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Contract Lifecycle Management Challenges and Considerations

Contract Lifecycle Management Challenges and Considerations

Contract Lifecycle Management Challenges and ConsiderationsKrysta Johnson
Senior Legal and Business Operations Manager

While most industries have pivoted to a digital-first philosophy, many in-house legal departments lag behind and continue to use bloated, manual practices for contract management. These outdated practices are particularly painful when you add up the expense of paying lawyers to spend hours doing work that automation can accomplish in seconds.

Challenges in Managing Contracts

Whether it's the overwhelming volume of manual work, the disorganized method of storage, or the struggle to effectively monitor the status of contracts, your legal team is probably experiencing a host of contract lifecycle management challenges.

Scattered Storage

With so many different stakeholders involved in drafting legal agreements, it's not unusual to find contracts stored in multiple different repositories. Approvals, changes, and redlines are scattered throughout your system. Some were left in email, while others are in Word, and that NDA from last week is still in DocuSign. It's almost impossible to keep track of the status of all your contracts.

Even the completed documents are stored everywhere — Dropbox, Google Drive, SharePoint, or that antiquated metal file cabinet sitting in the back corner. Such disparate storage "solutions" leave you scrambling to stay organized and timely. A simple request to review a contract leads to playing email tag all day with multiple team members to answer questions and sort out different drafts.

Finding Buried Information

Expiration dates, renewal dates, cancellation deadlines, and other key pieces of information are buried in the contracts. Hopefully, you'll remember you need to cancel before the auto-renew deadline. Unfortunately, when other departments need specific information from a contract, you have to spend half the morning looking for it.

Setting priorities is practically a guessing game since you don't have a reliable method for determining what needs to be worked on today, what can wait until next week, and what should have been done last week.

Coordinating With Non-Legal Departments

You know your contract lifecycle management challenges cost your company a fortune and slow down everyone's workflow. However, even when you find an excellent contract lifecycle management tool, other stakeholders don’t want to adopt it. Other departments aren't interested in investing a lot of time and effort into learning new systems just to make the legal department's job easier.

Other staff members want to keep using Slack, Salesforce, Teams, and email like they always have. They don't see the benefit of learning a new platform. After all, they can quickly shoot off an email to the legal department when they need information, and you'll find it for them. Whether they want signed contracts to be filed or they need contract drafts, reviews, or e-signatures, their current method of communicating is working for them.

This is why, even if you have contract lifecycle management software, it's probably  not increasing your efficiency.

Measuring Performance

While the rest of the company leaders are sitting in executive meetings reporting the success of their departments with beautifully graphed key performance indicators, the legal department has no clear way of tracking its performance.

With such an opaque workflow, it's almost impossible to measure the volume of work being done, how long it's taking, where bottlenecks are happening, and who's working on what. Without activity and performance measures, it’s difficult for the legal department to show that it’s much more than a cost center.

Contract Management Solutions

Lexion understands the pain points associated with contract lifecycle management. We designed an intelligent solution that actually solves your challenges and lets your team focus on more strategic tasks. Our AI-powered platform saves your team and your company time and money.

Email-Powered Workflows

We know the rest of your company doesn't want to be disrupted and forced to learn yet another digital tool. Lexion bypasses the need to get buy-in from other departments by integrating with the channels they already use. Employees can simply send you an email to request a contract review, negotiate redlines, get approvals, or provide signatures.

From the staff's perspective, nothing has changed. Behind the scenes, however, the legal department has access to a dashboard for responding to these email requests. This dashboard allows you to manage drafts, assign tasks, collect approvals, consolidate email discussions, and even track your performance. Lexion puts you in control and reduces the time and headaches involved in getting contracts through the pre-signature stage and on to signatures and filing.

Automatic Contract Organization

Lexion extracts relevant information from contracts as soon as they're signed and then stores the documents where they can easily be found and accessed later. You can instantly locate the contract you need so you can analyze and report on it.

Expiration, renewal, and renewal cancellation deadlines are automatically calculated for you, allowing you to set up email alerts for upcoming dates easily. This helps you avoid unwanted renewals or cancellations and gives you enough margin in your workflow to make proactive rather than reactive decisions.

Lexion brings visibility to the contract lifecycle management process. You can easily see the status of all open tasks and take action on any stuck projects.

Instant Contract Search

Lexion's chatbots can answer contract questions automatically in the channels your company uses most, such as Teams and Slack. For example, in Salesforce, your sales reps can see the contracts alongside their deals, immediately after they're signed. This feature alone can save your legal team hours of repetitious, tedious work each week.

Analytics and Insights

Lexion goes beyond providing easy access to contracts and simplifying your workflow. Our AI-powered technology lets you efficiently run reports across thousands of contracts to answer complex legal questions. You'll never again have to spend hours manually opening contracts and hitting Ctrl-F to find the relevant language and then tediously paste it into a spreadsheet.

Instead, you can just ask Lexion a question such as, "Which customers can cancel their contract at any time?" and you get results in seconds, saving you hundreds of hours.

We even provide KPI reports to view and share your team's performance. Sort by task type, project owner, and status over time and evaluate metrics such as contract review volume and average time to review.

Modernizing In-House Legal Teams

Lexion is bringing the legal department into the digital-first era. We streamline the messy process of contract lifecycle management and provide you with an all-in-one platform that's intuitive to use and quick to implement with no training needed for the rest of your organization.

Request a demo today to see how we can help simplify your workflow by automating tasks to save you the hassle involved in manual contract management.

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