Contract Management process
Contracts are the lifeblood of any business but managing them can be a time-consuming and error-prone process. This is where the potent AI solution elsAi may transform your contract management process.
How elsAi significantly simplifies the contract management process.
- Quick Contract Analysis
- Automated Renewal of Contracts
- Monitoring and Enforcing Standards
- Utilising Contract Analytics to Make Strategic Decisions
Quick Contract Analysis
- Rather of taking hours or days to study long contracts, ElsAi CLM uses machine learning algorithms and natural language processing (NLP) to quickly identify key terms, duties, and potential dangers in minutes.
- Procurement teams can take advantage of time-sensitive opportunities, shorten cycle durations, and speed up contract discussions as a result.
Automated Renewal of Contracts
- Organizations can minimize the risk of accidental service interruptions and gaps by ensuring that contracts are renewed in a timely manner prior to their expiration dates by utilizing ElsAi CLM's automated renewal reminders and intelligent notifications.
- Procurement teams can concentrate on strategic projects and value-added operations by automating routine procedures.
Monitoring and Enforcing Standards
- In real time, ElsAi CLM checks contracts for compliance to internal policies, industry standards, and legal requirements.
- Organizations may prevent fines, preserve their brand, and proactively manage risks by identifying variances and possible non-compliance issues.
Utilising Contract Analytics to Make Strategic Decisions
- ElsAi CLM provides decision-makers with useful information by producing extensive analytics and reports on contract performance, trends, and patterns.
- Organizations may improve contract conditions, negotiate advantageous agreements, and create cost savings by utilizing data-driven insights.
Struggles of Manual Contract Management
01. Manual processes
Reviewing contracts that are over a thousand pages long is a common problem for procurement teams, which makes the process extremely time-consuming and laborious. In addition to taking up important time, using manual procedures for contract generation, review, and storage raises the risk of mistakes and delays.
02. Lack of Visibility
Manually tracking contracts makes it hard to see upcoming obligations and manage risk proactively. You might miss out on renewal opportunities or scramble to meet deadlines at the last minute.
03. Missed Deadlines
Keeping track of expiry dates, renewal options, and important milestones for all your contracts is a recipe for missed deadlines and potential penalties.
04. Inconsistent Language
Without standardized templates, contracts can be drafted with different wording each time, leading to confusion and potential disputes down the road.
Benefits of Using elsAi for a Smoother Contract Workflow
Increased Efficiency
Automate time-consuming tasks and free your team to focus on high-value activities.
Reduced Errors
Minimize human error in contract reviews with elsAi’s AI-powered analysis.
Improved Risk Management
Identify and address potential risks before they become costly problems.
Streamlined Collaboration
elsAi centralizes contract storage and retrieval, fostering seamless teamwork. Imagine a world where everyone has access to the latest version and can collaborate effortlessly – that’s the power of elsAi.
Faster Deal Closings
Streamline the contract review process for faster deal turnaround times.
