In our previous blog, we have discussed how Artificial Intelligence helps in cutting down long contract negotiation timelines. Acquiring an AI-powered contract management software helps increase the efficiency of your contract negotiation process as they are designed to counter the inefficiencies of traditional procedures. Data processing and AI have made contract management faster, seamless, streamlined, and efficient, thus, helping companies overcome most of the challenges of negotiations. Moreover, AI has transformed the whole process of contract management as it was traditionally known and has provided businesses with new path-breaking tools to manage contracts.

An Aberdeen Group research finds that companies that use advanced contract management solutions cut process cycles in half and improve contract compliance by 50 to 55%. When AI is amalgamated with contract authoring and repository, it takes contract lifecycle management to a new level of efficiency and speed.

AI-driven solutions like Zycus’s Merlin tool has rewritten the rules of the contracting game completely. It has made contract authoring, versioning, and modification organized, seamless, and hassle-free process, thereby making negotiating smoother and faster. Pre-set contract templates and smart clause libraries make reviewing contracts efficient and fast. Also, automated workflows ensure contracts are routed to the right stakeholders for review and negotiation.

If you are still wondering how AI is the game-changer, here are some of the benefits of paperless automation and using Zycus’s AI-led contract management solution:

Save on time – Since every version of a contract is saved and available at a click, it is easy to track changes and bring transparency into negotiations. Negotiations happen in real-time, and sign-offs are faster. The workflow automation feature makes for easy collaboration.

Redline with efficiency – In traditional systems, redlining was a common, but tedious, way to track changes in a contract document. The procedure has been made seamless in AI-led contract management systems. One does not have to refer to endless contract pages, notes, or emails to check if they have missed anything.

Real-time access to the latest contract version – Zycus’s version track feature makes it easy to go back and forth with different versions and modifications in the contract and refer to any suggestions or changes made by either party.

Simplify workflow – Transparency and automation in user workflow make contracts easy to read. If one party makes a change, the other can access it immediately, without scanning the entire document. Transferring legacy contracts into the system is also seamless.

Two-way communication made easy – All parties can access the latest version of the contract. This makes communication way faster than the ‘hardcopy’ days. And smoother communication translates into faster negotiation. Also, one system takes care of both the buyer contract as well as the sales contract.

Faster turnaround time and reduced risk – Automation minimizes the scope of disputes and antagonistic contract negotiations. Both contracting parties receive automatic reminders for contract renewal. While renegotiating, data can be extracted from any number of contracts for reference. It can also quickly pull and organize the renewal dates and renegotiation terms from any number of contracts. Legacy contracts too.

Seamless approval experience – Approve a contract anytime and anywhere, without needing a physical presence. Zycus’s CLM solution also allows companies to review contracts more rapidly, and organize and locate a large amount of contract data more efficiently. This, in turn, increases the volume of contracts an organization can negotiate and execute.

Contract Analytics – Artificial Intelligence can extract contract data at lightning speed and also provide analytics about the extracted data. So, companies can review, negotiate, and sign off contracts faster.

Zycus’s Merlin steers companies through the key stages of intake request, authoring, assembling, and negotiating. It introduces teams to new-age features, without the big-bang product revamp approach that many users fear. It automates the contract review and negotiation process as per contract type and/or clause. Its assistive and predictive features make the negotiation process smoother and faster, ensuring a better Return on Investment.