Contract Management involves contract creation, execution, and analysis to maximize an
organization’s financial and operational performance. It reduces the financial risk. Legal
Contract management manages the flow of contracts between the legal department, law firm, or
lawyer and a company or divisions present in a corporation.
Contract Lifecycle Management Empowering Legal Operations
The Contract management strategy helps the law firms or lawyers to streamline their legal
operations by creating practices and processes to improve daily efficiency. Contracts are the
legal firms’ lifeline, and the right tools will help manage the legal operations effectively.
A survey by ALM and Mitratech finds almost 44% of digital transformation in the contract
management sector. The company executed this survey since 51% to 100% of the workforce is
working remotely.
Larger legal firms or lawyers that process thousands of legal contracts need robust software that
can oversee the completion of their existing contracts. It makes way for reputed CLM
Companies like OpenSourceCM to streamline the legal firms’ workflow or the overworked
lawyers. The OpenSourceCM provides the following:
*White-Label SaaS AI
*API Libraries
*Bidding and Procurement software
*CLM Proactive Contract Management software
*Virtual Data Room
As legal firms are heading towards using innovative technology, using the right CLM tool can
streamline the legal operations manifold. It will provide the ultimate customer experience and
remove the bottlenecks drastically.
Significant Benefits of Contract Management For Lawyers/Legal Firms
Lessen the Approval Time: The Contact Management software completely automate the
legal workflow. The tailor-made software accelerates the work process and increases
efficiency. OpenSourceCM automates the workflow and helps lawyers track the
important dates and events related to legal operations. It automatically scans the crucial
events, and lawyers can convey the next steps to the concerned parties.
Innovative Technologies Speeds Up Working Process: CLM software speeds up the
law firms’ working process or legal departments. OpenSourceCM offers advanced API
libraries, INDEX cluster, OCT available in 192 languages, SaaS solution, Metadata
views, Audit trail, and advanced search tools prove beneficial for the legal firms and
overworked lawyers. These advanced technologies improve lawyers’ efficiency manifold.
Optimizes Your Finances: With advanced technology, you can restrict the renewals of
unwanted services. By linking the contract management system with legal sourcing, the
legal firms can retain a higher level of savings. The bidding and procurement While
Labeling software by OpenSourceCM will help you realize all the potential revenue or
liabilities from the contract.
No More Legal Risks: In the contract database, incorporate the multiple checks of the
compliance regulation. It makes sure that you are not open to any compliance risk while
dealing with clients. A detailed compliance management strategy incorporated into your
database will help you deliver the right legal advice.
Legal contract management helps the lawyers or legal firms under extreme pressure to deliver
services on time to streamline their workflow. The use of the best CLM software reduces the
risks and enhances the clean contract delivery.
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API (application processes interface) uses to connect to company applications, added a secured Deal-Room/Data-room, bidding system, and allow external users to log in to their dedicated data-room.
Now the company can have (BI) Business Intelligence processes with Reports and AI (artificial Intelligence) integration for document analysis and data extraction processes.
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opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also has the capacity to find words, values, phrases, terms of art, or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents. Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign-on), and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library like office 365, BOX.COM, Salesforce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.
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