home/products/Contract Lifecycle Management Solution
our-projects-background

Contract Lifecycle Management Solution

One single platform for all contracting activities, enhancing data privacy & security, reducing liability risks and providing a full audit trail. That is the power of the Conveniunt Legal Platform.

Business industry
Legal, all industries
Timeframes
From 2022 onwards
Looking for experts?
Product overview

Our Intelligent Legal Platform actively supports you and your counterparties in the full lifecycle of legal documents, from the very first contact to a signed contract and beyond. Bringing you value beyond the promised 30% reduction of handling time, right now.

Innovation

Artificial Intelligence is used within the application. Data Security is a top priority for us, preventing unauthorized access to your data and protecting it against corruption. A highly secure foundation The Conveniunt Legal Platform is a cloud based solution, utilizing Microsoft Azure cloud computing services. Many enterprises around the world choose Azure as their trusted cloud provider due to its platform security. Microsoft Azure is the only cloud service that offers continuous security-health monitoring. By utilizing the Azure Security Center and continuous integration, we can quickly detect threats and mitigate them. Secure delegated access One of the features of our Intelligent Legal Platform, is that it enables users to only access the data that is relevant to the processes and documents they are working on and is also based on their role in the process. In order to guarantee that only the right authorized users can access the data that is relevant to them, we use an OAuth 2 Identity Server. Encrypted databases and communication Conveniunt uses encrypted Microsoft SQL databases. In addition all communication in the browser is encrypted through HTTPS with SSL certificates.

Features
  • Faster handling time
  • Collaborate and control
  • Accessible anywhere, always available
  • Never lose a single contract
  • Quick configuration and deployment
  • A simple subscription model
Functionality summary
  • 01Artificial Intelligence
  • 02Central repository
  • 03Working together on one document
  • 0460% less handling time
Decoration circle

Imagine the impact on your business when even the most complex legal processes are 40-60% faster, you never lose a single document and you always have a full audit trail? 

This is what the Conveniunt Legal Platform can do for your organization: 

Our intelligent platform brings colleagues and counterparties together; getting legal documents done faster and in the most secure, efficient and user-friendly way. And you don’t have to wait and go through a long and painful installation process; after signing up you will be up and running within a few hours. 

One of the best things about our platform is – because it is set up as a cloud-based, centralized system that exists between all permitted parties – there’s no need to send all the documents to all parties. It saves you time, risk and conflict. Everyone has the right access, to the right documents at the right time, with one single source of truth.

Artificial intelligence

Artificial intelligence (AI) has made significant advancements in contract management where it has

intelligent automation

a profound impact. Contract management involves the creation, negotiation, execution, and monitoring of contracts between different parties. AI technologies can streamline and enhance various aspects of contract management processes, leading to increased efficiency, accuracy, and compliance. Here are some ways AI can be applied to contract management:

  1. Contract Drafting and Generation: AI-powered contract management systems can automatically generate standard contracts or draft customized contracts based on predefined templates and clauses. These systems can analyze existing contracts, extract relevant data, and suggest appropriate clauses, terms, and conditions.
  2. Contract Review and Analysis: Reviewing contracts can be time-consuming and prone to human errors. AI can assist in contract review by automatically analyzing large volumes of contracts and identifying potential risks, discrepancies, or non-compliance with regulations. Natural Language Processing (NLP) techniques enable AI systems to extract key information, classify contract types, and flag any unusual or problematic clauses.
  3. Contract Negotiation: AI can facilitate contract negotiations by providing insights and recommendations based on historical data and market trends. Machine learning algorithms can analyze negotiation patterns, identify favorable terms, and suggest optimal negotiation strategies. This can help parties reach agreements more efficiently and reduce negotiation time.
  4. Contract Analytics: AI-powered contract management platforms can leverage data analytics to extract valuable insights from contracts. These platforms can identify contract performance metrics, track obligations, and monitor key dates such as renewal or termination deadlines. AI can also enable advanced analytics, such as predictive modeling, to forecast contract outcomes and identify potential risks or opportunities.
  5. Compliance Monitoring: Ensuring compliance with contractual obligations and regulatory requirements is crucial. AI can automate compliance monitoring by continuously analyzing contracts and relevant data sources, flagging any deviations or risks. This proactive approach helps organizations identify compliance issues early on and take necessary actions to mitigate them.
  6. Contract Lifecycle Management: AI-based systems can streamline the entire contract lifecycle by automating routine tasks, such as document creation, version control, approval workflows, and notifications. This frees up time for contract managers to focus on more strategic activities and reduces administrative overhead.

It's important to note that while AI can greatly enhance contract management processes, human oversight and expertise remain essential. Legal professionals should still review and validate AI-generated recommendations to ensure accuracy, appropriateness, and compliance with legal standards and business objectives.

Get a taste of digital innovation with Sourceful