Legal teams in large organizations encounter many ongoing contracts. They need to be extremely efficient and ensure that contracts authoring leads to better decision making. The process should boost the profits and brand value of the company.
Contract breaches due to crude authoring can result in loss of reputation and legal damages. The risks associated with these losses are monumental.
An IACCM study was conducted among the IACCM member companies. Around 77% of those companies believed that project delays or cost overruns are a regular loss source. Around 53% of the member companies highlighted that claim and dispute settlements were a source of loss. Around 26% experienced losses and delays from contract cancellation, and a similar percentage faced revenue leakage from liquidated damages.
Many legal departments are turning to AI-powered CLM technologies to streamline legal research and contract drafting. AI-powered contract authoring helps enterprises achieve a faster time to revenue and improves cycle times. It significantly reduces legal operating expenses by allowing users to create contracts in self-service mode.
Download Ultria’s latest eBook on how self-service contract authoring can lead to quicker contract closures. The eBook discusses the following:
- What is the need for Self-Service Contract Authoring?
- Challenges faced due to lack of AI-led contract authoring
- Possible advantages of Self-Service Contracts:
- Essentials of an AI-driven process to guide Contract Authoring effortlessly
- Sustaining competitive advantages in business via AI-led contract authoring