How AI and automation improves contract management for legal departments

Corporate legal departments within organisations with huge volumes of contracts are challenged to find the most efficient and cost effective solutions to manage their contracts and compliance. This is were AI and automation deliver.

These are the key ways in which Cenza’s contract management solutions assist legal department operations improve the contracting process and enhance the management of data through all phases of business activity.

Contract abstraction and migration

Identifying key information within thousands of contracts requires a resource-intensive, manual abstraction process that is often time consuming and very expensive. Often even the most sophisticated contract management systems are incomplete or have erroneous legacy contract information and rarely track all the important provisions across all your contracts.

Cenza’s contract abstraction and migration service is a technology-enabled service that automates the entire process of abstracting information from all your legacy contracts. We utilize AI & ML to perform automated contract abstraction and migration with greater speed and efficiency. Our team of expert lawyers reviews and performs a robust quality assurance process to deliver end-to-end, highly accurate, extracted data. Your legacy contractual documents along with this extracted meta-data can be migrated into any Contract Lifecycle Management (CLM) system for tracking and reporting.

Real-time view of legacy and current contract information

Our system creates a centralised repository for information, with multi-access capability, allowing for easy cross-functional collaboration. Legal operations teams can access contracts anytime, anywhere and easily access contract information as needed by legal counsel.

Contract Negotiation & Management Support

We help law departments design and implement a systematic process for contract negotiation. Based on an analysis of your legacy contracts, we work with your team to build a standardised library of contract terms & provisions. From that library, we then generate templates, checklists and playbooks that will bring true consistency and efficiency to the process of contract preparation and review.

Enhanced contract authoring and drafting

Automating contract authoring and drafting improves the consistency, efficiency and compliance of creating business contracts. Creating predicated templates makes drafting quicker and far more cost effective while hugely improving accuracy.

Streamline the review and approval process

Since many different parties are usually included in the review and approval process, which also depends on a number of different platforms, formats and communications, version control can be a real challenge. Cenza’s advanced contract management system automates the workflow, offers custom dashboards for easy user-level management and centralised version control. This if course has significant impact on improving the time and management cost of your organisation’s contracts.

Tracking, reporting and analysis

Proper management of completed contacts is essential to legal departments’ costs, compliance and risk management. Through our advanced contract management solution we track milestones and deadlines, with automated alerts informing parties of action that needs to be taken. In depth analytics assist legal operations improve performance, save on time and costs and mitigate risks through non-compliance and missed opportunities.

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