As the digital economy and customer satisfaction become ever-present, law firms, insurance companies, and real estate agencies demand better results. This can only happen if they can deal with contracts properly, streamline CLM, and have an efficient workflow. When your business handles big volumes of documents, you need a legal contract automation tool to improve performance.
Common features of a legal contract automation tool
Whether you decide to use Koho software, or any other legal contract automation tool, the system has to fit your workload. So, it’s important that you can size-up the most common features of these solutions:
- Contract drafting and amending. Since getting to an agreement can take a long time, manual procedures can’t cut it. As a result, the use of available technology has become mandatory since it provides a more streamlined process. This means templates, standard types, clause libraries for creation, and flexible amendment options.
- Standardization of contract types and governance. A document automation system eliminates the need for starting from scratch and constant review of policies and guidelines. In turn, your firm can assess standard contract types and metadata rules. Besides, this platform can provide company customization and better governance execution.
- Third-party management. Usually, companies and law firms that receive deals from third parties, have to check for compliance issues. With a legal contract automation tool, there’s no need to waste time comparing documents manually. Accordingly, software like Koho has an AI function to detect any difference among clauses learning from standard input.
- Addition of compliance guidance. Due to the complexity of CLM, your business needs to include many checkpoints to avoid oversights. You can do this through an automated solution, which can find compliance requirements mishaps faster. Consequently, you reduce harmful mistakes and deliver better results with more consistency.
- Precise routing to legal experts. If your non-legal personnel has to send contracts for revision after drafting, they have to forward them accurately. Many managing systems include a default option that can secure precise information routing for legal departments. Thus, your experts have what they need upon request and don’t waste time scrambling.
A legal contract automation tool for you
A CLM solution like Koho is the ultimate legal contract automation tool for your business needs. Moreover, if you have questions about implementation, costs, and customization, contact us directly or through our online channels.