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Contract Lifecycle Management Software Solution for Large Enterprises

Initiate – Execute – Manage – Analyze

Templates | Clause | Emails | Versions | E-Signatures | Documents | Analytics | Dashboards

Contract Lifecycle Management Contracts are the fundamental building blocks of any enterprise for generating revenue and managing the bottom-line. Every Contract provides critical and high-value management information that supports strategic decision-making. The sheer volume and complexity of contracts in an organization creates a challenge to manage pre and post-execution tasks. Ineffective management of contracts does not only expose the company to a barrage of legal risks but also affects both top and bottom lines. Implementing Contract Lifecycle Management (CLM) can lead to significant improvements in cost-effectiveness and efficiency of the organization. The PracticeLeague Contract Lifecycle Management platform ensures that every business can easily manage contracts throughout the entire lifecycle, from initiation to termination. The PracticeLeague Contract Lifecycle Management platform automates the entire contract management by turning documents into valuable data to help avert risks and ensure compliance with contractual obligations. It also assists in generating contracts quickly and accurately by leveraging your own pre-defined templates and clause library. PracticeLeague Contract Lifecycle Management software is helping many large enterprises across different industries to simplify their contracts and improve their bottom line.

Why automate your Contract Lifecycle? According to research by the Independent International Association for Contract and Commercial

Management, on an average, organizations stand to lose approximately 9.2% of their revenue because of

infective contract management. Although, the potential for manual error with the voluminous amount of

data is always there, there are several reasons why contracts are difficult to manage by traditional

practices.

Contracts take a large amount of time to draft, negotiate, execute, scan, file, store, and remembering

renewal dates which leads to gaps in capturing critical information and menial efforts in organizing.

Variable formats of information management, especially pertaining to costs, receivables,

milestones, and renewals – which directly impact the top line of the organization

Painstaking and time-consuming approval processes for transactions and deviations which impact

customer experience and more time on unproductive follow-ups.

T


The absence of auto-triggered reminders and early warning systems for key obligations and

contractual compliances leading to business exposure to legal risks and non-compliance impacting

the success of the transactions.

Dependency on resources for information storage, email archival and data management puts the

company in a tough spot during handovers and deadlines.

Amount of time spent collating data and preparing MIS reports leads to high-end and specialized

resources working on unproductive tasks

Value-Addition with PracticeLeague Contract Lifecycle Management platform.

A research by the Aberdeen Group 1 clearly reveals that companies who automate their Contract

management tend to renew 69% of their contracts. The research also reveals an addition to 66% of

companies see the increased contract as major milestones, deadlines and alerts come at the right time for

renewal or further process.

PracticeLeague CLM has improved the contract management process of Large Enterprises from various

industrial verticals and positively impacted their revenue

Features of PracticeLeague CLM

PracticeLeague Contract Lifecycle Management is an integrated and sophisticated off-the-shelf solution that has evolved extensively with market feedback and adopted to the fast changing dynamics of the market demand to become a fluidic, feature-rich platform that can completely transform and streamline your contracting process.


Features:


Streamline the entire Contract Lifecycle Management Process with PracticeLeague

Solution.

Project initiation/contract requisition Standardise the flow of information from one department to another and reduce the follow-ups and errors

Automated and rule-based approvals – easy email based approval process Reduce errors, the time is taken to approve transactions and also maintain an audit trail of all approvals and comments

Instant contract generation using pre-defined templates Reduce risk by enabling pre-defined templates and reduce TAT for generation of initial drafts

Integrate with MS Word to access standard Clause Library Reduce risk by enabling pre-defined templates and reduce TAT for generation of initial drafts

Auto-archive email approvals and discussions during contract negotiations Link email discussions with CLM for auto-archive ad-hoc approvals for deviations to maintain an audit trail

Version all drafts Auto-version all drafts using email archival to not only reduce time but to also maintain a reference trail of all transactions

Set-up reminders for missing scanned files related to each contract Define custom stages of contracts to improve accountability and trigger system based escalations

Convert scanned contracts into readable files Use OCR functionality to convert scanned contracts into MS Word documents for searching and referencing

Maintain a library of all active contracts Search contracts with a few simple clicks and reduce dependency and to maintain a centralised repository of all contracts

Manage key obligations and compliances Copy and store all obligations and compliances associated with every contract to reduce legal and business risks

Track payment milestones and key tasks Get system generated reminders for key milestones and tasks for successful delivery or completion of each transaction and for timely realisation of payments

Manage renewals, expiry and termination of each contract Get system generated reminders for all upcoming renewals to plan and prepare in advance and to avoid loss of business

Get ready dashboards or generate on-demand reports Get a macro or micro level view of all contracts and business performance with a few simple clicks


Workflow

Architecture & Integration PracticeLeague Contract Lifecycle Management platform provides a configurable, scalable and integrated architecture to help enterprises easily adapt and streamline their contractual obligations.

Integrations: 1. Microsoft Office 365

Generate contracts from pre-defined templates in Microsoft Office 365

Draft and review agreements and contracts in Microsoft Word with access to clause library

Microsoft Excel is integrated for bulk updates and actions on agreements and associated documents

Outlook integration ensures every review, changes, negotiation, updates et al is mapped to

the respective Contract


2. Microsoft Word Plug-in Generating templates for Contracts in Microsoft Word

Access to Clause Library to create Templates

Sending Contracts for reviews to internal and external users

Protecting certain parts of the document by hiding information

3. CRM (Salesforce/Microsoft Dynamics) Generate requests and contracts in your CRM and sync with PracticeLeague Contract

Lifecycle Management Platform

Automatic changes across both the platforms

Stay up-to-date with notifications on contract milestones

Gain visibility of the contract milestone

4. DocuSign Electronically sign contracts using your integrated DocuSign account

AI Enabled & Smart Contracts Contract in a business is a knowledge repository that contains critical data on organizational commitments, obligations, rights, remedies, and rules that reflect business decisions made in the past that will affect performance in the future. Without incorporating huge amount of time and intelligence, this huge collection of data does not provide collective insight that can be used by the Enterprise to reduce risk and increase value for their business. For matters related to contracts and other documentation, an artificial intelligence can scan through the terminologies, policies, rights, conditions, and extract the right data to summarize and derive insight. The machine takes little or negligible time to understand your Business workflow, to ensure every contract follows the diverse and streamlined rule to retain the business integrity. Artificial Intelligence will highly digitize legal technology and transform information into a structured data, which will derive risk factors adhering to compliance to avert while managing the documents. Using IBM Watson, PracticeLeague has created an advanced Artificial Intelligence engine with most powerful cognitive artificial intelligence, machine learning and natural language processing capabilities. PracticeLeague is integrated with Contract Lifecycle Management system to provide an AI powered, end-to-end intelligent platform.


PracticeLeague AI enables enterprises to transform their current manual processes to highly efficient AI powered automated processes.

AI Enabled & Smart Contracts

Enterprises can use the augmented intelligence to create, plan, predict, strategize and optimize decisions at improved efficiency and effectiveness level of their business. Repeated or complex matrices of information are recorded to make the future process easier. Hence, equipping the Enterprises to stay on top of the productive curve.

Collaboration PracticeLeague Contract Lifecycle Management System Collaborates with various departments on a single platform to maintain, transparency, easy workflow and a single engagement platform.


Collaboration

Benefits The PracticeLeague Contract Lifecycle Management Platform increases the efficiency of the team and standardizes the contractual process in an organization. The solution also increases the visibility of the end-end spectrum of the contracts to mitigate risks and adhere to compliance in turn helping the organization to be cost effective. The PracticeLeague Contract Lifecycle Management platform acts as a centralized repository of data and create a single engagement platform for the entire team.


Additional Benefits:

With PracticeLeague CLM solution, Businesses can measure, control and analyze all contracts and ensure timely remediation of any gaps before damage to the business. The PracticeLeague CLM platform will help in running effective operations in a cost and time controlled environment and understand the efficacy of each contract and its effect on the business.


About PracticeLeague

We provide an Intelligent and Unified platform for the Enterprise Ecosystem driving Digital Transformation to the next level. PracticeLeague helps entwine legal efficiency and cost-effectiveness with a complex end to end business operations with the sheer power of simplicity, speed and innovation driving today’s quintessential competitive edge and the highest standards of corporate ethics.

What we do

PracticeLeague focuses on integrating Enterprise Legal Management to the core of Governance Risk and Compliance in alignment with the evolving role of Legal.

The PracticeLeague platform brings all entities of business legal ecosystems on a virtual grid empowered with Artificial Intelligence, Blockchain and Secured Cloud for seamless exchange of data, execution of processes and predictive management with real-time visibility and control.

The platform empowers Legal to collaborate with three key stakeholder communities in the ecosystem, business, authorities and professional services partners to deliver a competitive, safe and responsible ecosystem.

The platform enables Seamless transactional collaboration between legal and multiple business functions and external professional services partners,

Offers a platform for operational analytics to sustain innovation continuum,

Orchestrates predictive insights from cross-functional practices for consolidated views and improved decisions,

Ensures compliance with defined ethical regulatory and statutory standards

PracticeLeague is a well-established and fast growing Startup with a continuous endeavor to redefine complexities in enterprise operations with the power of “Innovation with Simplicity”.

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