Top 10 Reasons you should be using HighQ for Contract Management
As any attorney knows, drafting legal documents is time consuming. It’s a lengthy process to assemble all the requisite information and check every draft for accuracy, ensure all references are current, and collaborate with colleagues and clients. And, all on a strict timetable.
Imagine if you could drastically reduce the amount of time spent on contract management while simultaneously improving the firm’s efficiency.
But it’s not enough to reduce time, you also must prove return on investment on said time. What about storage and accessibility? Is the workflow repeatable? What about integration with other technology?
These are among the many solutions HighQ offers.
Here are the top 10 reasons your firm should adopt HighQ as your contract management platform:
1. Greater department effectiveness
Deliver work product quickly and correctly with HighQ drafting tools, version comparison, and direct integrations to Word and Outlook. Automate repeatable processes including approval routing and contract execution with integrated e-Signature.
2. Operate as a business enabler
By enabling self-service of commonly requested documents, business stakeholders can immediately gain access to repeatable documents and improve the speed of business transactions.
3. Reduce risks with AI-tracked language
Templates and clause libraries ensure your teams are not using out-of-date terms. AI Contract Analysis quickly generates deviation scores to highlight which agreements have the T&Cs furthest from your standards. Use Clause Identifier to define and train on clauses to ensure you are utilizing the best and most current language within your drafts.
4. Ensure quick results
Designed for legal professionals, results map to your priorities and processes with the legal department as the solution owner.
5. Measure and report value of legal department
Deliver data visualization for key performance indicators (KPIs) on contract metrics like turnaround speed and volume of legal contract requests by business unit. Analyze contract metrics including, but not limited to geography, sector, and contracting paper.
6. Fast to deploy
See a quick return on investment with HighQ’s contract management solutions template and guided implementation from an expert team.
7. Enhanced search capability
With simple search built from OCR and AI-enabled automating tagging of documents, find what you need when you need it.
8. Central contract repository
One easy-to-access, centralized repository for all contracts.
9. Visibility through notifications and alerts
Ensures key dates and milestones such as contract renewals, termination notices, and expirations are flagged in advance to manage renewals efficiently through automated workflows and avoid unnecessary costs for the business.
10. Control and manage access
Give business teams ownership of agreements under central legal department management in a fully auditable environment.