating Officer
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ContractPodAi empowers your team to assemble, send, sign and approve all kinds of contracts – from NDAs to sales contracts – anywhere, anytime and using any device.
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