How well do you understand the risks and obligations embedded in your signed contracts? Do you have the technology in place to proactively manage these factors for future contracts and mirror your preferred terms wherever possible? How about visualizing all that data in readily available dashboards and reports? Governments and board members alike now expect this information to be readily available and putting your contract house in order has huge financial benefits, too.
Experts suggest that automating the contract management process can reduce costs by up to 30%, negotiation cycles by 50% and erroneous payments by 90%. Others calculate best practice CLM could improve company profitability by up to 9% of revenue.
If you’re struggling with manual processes, old technology, or more likely a combination of both, you’re not alone. Most of our customers around the world were in your shoes at one point and felt they spent too much time reacting to events and not enough time proactively managing the contract lifecycle, whether buy-side or sell-side. The good news is that emerging technologies are bringing new ways to tackle this problem.
Traditional CLM software is rapidly showing its age in the face of next-generation alternatives such as Kim and we have more than one customer who pulled the plug on an existing implementation when they discovered the drawbacks of their “new” system built on an old codebase versus the benefits of an AI-enabled alternative. It’s no coincidence that many traditional CLM vendors are suddenly claiming AI capabilities, but there’s no substitute for a genuinely “future proof” platform designed using AI from the outset.
Using Kim’s “configuration, not coding” approach, it is possible for contracting professionals to create their own entire end-to-end CLM system in a matter of days or weeks. By putting automation power into the hands of the knowledge workers, Kim also eliminates the cost and delays traditionally experienced when needing to make changes to the existing rules and templates. Now it’s just a matter of logging into Kim and reconfiguring in real-time.
The Kim platform can be configured for CLM to include any combination of the following features to create a best-in-class solution
- Self-service for business users
- Automated case triage and routing
- Contract creation and authoring tools
- Pre-approved clause banks
- Creation and approval workflows
- AI document assessment and routing
- Document review, redlining & approval routing
- Discrete third-party collaboration
- Electronic signatures
- Central relational contract repository
- Multiple methods of intelligent search
- Build-your-own dashboards for reporting and analytics
- Automated integration components
- Supports processes for all contracts & forms
In addition to the above, Kim incorporates our patent pending Single Model Intelligence capabilities (known as Recognize) which allow for the automated assessment of documents against playbooks or a knowledge base. Following a cognitive review, Kim is able to provide guidance relating to those documents and to automatically route them without the need for time-consuming system training such as with older machine learning techniques.