Every time a contract is signed, data is produced that affects business units across an organization. Doesn’t matter if it is an NDA, MSA, Sales Order, License Agreement, or SOW, every organization builds more and more data that can affect the entire business.
Clearlaw lives in the world of contractual data and recognizes the immense value this data can provide. We see Customer Support teams empowered with end dates and price escalation caps to upsell clients and maximize renewal increases. Sales teams close more deals with speedy contract signatures or leverage existing agreements, such as existing NDAs, to accelerate the sales process. Human Resources and Staffing teams can auto-flag personnel assignments and maintain compliance, ensuring they put the appropriate people at the right client site. Marketing can speed up their case study development by knowing every client who allows for publicity. Billing can be entirely automated.
However, our experience finds that a majority of organizations are not robustly doing this. When we do speak with the few organizations that do, we can see why. We recently spoke with a large multinational organization that has an entire team of people who do data entry for legal documents. Every time a contract is signed, these individuals manually read the contract and capture a handful of data points for the organization to use.
Furthermore, as data is required by a variety of business functions, all using separate systems, the team was going through each document repeatedly to ensure that the data was captured for each business function. This team had to learn a variety of systems and technologies to ensure that each business function had access to the data they required. This included five different technologies, including:
The Legal Team’s Contract Lifecycle Management (CLM) Tool.
The Sales Team’s Customer Relationship Management (CRM) Tool.
The Accounting System for billing and revenue tracking.
A Google doc leveraged by marketing to track logo usage and case studies.
A human resources tool to track staffing requirements, including background checks.
Still, an organization may not be capturing a specific detail that they may unknowingly need in the future. One Clearlaw client was capturing a handful of important data points manually when a specific issue came up with several clients. It related to an issue within their client contracts that they had not been tracking. This forced the organization to relook at thousands of contracts to ensure the issue wasn’t widespread. If done manually, this could have taken weeks of the personnel's time to resolve.
This is where Clearlaw comes in. The Clearlas Platform captures hundreds of data points from business contracts and structures that data in an easily consumable and comparable format. Through our API integration framework, our tool can provide the data directly to the business unit's technology, minimizing or eliminating the amount of data entry.
Furthermore, if a client needs an additional data point, Clearlaw can analyze thousands of contracts again in a short period to gather new information. At Clearlaw, we call this "futureproofing" one’s legal repository ensuring the right data is available to your business at the right time.
To learn more about how to futureproof your legal documents with Clearlaw, reach out to us at www.clearlaw.ai.