GCs to completely rethink the approach to manage contracts
A General Counsel’s role is no more giving legal advice to the company, it has evolved more than this. They need to make the business model as resilient and flexible as possible. As a company grows the number of contracts also grows. It becomes very important for a GC to spend time analyzing the company’s contractual obligations to have an effective enabling of business. Using CLM software can help the legal department to track complex contracts and clauses.
Each time senior management asks a fundamental question, in absence of an effective CLM system one needs to dedicate hours of valued resource time researching and combing through contract after contract to find out the answers. And it seems like these requests are coming at you more impacting valuable time of resources.
2 Ways to improve how you manage contracts:
- Migrate your legacy contracts into a modern-day CLM system: Identify the information that is of the utmost importance for your management or organization for effective decision-making. Get the metadata extracted from your legacy contracts and migrate the knowledge into the CLM system and gain strategic insights into legal obligations, risks, and opportunities.
- Automate the ongoing abstraction process: Once you have the legacy data on your CLM system it is important to keep the system updated with your active contracts data all the time to get up-to-date information.
Brightleaf is a one-stop-shop that provides both legacy data extraction and ongoing active contract extraction service. We help our clients know the complete picture of their contractual rights and obligations. Automated contract abstraction assists organizations to make well-Informed decisions. With the help of Brightleaf’s in-house AI technology and lawyers, business executives, contract managers, and procurement professionals can get the information they need.