Authoring contracts is a long and tedious process. It is a highly-collaborative process that involves numerous feedback, edits, and redlines. Traditionally, contract stakeholders manually search for markups made within the document, then copied and pasted relevant clauses from previous documents, which would take several hours at least.
So, what are you able to do with contract management software? It has some nifty features that will accelerate the contract authoring process.
One of the key features of contract authoring software is the ability to create and manage contracts using pre-defined templates and clauses. Legal experts typically draft these templates and clauses. They are designed to be compliant with relevant laws and regulations, as well as the organization's internal policies and standards. By using these templates and clauses, businesses can quickly and easily create contracts that are legally sound and consistent in their language and provisions.
In addition, contract management software has unique playbooks that help with constructing documents. You take a look at some examples at DocJuris. Businesses can save previous clauses and guidelines into a specific playbook and use them again for future contracts. So when it comes time to author a new document, you’ll already have much of the necessary information ready to go. All you have to do is drag and drop with one click.
Another important feature of contract authoring software is the ability to negotiate and sign contracts electronically. This can help businesses streamline their contract workflows and reduce the need for physical signatures and other manual processes. Many contract authoring software systems also include tools for tracking and storing contracts and generating reports and analytics on contract performance and compliance.
Plus, contract management software allows businesses to integrate many enterprise cloud-based programs. This includes e-signature software such as Adobe Sign and DocuSign. That way, both parties can easily sign documents regardless of what program they use. So no need for wet signatures or scanning.
While contract management software is intuitive, it’s a relatively new development for businesses, so new users may have a bit of a learning curve. But there are a couple of things you can do to implement contract authoring software effectively in your business’s contract process.
First, businesses should thoroughly analyze their contract management processes and needs. This will help identify any gaps or inefficiencies in the current system and the specific features and capabilities the software should provide. It will also help determine the appropriate deployment model (e.g., on-premises or cloud-based) and other technical considerations.
Then, once the contract authoring software has been selected and implemented, businesses need to provide adequate training and support to their employees to ensure they can use the system effectively. Set aside time to host a company workshop so your team can familiarize themselves with the software. Show them how each feature works and how to use them. This may include training on the use of templates and clauses and the negotiation and signing processes.
Finally, it’s essential to provide support for any technical issues or challenges that may arise during the implementation and use of the software. It will take some time for everyone to adapt to the new system, so it is essential to assist people whenever they need help. By implementing this technology effectively and providing adequate training and support, businesses can realize the full benefits of contract authoring software and close more deals.
We see the impact contract authoring software is making for businesses today by helping to foster an efficient collaboration process. But what will they look like in the future? What developments could we see in future software?
One of the key trends in the contract authoring software market is the increasing use of artificial intelligence (AI) and machine learning (ML). These technologies are being integrated into contract authoring software systems to enable more advanced and efficient contract management capabilities.
For example, AI and ML can be used to automate the drafting and review of contracts, as well as to identify potential issues and conflicts in real time. They can also screen documents for changes and edits made throughout the process. That way, businesses spend less time manually tracking revisions, reducing the likelihood of errors and disputes.
Another trend in the contract authoring software market is the growing adoption of cloud-based deployment models. Many businesses are moving away from on-premises systems and opting for cloud-based solutions, which offer greater flexibility and scalability. They save space on your computer hard drive and are easily accessible.
Cloud-based contract authoring software systems can be accessed from anywhere, at any time, using any device, making them ideal for businesses with distributed teams or a high volume of contracts. In addition, contract management software allows easy integration of other cloud-based programs.
In addition to these technological trends, there is a growing focus on user experience and usability in the contract authoring software market. Many software vendors are investing in user-friendly designs and intuitive interfaces to make it easier for businesses to create and manage contracts.
This is particularly important for businesses with non-technical users, such as sales teams and customer service representatives, who may need to gain extensive knowledge of legal terminology and processes.
Overall, the contract authoring software market is evolving rapidly, with new technologies and trends emerging all the time.
Businesses that want to stay ahead of the curve and gain a competitive edge should keep an eye on these developments and consider how they can incorporate contract management software, like DocJuris, into their strategy.
By doing so, they can ensure that they are using the most effective and efficient contract authoring software available and position themselves for success in today's market. Schedule a demo to see DocJuris in action.
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