Legal professionals are under increasing pressure to deliver their services quickly and efficiently. One area where automation can make a significant impact is contract renewals. Rather than spending hours manually reviewing contracts and drafting renewal documents, legal teams can streamline the process with contract management software that automates critical tasks. By automating contract renewals, legal professionals can accelerate their legal services delivery, reduce errors, and free up time to focus on higher-value tasks.
Accelerating Legal Services Delivery (LSD) with Contract Renewal Automation
Automated contract renewals can significantly accelerate legal services delivery (LSD) by reducing the time spent on manual contract management tasks. Areas of legal services delivery that can benefit from automated contract renewals include contract management, risk management, and compliance management.
Legal professionals can focus on more strategic legal work, such as negotiating contracts or resolving disputes, instead of spending time on routine administrative tasks. By automating contract renewals, legal professionals can ensure that contracts are renewed on time, reducing the risk of missed deadlines and potential legal disputes.
Over and above, automated contract renewals can improve compliance by ensuring that contracts are reviewed and updated regularly.
Aavenir Contractflow is integrated with ServiceNow Legal Services Delivery, providing a seamless solution for managing the entire contract lifecycle and accelerating legal services delivery.
Download: Contract Renewal Checklist
Automating Contract Renewals with Aavenir Contractflow
Contract renewals can be a tedious and time-consuming process, especially if you have multiple contracts to manage. Fortunately, with the help of technology, you can automate the contract renewal process, saving you time and reducing the risk of errors. One such tool is Aavenir Contractflow - An AI-Enabled Connected Contract Management Solution on ServiceNow!
Here are some steps to help you automate contract renewals:
Centralize contract data
To automate contract renewals, you need to have all your contract data in one place. Use a contract management tool like Aavenir Contractflow to store all your contracts in a centralized location. This will make tracking and managing contract renewal dates easier and ensure that all stakeholders have access to the most up-to-date information.
Explore: Aavenir Contract Repository
Set up renewal alerts
Once you have all your contracts in one place, set up renewal alerts to remind you of upcoming renewal dates. This can be done using an automated workflow within your contract management tool. For example, Aavenir Contractflow can send automatic reminders to stakeholders about upcoming contract renewals.
Automate contract review
Reviewing contracts due for renewal can be time-consuming. With Aavenir Contractflow, you can automate the review process by setting up workflows that route contracts for review and approval based on predefined criteria. Automation will help ensure that contracts are reviewed on time and that no renewal deadlines are missed.
Automate contract renewal
Once a contract has been reviewed and approved for renewal, the renewal process can be automated using Aavenir Contractflow. The system can generate renewal documents, send them to the appropriate parties for review and signature, and update the contract management database with the new renewal information.
Monitor renewal performance
You need to monitor performance to ensure that your automated contract renewal process is working effectively. Aavenir Contractflow provides reporting and analytics capabilities that enable you to track renewal rates, monitor contract performance, and identify areas for improvement.
EndNote
Automating contract renewals can save time, reduce errors, and improve contract management efficiency. Aavenir Contractflow provides a comprehensive solution for managing the entire contract lifecycle, including automated renewal workflows. Contact us today to learn how Aavenir Contractflow can help you automate contract renewals.
