We are utilizing the power of artificial intelligence (AI) to make it easier and more efficient than ever to review, negotiate, and keep track of contracts. It might not be as exciting as the AI in the movies, but our new technological capabilities will help your organization operate more effectively.
Here is more information about how screening report automation and AI analytics for signed contracts will benefit DocJuris users.
Screening Report Automation
How many contracts are sitting in your legal team’s queue just waiting for a first-pass review?
If you’re like a lot of organizations, the answer is probably higher than you’d like it to be. If it’s higher than “0,” then you’re in good company. Unfortunately, you’re probably also in a less-than-ideal situation since you need to get those contracts reviewed as quickly as possible so you can move on to the next stage of contract negotiations.
It can take weeks to get a first-pass review of contracts when legal teams are held up by bottlenecks that drive long cycle times on mission-critical contracts. These long wait times can have significant impacts on the company. Contracts touch every aspect of a business’s finances, from sales to procurement. Therefore, getting immediate feedback on contracts is critical.
One workaround to this challenge is simply signing every contract without reviewing or negotiating. As simple as that sounds, skipping the review process opens your company up to risk. We know that risk management is a critical component of reducing legal and financial risks.
A better option is to use the DocJuris playbook engine to request contract reviews as either third-party paper or incoming redlines.
Instead of waiting for legal to review contracts, use DocJuris. Our new update sends a customized Excel screening report on a contract directly to your email in a matter of minutes.
Benefits of screening report automation:
- Leave legal out of first-pass review
- Get first-pass review done in minutes, not weeks
- Automated workflow so you don’t have to remember a series of steps
How to use it
Once your playbooks are configured in DocJuris, our team can assist you with setting up an email analyzer. Then, all you’ll need to do is forward a contract to a designated email address that we supply. The DocJuris Review Center will reply in less than 30 seconds with your customized screening report.
Use DocJuris’s screening report automation to get the first-pass review down from 2+ weeks to less than two minutes.
AI Analytics for Signed Contracts
Businesses struggle to know and keep track of precisely what’s in their contracts, especially when those contracts have gone through several different versions. The flow from negotiation to post-signature analysis can lead to a loss of time and money, ranging from a few weeks of lost time to hundreds of thousands of dollars in outside counsel fees.
There’s no need to waste your organization’s time or money unnecessarily. AI technology can analyze your contracts and give you all the information you need to manage every contract without wasting time or legal resources.
With a minimum of five documents, DocJuris can train a machine-learning algorithm to extract obligations and relevant clauses from your signed contracts.
Benefits of AI analytics for signed contracts:
- Increase efficiency during contract reviews
- Stay informed of what’s in every contract without spending hours chasing down documents
- Maintain accuracy by reducing the likelihood of human error
How to use it
All you need to do is send us at least five documents, and we’ll be able to train a machine-learning algorithm to pull out relevant information that can help you keep better track of your contracts.
This capability can be deployed within your redlining workflow at the signature stage or as a standalone or on-demand analysis with a bulk upload.
As a result, you can get instant analytics across every signed contract in your organization and better insight into where negotiations are creating bottlenecks.
Try DocJuris for Better Contract Review
These two new legal engineering updates join a robust series of benefits and features within the DocJuris software.
See for yourself how we’re building a better way to review, redline, negotiate, and access contracts. Schedule a demo to learn how DocJuris works and see what it can do for your business.