5th April 2019
5th April 2019
Contracts are the lifeblood of any corporate legal department. While contract management is an unquestionably crucial task, it has also historically been a time-consuming one. Through advances in technology, legal departments have been able to streamline the various tasks that go into contract lifecycle management, but these helpful advancements have been spread across a host of disconnected legal tools, impeding efficiency and collaboration.
Until now. Enter ContractPodAi, a complete end-to-end contract lifecycle management platform that combines all the contract tools you need into one convenient place. With ContractPodAi, you can generate contracts, run reports on your existing contracts, and use AI to review third-party documents, all in one place. Better yet, you can significantly reduce your sales cycle in the process.
ContractPodAi is a cloud-based contract lifecycle management platform that takes all the contract processes and procedures your legal department currently uses and combines them into a single platform that you can use for every task. Like many contract management tools on the market ContractPodAi includes document automation, but as an end-to-end solution it offers so much more than just contract generation.
Your ContractPodAi dashboard is your gateway to a robust repository of intelligent business insights. Legal departments are sitting on a vast universe of data that’s embedded in their contracts, they just lack an effective way to extract it and interpret it in meaningful ways in order to positively impact the business as a whole. That’s where ContractPodAi comes in.
The platform’s graphs give your legal team key insights in a visually appealing way. For example, the Contract Type vs. Contract Status graph allows you to see all the different contracts housed in your system, broken down by contract type. Within each type, you can see status information, such as how many are still in the negotiation phase, how many are awaiting signature, and how many are active, among other things. This allows you to see where you might have bottlenecks in your workflows and helps you identify any productivity issues.
ContractPodAi gets its data from both contracts that are generated through the platform and contracts that you’ve uploaded from elsewhere (which is simple to do as soon as you start using ContractPodAi). The platform also fully integrates with your document management and other systems, so you can easily export any documents that you create in ContractPodAi.
ContractPodAi also offers impressive insights on the individual contract level. If a given contract is related to other contracts in the system, they’ll be visually linked in a convenient flowchart.
The system makes the usually complex task of sorting through interrelated agreements a breeze. For a given contract, you can also see prior versions, add relevant external files to the contract record, and communicate with both your internal team and your external contracting party through a secure communication portal. This eliminates the need for ongoing back-and-forth over email and serves as a single source of truth if there’s ever a dispute about the contract down the road.
The reporting options don’t stop there — ContractPodAi’s robust reporting function helps you keep track of your important dates and key legal obligations so you’re always aware of your risk and nothing slips through the cracks. The Key Obligations Analysis allows you to compare all your legal obligations across all your contracts and extract important dates, even setting up reminders for things like expiration dates and upcoming renewals.
None of this information needs to be input manually — AI does the work for you, extracting the information and autopopulating it. Comparing all of your key legal obligations across contract types, certain customers, or certain suppliers is the best way to assess where your risk lies and decide what controls your department needs to place on the rest of the business to minimize that risk.
While other products may offer a combination of contract generation and reporting, few also include the ability to review third-party contracts within the same tool. ContractPodAi combines all three capabilities into a single touch-point platform.
Simply upload a document into ContractPodAi and the system’s powerful AI tools will extract all its critical data and automate workflows for you. Using IBM Watson, arguably the most powerful AI on the market, ContractPodAi will scan your document and check all its clauses against clauses that you have deemed acceptable within your organization, flagging any deviations and triggering workflow approvals for appropriate parties.
For example, if a particular clause has non-standard language, the contract is over a certain dollar amount, or the agreement relates to a particular geographic area, the system can be set up to alert specific parties in finance or legal for further review.
IBM Watson also has the ability to recognize unstructured data, which significantly boosts your document analysis powers. If you’re focused on liability, for example, the system will not only look for clauses that use the word liability, but will understand when a provision might affect or be related to liability even if it doesn’t use that word. The system then presents a list of all possible clauses that might be relevant to your analysis.
The platform is also capable of presenting graphical information from your contract repository on nearly any factor, including revenue broken down month-by-month or geographically, on both the customer and supplier sides.
It’s hard to think of a better way to empower your GC to quickly deliver answers to the C-Suite and allow your legal department to function more efficiently as a business.
Through its end-to-end contract lifecycle management, ContractPodAi helps legal departments reduce the sales cycle by 2.5 weeks on average. The all-in-one tool reduces the time needed for contract authoring and review and fully integrates with DocuSign. An initial request form includes a checklist that won’t allow a business user to submit a request unless they’ve supplied all the necessary information, eliminating the usual email back-and-forth between legal and the business side. And because it creates a full audit trail, you can better understand your net sales cycle and use that intel to make informed decisions about how to shorten it even further.
Better yet, it all comes with a price tag that can’t be beat. ContractPodAi’s pricing model includes a software license, hosting on Microsoft Azure, and a DocuSign license. On top of all that, unlike competitor products, software implementation is also included (which can easily run thousands of dollars on its own).
Simply put, ContractPodAi is the end-to-end contract lifecycle management tool you need to handle all your contract needs, at a price that blows the competition out of the water. If you want better contract management, you need ContractPodAi.
This article was originally published on Above the Law
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.
Automated contact & document assembly
Highly configurable approval workflows
Central collaboration & negotiation
Sign using DocuSign eSignatures