How Sales Contract Automation Can Drive Efficiency

Sales Automation

Procurement and sales contracts are an integral part of any business operation. They serve as both an operational and a legal tool that dictates the terms of the sales made by a company. Even the simplest of sales contracts are made up of a lot of different parts, all of which need to be drafted meticulously to avoid a legal mishap. 

A standard sales contract contains: 

  • The rights and duties of both parties
  • Details of goods/services/property to be exchanged
  • Details about prices and fees

Naturally, drafting, reviewing, and redlining your sales contracts (i.e., the entire pre-execution process) can prove to be a tedious task. Teams of lawyers can spend days (and sometimes even weeks) finalizing sales contracts. In a digital world where everything is automated and time is of the essence, this is simply not an efficient process. So how can we help change this?

AI’s the answer! Intelligent pre-execution tools can automate the entire process from drafting a contract to reviewing it before it is sent out to clients. What’s more? AI-based platforms blend seamlessly with your playbook, learning all of your bylaws and semantics to create a standardized contract format tailor-made for your use. Not convinced yet? Here are a few more reasons why sales contract automation is the need of the hour for all 21st-century businesses: 

Why Automate the Sales Contract Process?

Depending on the contract’s complexity, a legal team can take days, weeks, or even months to complete a single agreement. This ends up burning a lot of your company’s valuable time and resources for a task that could be easily automated with the right sets of data. 

Sales contract automation is yet to find widespread acceptance with the industry. A recent study commissioned by DocuSign revealed that as many as 87% of all sales contracts are still prepared manually. This is because most legacy legal firms have rigid workflows in place, which, while reliable, simply aren’t quick or efficient enough. For instance, company policy might bind top-level lawyers to menial tasks such as checking the data in a contract and analyzing vendor performance. Crunching numbers is the last thing you want to assign to expensive lawyers who could’ve spent the time doing much more substantial and valuable tasks.

What does this mean for your company? With the right pre-execution automation tools on your side, you can gain a defining edge over your competition by allocating your time, money, and manpower towards other important tasks. Advanced machine learning programs handle the numbers so your lawyers can spend time nurturing client relationships and reviewing other more important projects. 

Here’s a detailed pros and cons analysis to paint a clearer picture for you:

Manually prepared contracts:

  • Lead to inefficiency, errors, and security risk
  • Lead to delays and missed opportunities
  • Have a high cost per agreement
  • May lack risk mitigation plans
  • Lack important supplier performance information.

Automation, on the other hand, can: 

  • Speed up the sales cycle
  • Reduce admin work for your company
  • Provide a better customer experience
  • Prevent manual error
  • Increase profitability
  • Use pre-approved templates to ensure consistency in legal language
  • Generate contracts quickly using pre-approved causes and versions from the library
  • Attain greater transparency in your workflows. 

Pre-execution automation software can help you create much more efficient workflows. Making administrative work more efficient can help new employees adjust to the learning curve exponentially quicker. Most contract automation tools available on the market offer excellent collaboration tools like personalized email delivery systems where you interact with the A.I. through email, just like a human colleague! The difference? This colleague replies with detailed, redlined documents in under five minutes. Features like these help preserve and enhance workflows even at the most rigid legal offices.  

Sales Contract Automation with AI Contract Software

Sales contract automation is the future. With AI contract software, you can now review and redline sales contracts in no time (which gets faster and more intelligent with every use).

With AI, sales teams can also create and edit contracts quickly without the need for legal to get involved. Teams can use a simple Q&A flow to populate the templates, after which contracts can be generated and stored. Stored contract templates can be repurposed later, along with edit options. This is particularly useful for standardized contracts like NDAs.

BlackBoiler is the only product that automates the entire pre-execution and contract review process with the help of ingenious AI tools. It learns from your playbook and past contracts (which make up the sample data set for the ML algorithm) and then reviews and similarly redlines future contracts. What more? Our Automated Contract Markup system picks up your preferred style and executes the next assignment up to 70% faster. BlackBoiler’s tools and services are built by attorneys to work for attorneys.

Selected as the ‘Best A-I Based Solution For Legal’ by AI Breakthrough, ours is a state-of-the-art product that offers unparalleled efficiency.