As legal operations processes and legal technology standards evolve, it is important that organizations adapt accordingly. As contract complexity and contract volume grow, the fact that manual and outdated methods of contract management will no longer suffice is quickly elucidated. As such, organizations working with contracts must embrace digital transformation to increase revenue, decrease contract lifecycle management bottlenecks, and succeed in this ever-changing technological landscape. Read on to learn about the nature of digital transformation - and how digital transformation with contract management software can help organizations to seamlessly navigate the future of legal operations.
Why Does Digital Transformation Matter?
Digital transformation is vital for the survival and prosperity of organizations in all industries because – as the needs of customers, clients, and stakeholders evolve – technological capabilities must evolve with them. Given the increasing availability of user-friendly technology in the digital age, organizations need to ensure they are not only keeping up - but thriving and innovating.
Is Legal Tech the Future?
Why does the digital transformation process matter for legal operations?
Well, a digital transformation strategy for legal operations can:
- streamline contract requests.
- simplify contract authoring.
- centralize contract negotiations.
- help organizations meet contract obligations.
- help organizations better track contract financials and budgets.
- improve communication with automated alerts and notifications.
- enhance contract analytics with reports and dashboards.
- & more!
What Are the 4 Main Areas of Digital Transformation?
Here are four areas of digital transformation.
- Technology: Demonstrate the value of technology for business processes. This should be clear to clients, stakeholders, etc.
- Data: Protect data and support more user-friendly data management processes.
- Process: Provide KPIs to demonstrate process streamlining and enhancement.
- Organizational Growth: Embrace more complex processes and more robust offerings in accordance with digital transformation.
Embracing Digital Transformation for Legal Operations
In order to succeed in the digital transformation framework above, organizations looking to improve legal operations for the future should leverage digital transformation technologies. The best digital transformation solution for legal operations is user-friendly contract management software that can streamline and centralize the entire contract lifecycle. It is easy to make a case for contract management software, but we will get to that later. For now, let's examine some of the things that contract management software for legal operations can do to supplement the digital transformation framework.
Contract Intelligence for Legal Operations
Contract intelligence is paving the way for legal operations. As such organizations should ensure that the contract management software platform being used provides proprietary contract artificial intelligence with machine learning. Contract intelligence can:
- enhance the management of sensitive data, such as PCI, PII, and more.
- intelligently identify key data such as locations, dates, monetary values, emails, phone numbers, counterparties, and more.
- automate risk management with intelligent text analysis to identify both good and bad language in a contract on a rules-based sentiment, risk and risk exposure mapping, automated OFAC search for compliance with the US Treasury department, and more.
- foster proactive opportunity identification with comprehensive contract analysis.
- and so much more.
Watch the video on contract artificial intelligence below.
Full Contract Lifecycle Management
Leading-edge CLM software systems support organizations' digital transformation journey with user-friendly tools for the full contract lifecycle - including:
- automated contract request management.
- easier contract authoring with the seamless merging of contracts with templates from an organization's pre-approved clause and template library.
- a centralized system for contract negotiation, contract collaboration, and party review.
- centralized and detailed contract analytics and contract data tracking tools.
- automated key date notifications and alerts for greater accountability.
- robust risk assessment, risk mitigation, and risk analysis tools (such as the ones previously mentioned).
- Robust process configuration and tracking for specific contract types for a wide variety of industries.
- integrated RFx management (including for RFPs).
- simple yet comprehensive searching and reporting - which can include an ad hoc and custom report designer.
- & much more.
View the video below to learn how to build a contract lifecycle management system to address digital transformation challenges.
Easily Make Your Case for Digital Transformation
If you - as a legal operations professional looking to make a case for your digital transformation roadmap - are interested in the features and functionality highlighted in this blog, you will be thrilled to know that CobbleStone Software offers these digital transformation tools and so many more.
CobbleStone Contract Insight® offers myriad user-friendly features of contract management software that can equip your team to secure and unite contracts, seamlessly collaborate, manage contract compliance, track costs and budget information, receive alerts and notifications, bring processes into the future with VISDOM® AI and machine learning, efficiently and rapidly sign with IntelliSign® electronic signature software, foster productivity, and cut expenses. Forrester names CobbleStone a Leader in CLM software - and it's easy to see why!
As a professional looking to legitimize your case for the benefits of contract management software digital transformation, it is clear to see why CobbleStone® is the best choice for legal operations digital transformation. Get started today by booking your free contract management software demo.