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How do you determine which contracts are best suited for automation?

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Contract automation is the process of using software to create, execute, and manage contracts without human intervention. It can save time, money, and errors, as well as improve compliance and performance. But not all contracts are equally suitable for automation. How do you determine which contracts are best suited for automation?

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1 The benefits of contract automation

Contract automation can provide many advantages for contract management, such as faster and more consistent contract creation and execution using templates, clauses, and workflows. This can lead to reduced manual work and human errors, as well as enhanced compliance and risk management through automated alerts, reminders, and audits. Additionally, contract performance and visibility can be improved with analytics, reporting, and dashboards. Moreover, customer satisfaction and retention can be increased with digital signatures, self-service portals, and notifications.

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Soumitra Banerjee

power plant chemistry and water treatment professional consultants with all solutions for power plant chemistry.
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Depending on the KPIs and objectives of the contract any contract can be taken for automation. For automation it is necessary to define processes and sub processes of the contract. For example hiring a manpower contract for any functional job, should define steps, records including attendance, the supplier input to process out put (SIPOC), expected efficiency and effectiveness of the job to be considered. If the data of the job can be captured automatically through sensors or from machines then the process and contract will be successful. In short, every contract has a process with SIPOC and documents, the process sensor data can be directly fed and the document can be made as a software then contract automation will be successful.

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Mo Fakhar

?? Contract Management Futurist ?? Gen AI Solutions Architect ?? Process Automation Expert ?? CLM Transformation Advisor ?? 3rd Party Risk Management Advisor
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Contract automation may not reap the benefits. These are additional aspects that need to occur in tandem with automation: - standardization of templates. - streamlining of contract process (defining self service paths and contract complexity driven paths) - review of data and a unified data model - Initial definition of KPIs (and supporting data) - Organizational alignment to new ways of working with automation - Clear definition of roles & responsibilities

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2 The challenges of contract automation

Contract automation can present some challenges for contract management, such as a high initial cost and complexity that requires investment in software, integration, and training. Additionally, there may be limited flexibility and customization depending on the software capabilities and contract complexity. Furthermore, there are potential legal and security issues, including data protection, contract validity, and dispute resolution. Moreover, human oversight and intervention is often necessary for complex, high-value, or sensitive contracts. Lastly, there may be resistance to change and adoption from internal and external stakeholders who may prefer traditional methods.

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Mo Fakhar

?? Contract Management Futurist ?? Gen AI Solutions Architect ?? Process Automation Expert ?? CLM Transformation Advisor ?? 3rd Party Risk Management Advisor
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Some of the biggest challenges that I have see with contract automation are: - cementing old ways of working in the new software. An review of current processes against structured methods can help course correct and streamline. - Integrations are usually the biggest risk to effective automation. These 3 key sub processes are critical: - contract intake - contract authoring - pre-signature - contract obligations - post-signature - Lack of preparation for the new system can result in poor adoption across the board leading to old ways of working manually.

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3 The criteria for contract automation

To determine which contracts are best suited for automation, you need to take into account the volume and frequency of the contracts, their complexity and variability, the value and risk of the contracts, the lifecycle and duration of the contracts, as well as the stakeholders and parties of the contracts. Automation can provide more value for high-volume and repetitive contracts, simple and standardized contracts, low-value and low-risk contracts, short-term and transactional contracts, and internal and digital-savvy parties.

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Soumitra Banerjee

power plant chemistry and water treatment professional consultants with all solutions for power plant chemistry.
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Contract automation can provide many advantages for contract management, such as faster and more consistent contract creation and execution using templates, clauses, and workflows. This can lead to reduced manual work and human errors, as well as enhanced compliance and risk management through automated alerts, reminders, and audits. Additionally, contract performance and visibility can be improved with analytics, reporting, and dashboards. Moreover, customer satisfaction and retention can be increased with digital signatures, self-service portals, and notifications.

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Mo Fakhar

?? Contract Management Futurist ?? Gen AI Solutions Architect ?? Process Automation Expert ?? CLM Transformation Advisor ?? 3rd Party Risk Management Advisor
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Define contract complexity. I have found this to be one of the most challenging and yet rewarding exercise. It pays in dividends to classify your contracts (H, M, L). Legal does not need to review every contract and can help define playbooks to drive efficiencies and exception based reviews. You focus on higher velocity on low risk / low complexity contracts. And provide the right attention to high risk contracts/high complexity contracts.

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4 The steps for contract automation

Implementing contract automation requires several steps, such as assessing your current contract management process to identify areas of improvement, defining automation goals and scope, and selecting the right software and vendor. Additionally, you should configure and customize the software to fit your templates, clauses, workflows, and rules. Once the software is ready, you should test it and deploy it to users and stakeholders. Finally, you should monitor and evaluate the software performance and impact and make adjustments as needed.

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5 The best practices for contract automation

To ensure the success of contract automation, it is important to involve your legal team and other key stakeholders in the process, review and update your contract templates and clauses regularly, use clear and concise language, set clear and realistic expectations and goals, and leverage the data and insights from contract automation. Doing so will help you gain their buy-in and feedback, ensure compliance with the latest laws and regulations, avoid ambiguity and jargon, communicate your goals to users and parties, and optimize your contract management strategy and performance.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you determine which contracts are best suited for automation?

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1 The benefits of contract automation

2 The challenges of contract automation

3 The criteria for contract automation

4 The steps for contract automation

5 The best practices for contract automation

6 Here’s what else to consider

Contract Management

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