Complex workstreams like contract management often require a set of viable strategies to improve internal efficiencies in an organization. Working closely with our clients in this professional context, we found that fine-tuning first the pre-signature and then the post-signature phase of contracting helps better manage the overall process. In June 2022, InvestCEE LegalTech Consultancy released Part I of our new strategy paper series dedicated to improving the pre-signing phase of contracting - the full PDF copy can be accessed in this article.
InvestCEE LegalTech Consultancy in collaboration with Hungarian digital law firm SimpLEGAL issued a practical guide on legal AI to showcase how smart legal technology opens up new opportunities for digitizing legal services. Law firms and in-house legal departments often still lack clarity as to the use cases and basic terminology used in the legal AI domain.
In a recent legaltech implementation project, InvestCEE LegalTech Consultancy and our LegalTech Marketplace vendor Dealsign brought end-to-end digital contract management to a leading player in the CEE region's online food ordering industry. In a multi-disciplinary teamwork that included our client's operational, legal, HR and IT departments, the project focused on shifting from paper-based traditional contracting (with ink-on-paper signatures) to 100% virtual contract management.
Seamless contracting is a top priority for all organizations, irrespective of company size and industry. Technology is within reach to assist with certain parts of the contract lifecycle or to manage the entire process on a single platform (end-to-end). Yet despite the abundance of tools available, there are many impediments to change for better contracting habits. Here’s an overview of three typical challenges and our best-practice tips for improving contracting with technology.
Unless carefully planned, all the value added at the contract negotiation and electronic signing stage disappears as soon as the executed contract gets randomly filed. Smart contract management in the post-signature stage is necessary to harness the benefits of contracts in an organization. We’ve condensed our best practice tips in this 5 step plan based on InvestCEE LegalTech Consultancy’s experience with digital contracting processes.
We are launching a blogpost series to showcase the contract management and contract data review capabilities of our legal innovation ecosystem. As part of the series, we will demonstrate how our partner platform Aivan.AI responds to certain common issues business teams face in the post-signing phase of contracting. In step 1, we will address one of the most obvious flaws in contract management: once signing occurred, contracts often become passive documents. In this post, we share some valuable insights as to how Aivan.AI helps activate contract databases.
error: Content is protected!