Digital Contracting: Improving the Pre-Signing Phase (Strategy Paper, Part I)
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 HERE. Part II will focus on post-signing contract management and will be released in the second half of 2022.
About the Strategy Paper (Part I): Improving the Pre-Signing Phase of Contracting
In the current economic (and social) climate digitization challenges persist but several corporations find themselves better equipped — many have adapted to using some form of tech-assisted contracting and have experienced the efficacy of a remote working model. In this Part I of our new strategy paper series, we share current market practices and tool suggestions for improving the pre-signing phase of the contract life-cycle in corporations.
Here’s our approach: using technology tools for pre-signing contract management should mean that both legal and business teams in an organization benefit from a highly streamlined and efficient document generation process. Tech-assisted ways of working are not specific to any particular practice area or industry segment, but in highly regulated sectors internal processes are more complex and technology tools require a more sophisticated approach to implementation.
With this Part I of our strategy paper series, we aim to showcase creative and transformative ways of using document generation technology with a focus on the following aspects:
➤ Market trends for improving the pre-signature contracting phase
Our Technology Partners in Improving the Pre-Signing Phase of Contracting
Part I of the strategy paper showcases four of our solution partners listed on our LegalTech Marketplace. We highlight specific features of their platforms that enable a highly streamlined and efficient pre-signing process:
Stop by to access our insights and meet our LegalTech partners in action!
Market Trends, Use Cases & Contract Design Strategies
Legal and business teams across industries are increasingly driven by the need to achieve more accurate operational results in less time. Efficient contracting is top priority for legal and business departments alike. In this Strategy Paper, we are listing noteworthy market trends that we found to be the most relevant for improving efficiency goals in the preliminary phase of the contracting process.
All trends listed are tech-assisted solutions, yet some focus on the document generation workflow (e.g. clause-based automation, collaborative drafting and real-time negotiations), while other solutions focus on improving work streams related to implementing tech-assisted contracting (e.g. managing contract requests via “intake” forms, sophisticated ROI calculations, enabling proof of concept (POC) projects, new training models for end-users of technology). The case studies listed in the Strategy Paper showcase practical user insights from previous or currently ongoing projects that involve clients from various industry backgrounds and particularly high-tech automations in their contracting work streams.
By contract design and contract simplification we mean the structuring of contracts and associated workflows based on actual user needs (human-centered design) but aligned with a business’ ideal state of operations. Done well, contract design helps ensure compliant form and content, streamlined negotiations, and a transparent work experience for all stakeholders. In our experience, these fundamental needs are not particular to any industry or regulatory background but primarily benefit organizations that have complex corporate structures and operate in highly regulated industries.
Contract design and simplification solutions require both well-defined internal processes and smart technology platforms that are easy to adapt and implement. In this Strategy Paper, we listed some of InvestCEE LegalTech Consultancy’s best practice tips to showcase how we advise deploying contract design and simplification solutions to large organizations, including in highly
In a changing economic environment legal teams from all backgrounds are best advised to find ways to explore smart technology solutions, evaluate pilot project results, accurately calculate the return on investment (ROI) in solutions of choice and come up with best solutions to optimize contract management. Testing pre-signing contracting tools in pilot projects enables gaining hands-on experience at often lower costs, and is also a convenient way to determine how these smart solutions impact everyday contracting work streams.
If you have any questions about our Strategy Paper on Improving the Pre-Signing Phase of Contracting or would like further guidance in this context, leave us a note below!
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