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Signs Your Business Needs Automated Contract Review Software

There is no shortage of articles on the impact artificial intelligence can have on your business. The use of AI has been added to many of the software products we use everyday including contract management and review technologies.

The product landscape for contract review software has grown significantly over the past few years but these products are far from similar. At a minimum, we have to distinguish between contract lifecycle management, document generation, and automated contract review products. Before you try and identify the right technology for your business, consider starting with the signs that you need an automated contract review software. Understanding your business symptoms will be crucial to choosing the right solution.

Common Signs You Need Contract Review Software

Your Company is Struggling with Volume 

Many companies are working on dozens, if not hundreds, of contracts simultaneously. If your company is having a difficult time scaling up to an influx of contract review demand, contract review AI can be a critical tool in optimizing your team’s time. 

Especially in regards to counterparty paper, reviewing which is one of the more time-consuming aspects of contract review, AI contract review software will cut down on human review and point your team towards the aspects of the contract that needs special attention. In fact, contract review software can handle up to 70% of the busy work that your team would usually have to take on so they can focus on moving contracts along. 

Negotiating Contracts Without Subject Matter Expertise

Most small legal departments have a jack-of-all-trades general council, and your team won’t be experts in every industry that comes across their desk. If your team is spending copious amounts of time on industry research before even starting the contract review process, contract review AI is a useful tool. 

AI contract review software can assist in optimizing subject matter expertise through machine learning. By supplying the AI with successful contracts from each industry, the contract review AI will learn from the data and build custom suggestions that match the previous quality contracts. By doing this, AI also frees up time for your team to focus on the critical subject matter over busy work. 

Slower Negotiation Cycle Times

It’s no secret that the longer and more difficult a contract review process is, the less likely the second party will sign. Slow review processes can drop potential clients and partnerships. The flip side? Optimizing your process means more signed contracts. 

Contract review AI software productivity ranges and can often cut down the overall review process by 50% or more, saving you from unhappy second parties and dropped contracts. 

Not Understanding Each Contract Review Status

Understanding the contract lifecycle for all open contracts is valuable information. Do you have an understanding of the review status for each of your open contracts? Contract Lifecycle Management (CLM) tools are a helpful way to look at the status of all of your open contracts and review top level data. 

CLM tools can help you see the big picture status of your contract review process and answer questions like “are our contracts moving fast enough?” or “Do we have the capacity to scale?” If you are interested in optimizing your process, reviewing the productivity of your team, reviewing client success or considering scaling your business, CLM tools are a critical part of finding those solutions. 

Not Identifying Contract Risk

Overlooking important information in each contract will expose you to unwanted contractual risk. Mitigating risk with contract redlining software can minimize human error and find every line that needs edits in a lengthy contract. 

Many rudimentary contract review software options only have the technology to redline and swap out entire clauses, significantly changing the original contract. This can make companies seem inflexible or hard to work with. BlackBloiler contract review software is unique because it has a finetune system of only redlining the phrases or sentences that need changes, giving teams the opportunity to negotiate important details without changing the entire section.

Instead of swapping out entire sections, it swaps lines or sentences for minor edits, which improves the contract with minimal changes. This creates a balance of getting the edits you need while keeping a flexible reputation. 

Always Signing on Counterparty Paper

When reviewing counterparty contracts, it’s crucial to approach the process methodically to ensure that all potential risks are mitigated, and the terms are favorable or at least acceptable to your side. 

Consider the business objectives behind the contract. What is the desired outcome of this agreement? Understand the relationship with the counterparty. Is it a long-term partnership, or is this a one-off transaction? The contract review process is often a leading indicator on what it will be like to work with your company. It’s important to demonstrate flexibility while still maintaining a firm position on the largest risk factors.

Developing a legal playbook for your contract review will not only help with identifying risk but it will also allow you to edit sections with “minimal ink spillage”. The over-editing of a counterparty contract can severely slow down the legal review process and position your company as “difficult” to work with.

Review these symptoms to uncover if pre-execution contract review software is a good option for your legal team. Ready to transform your contract review process? Request a demo of BlackBoiler AI Contract Review Software today and take the first step towards smarter contract management.

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