8 Strategies to reduce cost for AI powered Contract Management

Introduction Cost saving has always been top of every CXO mind and technology is the biggest contributor to businesses to

Volody's AI Ccontract lifecycle management reduces cost

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Cost saving has always been top of every CXO mind and technology is the biggest contributor to businesses to reduce unit cost and improve profitability.

Corporate would have never imagined a few years ago that there is something called Virtual Meetings that exists for them where they can make business decisions without going to the office. It isn’t making our work life easier? The answer is a BIG YES.

Increasing value will always prick the attention of your senior management whether we are in a pre-Covid or the new normal. According to the IACCM, with the average company losing over 9% of its revenues annually due to contract-related issues, contract management could be the area to start scavenging when it comes to reducing costs.

We are in the digital era where advanced technology is the ultimate solution to enhance productivity. Our digital economy is witnessing a major transformation as customers today are more digitally empowered than ever and they can access any resources at their fingertips. Artificial  Intelligence enabled technologies are providing us sufficient time to focus more on high-value tasks and make best use of technology tools for various manual tasks.

Many business leaders agree that digital transformation is an inevitable step to stay ahead of the curve, manage costs and remain relevant. And it should be on the priority list for business owners.  In the present scenario, every business wants to simplify their business processes and wants to speed up the execution of their deliverables. One of the important elements of every business is Contract Management. Contracts are the heartbeat of business and with technology solutions you don’t need to be really physically available to draft, negotiate or sign a contract. Smart AI-enabled Contract Management Software is today becoming a necessity of every business to manage legal contracts digitally. Contracts are valuable assets for every organization and if artificial intelligence can help organizations to streamline their time-consuming activities then what can be more effective than this?

Digital Contracts can solve the problem which general counsel face in the traditional method of contract drafting, negotiating and execution and It facilitates the enterprises to reduce manual workload, be more process-oriented, address their specific needs and solves the issue of pending approval through Digital Signatures and E- Stamps.

Volody’s Intelligent Contract Management Solution caters to the needs of every industry and it provides the best services by focusing on their requirements and reducing their pain points.  


Why Choose Volody?

Easy, safe & faster deployment

Volody Contract Management makes you ready to go with immediate installation with on-cloud & on-premise models. Passing all Vulnerability Assessment & Penetration Testing (VAPT) criteria.Volody Contract Management integration feature of active directory, office emails, and Microsoft SharePoint makes software enterprise-wide acceptable, safe, secure and personalized.

Intelligent Contract creation

Volody Contract Management Software intelligently automates contract drafting and allows users to smartly create contracts by answering basic questions and key terms of contracts. It avoids the mundane job of working on repeated contract drafts all the time. Also, it’s risk management features help to give alert for contracts having riskier clauses.

Risk Management

Volody Contract Management Software uses Data Science & Machine learning-driven models to ensure that users are given alerts with possible risks in the contracts. Obligation & Compliance management feature allows businesses to prepare Obligation & Compliance Task Management reports and ensure that all obligations and compliances are adhered to & complied with on or before time.

Smart Centralized repository

A centralized contract repository ensures all the contract related information is readily available in a single portal.

Clause Library

Every agreement requires various clauses to protect the interests of all parties. General Counsels & Business Users also look for alternate clauses to make the agreements tight. Standardized clause library allow businesses and legal teams to make changes to the contract without involving GCs, hence reducing the time in contract drafting and saving money.

Legacy contracts digitization

Businesses & General Counsels take a longer time to decide on selecting a Contract LifeCycle Management System implementation partner due to lack of support for legacy contracts digitization. Volody Contract Management uses data science & machine learning tools and automatically creates metadata for all the legacy contracts created physically. The metadata creation happens based on predefined specific models to suit specific business contracts.

Digital Signature 

Volody enables signing of contracts digitally using legally authorized digital channels like DocuSign, Adobe Singer, Digital Signature Certificate. 

Communication with Stakeholders 

Volody Contract Management has an inbuilt feature to communicate with all the internal & external stakeholders to share documents & notes.

Please reach out to us at connect@volody.in to schedule a personalized demo

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Volody is a legal tech company specializing in providing software to help businesses digitize and automate their legal processes. Built by professionals with decades of experience, our products, such as Contract Lifecycle Management Software, Document Management Software, and Litigation Management Software, aim to reduce legal workload and eliminate low-value manual processes. With AI & ML at their core, Volody products are engineered to provide astute and agile solutions that adeptly meet the evolving requirements of the corporate world. That’s why global giants have chosen Volody as their legal tech provider.

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