AI-powered contract management system: 4 benefits to increase revenue

Business growth and scalability come from being able to identify and capitalize on each and every revenue opportunity. But when neither legal nor sales teams have a comprehensive, accurate understanding of all existing contracts or obligations, the potential is high to disappoint customers and miss contract renewals.

Finding key information manually to understand overall account health and details like upcoming obligations or renewal dates is a time-consuming process with uncertain results. However, contract AI is changing the landscape for legal teams across the board.

Contract management challenges teams face today
Many businesses have evolved from traditional file cabinets to some kind of digital repository for housing and managing contracts. But these tools are only glorified storage systems and haven’t freed legal and other teams from manual organization, categorization, and search. It remains difficult to see the full extent of the organization’s obligations and terms or answer critical business questions.

Without an automated process for extracting date-related terms, manual contract annotation typically falls through the cracks or remains in a perpetually in-progress workflow status, making your critical contract data forever an incomplete dataset. With this limited visibility into existing contracts, it’s much harder for sales to manage the renewal process effectively. If your legal team is still in a state of manual contract annotation, then it’s much less likely that your CRM is programmed to notify sales of an upcoming renewal. Reaching out to the customer proactively becomes an afterthought, as it’s too easy to miss expiration dates—and to subsequently miss out on recurring revenue.

A manual contract data management process and inaccurate contract categorization leads to other downstream reactive processes creating sudden and unpredictable urgency for the legal team. Legal has to drop what they’re doing to help sales find contracts, update terms, answer questions, or rewrite the contract from the ground up. This makes it difficult for legal teams to work efficiently on a high volume of contracts or have enough time to focus on other critical demands, like developing proactive policies to protect the business.

Conga’s AI-powered contract management system
Conga’s contract solutions are powered by best-in-class AI models, which reduce the manual steps to manage a contract database. It frees legal teams from constant interruptions and allows them to be more productive and strategic. With the right contract management system, legal teams help sales to be more proactive and the business to become more profitable. Conga’s integrated platform of solutions enables legal teams to:

• Save time and legal overhead costs
• Empower sales teams Customer use case: Lucidchart

When Lucidchart implemented Conga’s solutions, the company left their inefficient, de-centralized contract management system behind in favor of a single, streamlined, data-rich platform. Conga’s suite of intelligent, AI-powered contract management solutions for legal teams eliminate manual contract organization and management. Our contract solutions ensure sales and other teams have the tools and freedom they need to earn the greatest value from their contracts while legal retains control over contract management.

Download the executive summary to see the full picture and learn how Conga’s contract management solutions can help you align your teams.