Streamline Your Legal Process with a Contract Lifecycle Management Solution

Good morning, everyone. Thank you all for coming. My name is Derek Cartmel, and I'm the Sales Engineer with Contract BIII. Today, I am excited to talk to you about content lifecycle management, particularly focusing on how it can streamline your legal operations and reduce both legal risks and financial exposure.

What is Contract Lifecycle Management?

Contract lifecycle management (CLM) is a comprehensive approach that helps organizations manage their contracts from initiation through execution, performance management, and renewal. CLM is particularly valuable in today's environment, as it leverages AI capabilities to offer more efficient and streamlined workflows.

Four Core Functionalities of CLM

1. Repository

The repository function allows you to store all contracts and related documents in one centralized location. This feature also supports advanced searches, enabling you to find specific documents quickly. It’s an essential tool for keeping track of which contracts are set to expire or need renewal.

2. Automation

The automation feature lets you create templates based on your existing contracts. This does not impose any particular vendor template on you but leverages your existing agreements. Automated contract drafting processes significantly speed up the creation and approval of contracts.

3. Workflow

Workflow capabilities ensure that contracts flow to the right departments and individuals. Automatic routing is especially crucial for contracts involving compliance issues like GDPR. This feature makes sure subject matter experts review relevant contracts before approval.

4. AI Integration

Our CLM solution is powered by IBM Watson, making it unique among other lifecycle management tools. Watson doesn’t just highlight keywords but reads the entire contract to identify sections with legal significance, thereby ensuring a more accurate and efficient contract review process.

Practical Implementation with IBM Watson

The integration with IBM Watson enables our solution to review contracts within hours rather than weeks, freeing up your legal team to focus on more critical tasks. The AI component can analyze large sets of contracts quickly and provide insights about key clauses and obligations, which significantly speeds up the legal review process.

Key Benefits

Efficiency: Automated processes and rapid contract review cut down on tedious legal work.
Compliance: Ensures that contracts meet regulatory requirements.
Risk Mitigation: Identifies potential risks promptly, thereby helping in managing financial exposure.
Integration: Seamlessly integrates with other solutions like DocuSign for digital signatures and email systems for communication tracking.

Dashboard Overview

The CLM dashboard offers full visibility and insight into all contracts. You can monitor revenue, expenses, and contract progress. The dashboard also supports customization to meet the specific needs of your business.

Conclusion

The overall aim of contract lifecycle management is to mitigate financial and legal risks, ensure compliance, and streamline contract drafting and approval processes. The functionalities provided by Contract BIII’s CLM solution, particularly when integrated with IBM Watson, make it an invaluable tool for any legal department.

Thank you for your attention. If you have any questions or need further details, I will be available to answer them.

Keyword

Contract Lifecycle Management (CLM)
Repository
Automation
Workflow
IBM Watson
Legal Risk
Financial Exposure
Advanced Searches
Compliance
Integration
Dashboard

FAQ

Q: What is Contract Lifecycle Management (CLM)? A: CLM is a process for managing contracts from initiation through execution, performance management, and renewal. It leverages AI technology for efficient workflows and reduced legal and financial risks.

Q: How does the repository function benefit an organization? A: The repository centralizes all contracts and related documents, supporting advanced searches and ensuring easy tracking of contract expiration and renewal.

Q: What is the role of AI in Contract BIII’s CLM solution? A: Our CLM solution is powered by IBM Watson, which reads entire contracts to identify legally significant sections, ensuring accurate and efficient reviews.

Q: Can the CLM solution be customized to specific business needs? A: Yes, the solution allows for customization to extract specific obligations and key legal information pertinent to your business.

Q: Does the use of AI in CLM make legal jobs obsolete? A: No, AI speeds up the contract review process, allowing legal professionals to focus on more critical and high-value tasks, rather than replacing them.

Q: Is the CLM solution compatible with other software? A: Yes, it integrates seamlessly with other solutions such as DocuSign for digital signatures and email systems for communication tracking.