Traditional File Storage is Flawed
Does the file folder image below look familiar? Using traditional file storage systems, such as Sharepoint, Box, or Google Drive, to manage contracts is a common occurrence. But this method of contract storage is flawed and doesn't scale.
Traditional file folders add hours of unnecessary, tedious work because it isn’t easy to (a) find the contract you need, (b) analyze and report on what’s in your contracts, or (c) set up alerts of key dates so a key milestone or vendor auto-renewal is inevitably missed.
This wasted time is costing your organization a lot of money. For example, if your team is spending around 5 hours a week on these types of administrative tasks, at $200 per hour, that’s costing your organization $4,000 per month or more (this adds up quickly).
Four Ways Lexion Improves Contract Storage
Below, we outline 4 different ways an intelligent contract management system like Lexion allows your team to focus on more strategic tasks, and saves your team and company a lot of time and money.
1. Way Better Search
We’ve all been there. We type in a counterparty’s name into a search box, and receive a ton (sometimes hundreds) of irrelevant results because the results show all file names, folder names, and the body of text that contain those words. Very unhelpful. Since a picture is worth a thousand words, here’s what you see in Lexion. With Lexion, very quickly, you’ll find the contract you need without all of the noise.
2. Automatic Date Calculations and Email Alerts of Upcoming Key Dates
Say goodbye to calculating expiration, renewal, and renewal cancellation deadlines and leave that math to the machines. Lexion’s AI will automatically compute for you the current expiration, renewal, and renewal cancellation deadlines. For example, if a contract auto-renews, each year, in Lexion, the renewal and renewal cancellation deadline dates will automatically adjust to remain current in your system for ease of tracking, reporting, and alerts. Bonus, you can set up email alerts of these upcoming dates to avoid unwanted expirations or renewals and to ensure you have important business discussions beforehand (yay to being proactive instead of reactive).
3. Easy Reporting with Automated Email Delivery
One of Lexion’s many superpowers is its filtering and reporting capabilities that allows you to analyze tracked fields and also phrases or terms across your entire contract database. With traditional file folders the process is: (a) spend time locating the contract after browsing a mess of file folders, (b) open and read the contract one by one with a lot of scrolling around, and (c) manually update a separate spreadsheet with relevant information. We have customers taking advantage of our strong search features to analyze which active customer contracts have “most favored customer” language or “price increase limits.” One of our favorite stories is a Lexion client that used our search capabilities to find all contracts with non-compete related language and then they further filtered by “vampire” and “zombie.” All saved Lexion reports auto-refresh and update as you sign and file away contracts so the data in your reports are always current and you no longer have to maintain a spreadsheet.
4. Permissions to Control Access Rights
It’s important to be able to control which groups, departments, or individuals are able to see certain contracts when you have a single source of truth for your contracts (e.g., Sales can only view customer contracts and NDAs with prospects). You can easily set those permissions in Lexion by document, category, or subcategory.
Get a demo of Lexion today to find out how much simpler filing and finding contracts can be using our centralized Repository.