Have you ever had to rewrite information from old paper contracts or PDF scans that you can’t easily copy? Or how about adding tags to each new document? It’s a time-consuming, occasionally frustrating process that can be painful to think about.
That’s why we decided to solve this, as well as some other challenges. AXDRAFT’s latest integration with our sister company ContractWorks will help to level up your contract management.
We combined the best from both systems to enable end-to-end contract processes under one roof. Powered by ContractWorks, your repository will gain Optical Character Recognition, robust tracking, granular reporting, and milestone alerts.
How It Works
AXDRAFT has always strived to help teams stay in complete control of their contracting, whether it’s a business whose legal team is 3+ people or a massive enterprise with dozens of branches and hundreds of lawyers.
But there’s no limit to perfection. This integration combines the best of AXDRAFT and ContractWorks so that you can maximize the benefits of your contract lifecycle management solution.
For instance, if you’re constantly switching between two distinct systems, not only is it inconvenient, but you can lose valuable information.
This integration solves both problems by allowing AXDRAFT and ContractWorks to operate as a single system. It features a straightforward workflow that requires no additional training.
Here’s what it looks like:
1 – You start by creating a document in AXDRAFT.
2 – The next stage is redlining and approvals.
3 – Once it’s approved, it proceeds directly to ContractWorks where it’s signed.
All data can be reported and reused across new agreements, and moving data between systems takes a single click.
Although it’s a simple system, the cherry on top is the potential you unlock.
What Makes This Integration Special
While documents are in your storage, they can be made searchable by adding tags.
Thanks to the AI-powered engine in ContractWorks’ storage, this step is carried out for you. The software scans each file, identifies what’s inside, and adds the appropriate tags.
Additionally, the system automatically tags milestones and critical dates. This mitigates the risk of breaking deadlines and causing misunderstandings with partners.
Once all tags are added, all you have to do is take a look to confirm everything is correct. This allows AI to dramatically reduce your manual workload.
Another feature to pay attention to is Optical Character Recognition (OCR).
OCR recognizes and replicates text, making it searchable and editable. An excellent example of OCR technology is Apple’s iPhone, which allows users to directly call phone numbers written on paper or billboards. It’s also used to convert handwritten words into digital text.
In contract management, it makes contract analysis and comprehension more efficient. Usually, PDF files and paper documents are scanned to make data structured and readable for software. Organizations don’t have to individually tag each element inside a static document to track data contained in legacy contracts.
Here’s the list of features of AXDRAFT and ContractWorks that’ll make your workflow smooth, fast, and more efficient. On AXDRAFT’s side, they include:
- Self-service – enables non-legal teams to prepare typical contracts with no additional legal review or approvals.
- Automated templates – enables the creation of contracts by changing a few key fields each time (usually names and dates). They are questionnaire-based and can be public-facing, allowing your customers to initiate the sales cycle by themselves.
- Standardized language – prevents situations when different people convey the same idea differently. It ensures that contracts are uniform to avoid any possible misunderstandings.
- Automated drafting – allows you to pull information from previous contracts and create a new document in a few clicks.
- Collaborative editor – facilitates collaboration on documents side-by-side in real time with counterparties.
- Clause library – enables pre-approved clauses for making changes in two clicks while staying 100% compliant.
- Automated approval workflows – ensures secure and fast contract turnaround.
Once everything’s approved, contracts are sent to ContractWorks for signatures. Here you get the following features:
- Smart storage – supports advanced search and automated tagging for both new and legacy contracts. It’s also compliant with SOC 2 security standards to keep your contracts safe.
- Automated notifications – updates you on contract expiration dates, values, and owners. The system will also collect metadata throughout the contract’s lifecycle.
- Optical character recognition (OCR) – allows you to process a PDF file or screenshot and have the system transform it into simple text that you can edit and analyze.
- Personalized reports – allows you to choose the data points like value or type of contract. This will provide you with insights into what’s in your contracts.
- Custom tags – allows you to track important data.
- Role-based permissions – allows you to grant specific access to individual users or whole departments, as well as add or remove permissions at any time.
This integration enables the sending of data between both systems, while workflows and navigation are looped to cover your contract lifecycle. It reduces drafting time by 80% and approval cycles by 70%. On top of that, it keeps contracts organized in an advanced repository.
Conclusion
Together, AXDRAFT and ContractWorks accelerate contracting by up to 80% while establishing a single source of truth for all your contracts. We offer a comprehensive contract management solution that adapts to the needs of your organization and matches any budget, whether you’re looking for a repository, drafting and negotiation tools, approvals, and e-signature features or analytics.
If you don’t need all the functions we offer, or if you need more, then you’re in luck. Our solution can be customized according to your needs. Feel free to drop us a line so we can discuss what you want and demonstrate how everything goes together.