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Essentials of digital contracting – key takeaways

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Enterprises have long struggled with manual or hybrid contracting, where a part of the process was digitized. Still, most of it had to be run manually over disparate tools. All of this results in bottlenecks and slows down business transactions. The legal teams must go over the smallest of the details for identifying and isolating any risks involved. 

As organizations focus on digitizing the contracting process, tools to solve these problems are bringing a massive shift in contract operations for enterprises and creating enormous value.

Legal professionals are entering the new era of Contract Lifecycle Management CLM as legal operations are continuously evolving with a stronger embrace for digital transformation.

CLM makes use of three software tools: quick electronic signatures, online document collaboration, and contract artificial intelligence.

Here are the highlights of digitized legal process solutions and how they interact to produce the outcomes you require in order to meet the current expectations:

1.Machine learning and AI integrated CLM:

If your company maintains a lot of contracts, you can lose out on important insights if you don’t know how to automate procedures and use machine learning to optimise (CLM). Your modern contract management strategy must incorporate artificial intelligence (AI).

Intelligent workflow automation for task performance tracking and analysis is supported by advanced contract software. Workflow analytics and alerts make procedures more visible, and contract intelligence enables teams to spot anomalies and bottlenecks in the contract lifecycle. These important instruments can aid in reducing contract lifecycle inefficiencies.

Organizations might set up guidelines for the security of data points identified as sensitive in order to improve contract data management. The parameters for data security are set by this process. Finally, contract intelligence can enhance firms’ risk management strategies.

2. Online document collaboration controls:

One of the pillars of the digital transformation of legal activities is online document collaboration and assembling. If not done properly, CLM bottlenecks may develop. You must adhere to the protocols surrounding the secure formulation, negotiation, storage, and location of contract papers and data and employ a centralised method when putting together contracts.

Leading-edge Software for managing contracts can help businesses keep track of their contracts. Contract management teams can also keep track of contract document versions with a higher level of certainty that clauses, sections, and pieces of contract language are current, accurate, and accounted for by using automated and numbered version tracking and thorough audit trails of contract documents. 

Assets in a company’s secure contract repository can be kept both conveniently available and safe by using a contract management software platform that has security accreditations like SOC 1, SOC 2, HITRUST, and Privacy Shield compliance6.

3. Electronic signature tool:

Collecting the signatures needed for a contract can be a difficult task, especially if you work with numerous signatories from a wide range of locations. Contract signings bring agreements to a close and advance their execution. As a result, paper processes and other time-consuming and delay-prone procedures shouldn’t be used to delay this crucial CLM step. E-signature eliminates time-consuming paper shuffling.

A secure online portal that offers end-to-end status tracking and oversight of partially and fully executed documents is available to organisations using cutting-edge contract management software for electronic signatures. This portal also allows for the storage and retention of signed documents. Businesses that use particularly powerful CLM software solutions can connect to the top electronic signature platforms by utilising their current licences.

As you can see, when you embrace the digital revolution of legal operations, adopting a top platform for contract management software like DOQFY has numerous advantages. 

Why wait any longer to manage your legal contracts digitally? Switch to DOQFY right away.

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