Document assembly plays a vital role in the contract lifecycle, where document contributors band together to form a cohesive contract document. However - inefficient legal document assembly can stem from unorganized contract templates, obsolete contract language, and subcontracts divorced from related original contract documents. Read on to discover three essential contract management software document assembly tools for enhanced legal operations and contract lifecycle management success.
Document Assembly System
A Document assembly system can help streamline the contract assembly process with the help of three key tools: a centralized document template repository with clause merging, document version tracking with rules-based workflows, and artificial intelligence with machine learning. Without a legal document assembly system, you can encounter contract writing bottlenecks such as delayed document drafting and unclear workflow responsibilities.
Tool #1 - A Centralized Document Template Library With Clause Merging
Manual document generation can increase errors when static documents become obsolete and contract authors remain unaware of the most up-to-date templates and versions. Clauses, contract language, and templates that are not current or standardized increase the risk of contract managers inadvertently creating non-compliant contracts.
Fortunately, an automated document assembly system can streamline contract management processes with intelligent contract management software that centralizes and automates the creation of agreements, contracts, and documents. You can leverage compliant contracts from a centralized contract repository and seamlessly merge them with your organization’s approved data fields and clauses. A leading CLM tool allows for merging various document versions and templates from an organization’s pre-approved clause library, which can be exported to multiple file formats.
A highly secure automated legal document assembly tool – hosted by a leading CLM software provider that is SOC 1, SOC 2, and HITRUST compliant – can store FAR, GSA, DFAR, and various other contract templates. Moreover, with the help of CLIN (contract line item number) and flow-down subcontract document management, you can track contract document numbers and ancillary flow-down sub-contracts.
Tool #2 - Document Version Tracking With Rules-Based Workflows
Disparate document versions and communications can create a web of confusion, especially when collaborating with multiple stakeholders in drafting a new document. Fortunately, those involved in the document drafting process can remain abreast of its evolution with version tracking tools. Leading automated document assembly software can help you better control document versions by configuring user permissions, approval routing workflows, and audit trails.
Rather than waste time gathering approvals manually and worrying about stakeholders modifying language outside their permissions, you can configure a centralized system with user permissions and workflows to streamline the document drafting process. For instance - by assigning clause ownership to a stakeholder, they can receive email alerts of its modifications - without interrupting other stakeholders' document drafting tasks. Additionally - with the help of web-enabled integrations such as MS Office 365 and Google Workspace, you can work flexibly between your centralized document drafting tool and external editing platforms.
Tool #3 - Artificial Intelligence With Machine Learning
Remaining current with the latest document language can prove challenging - especially as laws and regulations change. You can encounter setbacks when manually sourcing the latest contract language, particularly in clauses. Thankfully, robust contract intelligence can empower you by supporting automated contract assembly and revision. Integrated contract AI with machine learning can be configured to recognize particular language - including clauses and phrases - and offer insightful language recommendations. Such recommendations arise from a configured language library.
Moreover, contract artificial intelligence can help extract metadata that can be leveraged to support legal routing, contract abstraction, auto-amendment recommendations, approvals, and more. Machine learning can feed CLM software the necessary data to agilely evolve with changing environmental variables and algorithms. While artificial intelligence does not replace the counsel of a licensed legal resource, AI can reduce some of the tedium and offer intelligent possibilities from which you can choose. Rather than waste time unnecessarily, contract AI with machine learning can help streamline your document assembly process with robust insight and unparalleled confidence.
Expedite Document Assembly With CobbleStone Contract Insight®
Discover how you can enhance your legal operations with robust document assembly system tools – including the key three features mentioned above – with CobbleStone Contract Insight CLM software. Don’t waste any more time with inefficient and ineffective document assembly. Book your free demo to see expeditious document assembly in action!
CobbleStone’s trusted, award-winning, fully integrated contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone Contract Insight has been a visionary leader in CLM software for over twenty years and is trusted by thousands of contract managers. CobbleStone’s user-friendly, robust, and scalable solution seamlessly integrates with mission-critical applications, including MS Word and MS Outlook, for unified and seamless contract management. It’s no wonder why Forrester names CobbleStone a Leader in CLM software!
Are you interested in future-minded contract management software tools? Watch the 6 Critical Contract Management Tools for 2021 video below to learn how to leverage industry-leading CLM software tools for streamlined, user-friendly, and low-friction contract lifecycle management success!