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Negative spiral of contract management

Are you passionate about contract management? Does the real fun start after the contract is signed and you get to properly archive it? Do you regularly go back to old contracts to check details, like contract termination dates?

Probably not. And that’s part of the reason why contract management mostly sucks in most companies.

The biggest problem with most contract management systems is that they rely too much on the human element – your manual work. Here are the top 3 reasons why most systems are incompatible with humans:

  1. The contract management system is too complicated to use. It takes a lot of time and effort to enter new contract data in the system. After a while, you just start to “forget” to enter the contract data in the system. 
  1. Too many fields to fill. Your system requires too much mandatory metadata from the contracts (just to be sure to anticipate every possible future need). This leads to same outcome as previous item. 
  1. You forget how it works. Unless contract management is your bread and butter, you probably handle contracts irregularly. If there’s a long interval between data entries, you start to forget how to login to contract management system and how to enter data.

These all lead to a negative spiral:

Contract data is incomplete or missing

=> You cannot rely on the data

=> You do not utilize the data

=> Since you do not see the value, you stop using the system

At Aivan.ai, we want to remove the human element – that is, let you focus on the tasks that you enjoy and where you create the most value.

We have managed to reduce the human effort of contract management to sending a single email. After this, our AI takes over and processes the document for you. And, instead of dumping contracts in a black hole, our system reminds and reaches out to you if there’s something you need to be aware of, like a contract termination date getting near.

Sounds good? Want to see this in action? Book a demo!

 

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