What is digital Contracting?
Digital contracting is a process that transforms the entire contract lifecycle into a digitalised and collaborative workflow. It facilitates the contract lifecycle process by connecting the dots between business stakeholders, processes and data.
Faster, smarter digital contracting for business
Digital transformation of contract management
The digital transformation of contract management has been rapidly accelerated in recent years, championed by sales, marketing, HR, finance, and recruitment. It's time for legal teams and contract processes to benefit from the same level of digital transformation provided by digital contracting.
Digital contracting frees your legal teams and empowers the business
Digital contracting software helps legal professionals by automating repetitive manual processes, allowing teams to focus on high-value tasks. Plus, by integrating with other business productivity tools such as Office365, Microsoft Teams and Slack, business colleagues are empowered with intelligent technology that guides them through contract processes without the legal jargon.
Learn more about digital contracting
The challenges of contract lifecycle management (CLM)
To help improve your CLM process, we have provided the most common CLM challenges and how to overcome them.
10 contract lifecycle management (CLM) best practices
This guide is for anyone looking to improve their CLM process and ensure their team follows best practices.
Contract lifecycle management (CLM) benefits
This guide is for anyone looking to explore all of the contract lifecycle management (CLM) benefits, for businesses of all shapes and sizes.
Digital contracting software benefits the entire business
The key benefits of AI-powered digital contracting software
Your digital front door to legal
With this decentralised approach, you eliminate the need for lengthy training and disjointed processes. Meet users where they already work, for a more accessible front door to legal.
Any contract, one process
Actionable insights
Maximum adoption
The secret to success in digital contracting is to ensure best-fit across all teams. It's a business solution, not just a legal one.
Further benefits of digital contracting
Businesses run on contracts. HR have employment contracts, Marketing use supplier contracts, Sales teams need MSAs - the list goes on! And better management across the contract lifecycle can reap significant rewards.
Digital contracting connects people, data, and processes to accelerate the end-to-end contract lifecycle, providing users with meaningful analytics and data for smarter business decision-making. The Contract Analysis Engine by Summize combines both humans and AI-powered technology, including ChatGPT, to digitalise legal processes.
- Shorter contract lifecycles
- Faster revenue generation and shorter negotiation periods
- Mitigated risk across the organisation
- Improved collaboration between in-house legal teams and business colleagues
- Smarter business decision-making
- Increased efficiency across contractual processes
- Enhanced and automated workflows
- Accelerated contract management and analysis capabilities
Digital contracting for in-house legal teams
Contract processes are traditionally manual, complex and almost always lacking understanding, preventing legal teams from being true business leaders. Managing contracts across the full contract lifecycle is challenging when legal must deal with multiple live contracts simultaneously. This isn't uncommon - with most large businesses managing 19,000 contracts each year on average (EY).
Summize launched the world’s first Integrated Contract Lifecycle Management solution, and this decentralised approach to embedding experiences within existing tools continues today. It makes digital contracting processes simpler and smarter, from contract requests to creating a repository. Summize brings intelligence, speed, and consistency to your digital contracts with optimised and automated workflows.
Accelerated contract reviews
Summize speeds up the end-to-end contract lifecycle by automating tasks that were traditionally manual. Legal teams can review contracts in under 2 minutes and negotiate directly from Microsoft Word 85% quicker.
Smarter business decision making
The powerful Summize data engine gives businesses access to better decision-making and actionable insights; summarising risk and highlighting potential cost savings across every contract, while accelerating revenue opportunities.
Optimised efficiency
Centralise requests and intake via Teams, Outlook, Salesforce and Slack, enabling self-service contract creation in a unique Q&A chatbot experience. In-house legal teams can track, triage and manage requests from across the business, resulting in huge time savings and efficiency gains.
Digital contracting for sales
Contracts are found across every team within a business, from HR to Marketing, but alongside Legal, Sales teams work with them almost every day. Research shows that 80% of B2B Sales teams process over 500 contracts each month, but 59% of Business Development professionals state that inefficiencies in their contracting process resulted in lost opportunities. So it’s essential to get your contract solution right.
Contracts sit at the centre of every business relationship - they define a business's path for growth, revenue, and profit. So, inefficiencies in the contract lifecycle lead to slower sales cycles, friction, bottlenecks, and delays between legal and the rest of the business.
Digital contracting facilities the contract lifecycle and reduces these inefficiencies by establishing a relationship between the stakeholders, existing processes, and data to accelerate the end-to-end contract lifecycle. Digital contracting by Summize unites legal teams and business stakeholders to accelerate the entire contract lifecycle.
Faster revenue generation
Summize centralises contract requests through Microsoft Teams, Outlook, HubSpot and Slack in a simple Q&A experience.
Business users can create contracts using approved legal clauses and send requests, which are automatically tracked and analysed.
Shorter contract cycles
With Summize's intelligent CLM solution, create and review contracts faster, more consistently and more efficiently. Your business users can create contracts in under two minutes and complete a first pass review in less than five. Controlled and governed by legal, contract workflows are accessible to the wider business.
Sales teams will enjoy faster negotiations, equalling faster revenue for the business.
Self-serve capabilities
Summize's self-service contracting, integrated with Microsoft Outlook, Microsoft Teams, Gmail and Slack, speeds up negotiation and contract cycles.
Commercial users can generate approved contracts and close deals faster, all without needing legal intervention.
