The long, tedious delays that are often part of these legal and compliance processes are avoidable. Modern teams can make better use of pre-approved templates or clause libraries to provide contract creators with the tools they need to self-serve. More robust contract technology won’t eliminate legal and compliance issues from the review process; instead, it will save critical hours by reducing the amount of unique text they need to review.
Negotiate: 34% of respondents need to manually read, interpret and understand the impact of contract terms.
Agreements can be long and difficult to read, filled with legal jargon. When non-legal business stakeholders are assigned to focus on specific sections, they need some kind of context about what’s in the other parts of that agreement. This is an easy opportunity to get started with AI. It can generate quick, accurate summaries of long blocks of text so each person can focus on terms relevant to their specialty.
Subscribe: 52% of respondents have to wait for identity and notarization verification, which risks closing the deal
How many times have you heard that time kills every deal? It’s undeniably true, and steps like identity verification and notarization (a critical part of some high-value deals) can sometimes slow you down. If your team doesn’t proactively create a streamlined solution for these processes, you’ll experience major delays. In some cases, this long wait could mean the deal falls through entirely.
Inventory: 49% of respondents believe they spend too much time searching for completed contracts
Centralizing all teams around a single digital repository is a simple solution, but the idea of digitizing large catalogs of existing agreements can be daunting. This could be another opportunity to deploy AI to alleviate some daunting transition work. Modern AI can scan a variety of file formats (PDF, JPEG, etc.) and transform the text into a series of filterable data points. Not only is the contract easier to find, but it can also be sorted or filtered by date, dollar amount, contract type, and more.