Generating contracts can be challenging for contract, procurement, and legal professionals. Manual document generation is tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly inadvertently puts organizations in the precarious position of facing significant compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual process into a value-centric strategy with document automation.
What is Contract Generation?
Contract generation is the assembly of documents and contracts. This process begins with a request, then moves to authoring, negotiations, approvals, signatures, and finally, close-out. Manual contract generation requires legal and IT teams to assist with document drafting, data entry, formatting, storage, distribution, and collaboration. The resulting impact is that legal and IT will have less time to focus on their more critical initiatives.
Contract generation challenges compound for organizations managing either a high volume of contracts or highly variable contracts. When multiple people are involved in creating, reviewing, and revising contracts, productivity suffers. Time is wasted creating documents, downloading templates, locating information, and manually entering data into hundreds of fields. Furthermore, static documents become obsolete when the correct document versions and templates are not apparent, increasing the risk of error. Compliance can become an issue when templates, approved language, and clauses are not up-to-date or standardized.
Contract Generation and Automation
Contract automation is the solution to contract generation inefficiencies. Contract generator software also known as automated document assembly software, simplifies contract creation by eliminating bottlenecks with one-click contract generation. The generation of all contract types can be streamlined with standard agreement templates, pre-approved clause libraries, secure document storage, version tracking, and approval workflows. Your business users will experience transparent and collaborative reviews and approvals between internal and external parties.
Document digitization supports transparency, provides a complete audit trail, and facilitates collaboration and accountability. Accuracy, speed, and consistency translate to an unquestionable contract generator software ROI.
Automated Document Assembly With a Contract Generator
Don't ignore the benefits contract generator software can provide compared to manual document generation. CobbleStone streamlines document assembly, helping organizations generate accurate and compliant documents in record time. Contract Insight® is highly configurable for your business rules and is built to support your team.
Effectively manage your complete contract lifecycle from permissions, compliance, and negotiations to eApprovals and eSignatures. CobbleStone offers advanced features to provide faster contract generation ROI including:
- Document templates
- Rules-based clauses with merging
- Contract data field merging
- Simplified contract approval routing
- Faster approval process
- Document version tracking
- Ad-hoc reports
- Automated contract workflow
- MS Word Integration
- Electronic signatures
Contract Insight® helps organizations improve their business process with a leading contract management system. Contract cycles transition from outdated and inefficient liabilities into assets that support KPIs.
Are you ready to master contract generation? CobbleStone Software can support your digital transformation initiatives. See how we can help you control costs, reduce risk, and increase productivity with a free demo.
Take your contract management skills to the next level by reading additional blogs in the Mastering Contract Management Blog Series.