Legal professionals are often overworked and stressed as they deal with tricky issues each day. Working tirelessly, they are always on the lookout for ways to stay informed so that they can solve business problems proactively and help their organization plan for the future. One of the most manually-tiring tasks that many lawyers still continue to do by themselves is reviewing and managing contracts. By using reliable contract lifecycle management (CLM) software such as Revnue, legal teams can improve their organizational efficiency and effectiveness by a considerable margin.
In this article, we will discuss why legal teams love Revnue, our digital contract management system.
How Revnue solves problems faced by legal teams
When it comes to contract management solutions, legal teams require solutions that are easy to use, easy to deploy, solve their pain points, don’t require IT teams to run it properly, and also provide workflow automation in a no-code way. All of this will ensure that legal teams continue to automate documents and processes in a way that puts them ahead of competitors. We believe that Revnue is one of those solutions that can make a world of difference to the effectiveness with which legal departments can get things done.
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Let us look at a few ways in which Revnue simplifies work for legal teams.
1. Easy Keyword Extraction
Some contracts can run up to thousands of pages. Imagine the plight of your legal team tasked with identifying certain keywords from the whole document? It will take hundreds of person-hours just to go through the entire document.
With Revnue, it is possible to extract any term, condition, or keyword from any contract. Rev[AI], our proprietary AI engine, allows you to grab keywords even from images. Even if the content in the images is handwritten, it still lets you extract the metadata. It saves a lot of time for the legal departments who need to scrutinize the contracts in detail.
2. Narrowed Searches
Each company may have to deal with thousands of contracts at any point in time. If a legal team doesn’t use a contract management system like Revnue, they would have to pore through hundreds of pages manually to find a particular keyword, date, or term – whatever. A solution like Revnue allows legal departments to search for any keyword or date with ease and get results in seconds.
3. Central Repository
Another issue that legal teams face is that contracts are often not stored securely in a central location from where information can be extracted easily. Because of this, a majority of the information lies scattered around in emails, shared drives, desktops, etc.
Revnue’s CLM solution allows you to maintain a central repository of all your contracts and related documents across the entire organization. Instead of having to copy everything into a pen drive or onto the cloud, you can simply keep them in our central repository. By doing so, you will be able to access all of your documents from a single place.
Based on the access-control settings that you choose, only relevant personnel in your organization can access specific documents. Not only does this make document sharing easy, but it also lets you know who is accessing which document.
4. API Integration
Legal teams use e-signature these days to complete the signoff process for contracts. If you are using any of the popular e-signature tools such as DocuSign, HelloSign, Docsketch, PandaDoc, and more, Revnue lets you integrate them with its powerful API integration capabilities.
You can also integrate Revnue with Zapier, one of the most popular online automation tools that connect apps and services. Zapier lets you integrate with over 3,000+ apps. No matter what online tool you use, you can be assured that it can be integrated with Revnue.
5. Alerts and Reminders
Let’s say a notification was supposed to be sent to an employer, and if everyone misses the date, then it becomes a compliance issue. It can have mild to serious repercussions based on the terms mentioned in the contract.
Revnue enables you to create alerts and reminders that can be set based on any date field in a contract. It ensures that you will not miss any dates – be it a milestone, renewal date, or any contractual obligation. You have the flexibility to determine when you want the alerts to be sent, including the frequency with which you want them.
Revnue’s Alerts & Reminders feature not only lets you be compliant with many terms in the contract, but it also skyrockets the productivity of the legal team.
6. Solves Compliance and Governance Issues
There are a number of regulations and protocols that legal businesses need to follow if they want to be in compliance with the government’s policies. Attempting to navigate these compliance and governance issues can be a monumental task, especially if your business operates in multiple countries. Regulations across countries vary, and it can be a nightmare to handle them manually. Revnue lets you be on top of all regulatory and compliance issues that could possibly hit you.
Searching for a reliable contract management solution can be overwhelming for legal businesses. They are not used to a lot of technology when it comes to their work, and it can be challenging for them to consent to such a huge digital shift. The best part is that Revnue’s contract management software for legal teams is an easy-to-use and gets started very quickly.
Revnue’s CLM software provides a holistic view of where every contract stands in your processes. From developing benchmarks to KPIs, it will help the legal team drive efficiency throughout the organization, and thanks to its business intelligence features, you can leverage deep insights to make data-driven decisions.
If you are looking for an AI-based digital contract management system, look at what our platform offers. Get on a call with us to understand how we can help you manage your contracts and more.