Enhancing Contract Management with CLM
RVU implemented an end-to-end automated contract review and management solution that touches on their problems within the contract lifecycle with Summize.
Key Outcomes
Objective
RVU is a leading global group of online brands that work to empower customers by helping them compare home services, insurance, and other financial products. Operating in over 5 countries, RVU are on a mission to reach millions of consumers around the world to help them solve everyday complex problems though outstanding experiences.
With a small in-house legal team responsible for the contract lifecycle management of a diverse range of contracts, the challenge for RVU was to automate the contract lifecycle process to improve operational efficiency and to improve visibility into their contract portfolio.
The primary issue that the team at RVU were looking to solve was that they previously performed their contract reviews and tracked key information such manually. Due to the team having limited resource, they wanted a digital contracting solution that would automate low-value tasks, improve cross-department visibility, and enhance their contract review process.
The Solution
By working with Summize, RVU were able to digitalise their legal processes. Intelligent automation instantly produces contextual summaries with actionable tasks. The Contract Analysis Engine combined the best of humans and AI-powered technology to automate and accelerate their contract review workflows, with instant summaries and areas of concern red flagged.
With key date extraction, actionable contract summaries, and key date reminders, Summize has accelerated RVUs existing process providing a frictional experience across the entire contract lifecycle, uniting legal and business stakeholders across the wider business.
Outcome
Unlike other Contract Lifecycle Management solutions, Summize has simplified and shortened RVUs entire contract lifecycle, without them having to change their existing ways of working.
The Contract Analysis Engine has simplified and accelerated their contract reviews, with instant summaries and the ability to review and redline contacts within Microsoft Word, Summize has enhanced their existing workflows within existing programs.
The powerful data engine gives RVU instant access to improved decision making and actionable insights, instantly summarising risk, and potential cost savings across their entire contract portfolio. The interactive dashboard provides RVU with their key contractual information at their fingertips, whilst the Shareable Links feature has allowed them to seamlessly share contractual information across the wider business, improving cross-functional collaboration.
Want More?
See more from our ultimate guides
