Contract Management Software For Legal Teams
Zycus iContract – the CLM solution of choice for global enterprises
Improve efficiency & mitigate risks with Zycus iContract
Contracts are the bedrock of business and legal teams at growth focused enterprises are expected to produce safer contracts in record time.
With iContract, legal teams can aid their primary objectives by:
- Improving efficiency by streamlining their contract work on a single collaborative platform
- Automating predictable and repeatable contracts and process steps
- Efficiently highlighting and tackling contract risk hotspots
- Ensuring compliance from all types of partner engagements
AUTHORING
Automate every step of the pre-award contract lifecycle
- Standardize and organize the contract request process ensuring correct data flowing into contracts
- Automate the legal playbook and ensure compliance by keeping approved templates & clauses up-to-date
- Reduce reliance on legal team by enabling self-service contracting for sales, procurement and IT
- Ensure accurate data flow between systems such as MS Word, CRM, CPQ, collaboration & eSign tools through extensive integrations
- Build no-code low-code workflows for different contract applications in minutes
COLLABORATION
Access all your contracts anytime, anywhere
- Mine and replace unfavorable language from internal or 3rd party drafts in seconds with Merlin AI
- Review & negotiate with stakeholders on a collaborative platform that replaces multiple tools, maintains version and audit history
- Get real-time visibility on where contracts are stuck and remove bottlenecks
- Execute contracts through iContract’s secure eSign integration or through Zycus’ native Certinal eSign
VISIBILITY
Access all your contracts in seconds
- Store & search enterprise-wide contracts in iContract’s secure cloud repository
- Easily locate any contract using iContract’s multi-parameter search
- Use iContract’s repository as a single source of truth to collaborate with all partnering teams
- Find amendments and SOWs clearly organized in a parent – child / master – sub hierarchy
INSIGHTS
Improve compliance across the enterprise
- Get in-depth analysis on key risk & compliance metrics from the complete contract portfolio in the form of visual reports
- Act on compliance and obligation requirements with alerts & reminders automatically set within iContract
- Accommodate regulatory changes and ensure compliance by simply updating the template library
Complete your future-ready legal tech stack with Zycus' Contract Management Software For Legal Teams
FAQ's
Enterprises looking to scale their business have pushed every team to buy, sell and partner much faster than they were used to. This has led to an unprecedented load of legal teams who are at the forefront of the contracting process. Furthermore, compliance issues have become more prevalent, and need to be avoided at all costs.
Advanced contract management software such as Zycus iContract, helps legal teams organize and streamline the contracting process while making it more complaint and risk free. With contract management software, legal teams can easily manage and monitor contract requests coming from all corners of the enterprise. They can set up a template and clause library, that can be used by teams in their own. They can also update these templates when there are changes in regulations, making the new contracts compliant automatically.
In addition to this, legal teams can use artificial intelligence to review contracts, internal drafts or 3rd party papers to quickly identify potential risks and act on them. Contract management software also gives legal teams a single collaborative platform to be able to review, negotiate and approve contracts. The platform maintains an audit history and right version control, keeping the legal team audit-ready at all points in time.
Lastly, iContract also gives legal teams advanced analytics capabilities, helping them improve the contracting process.
Artificial intelligence can massively accelerate the legal contract review process, making them much more efficient and uniform in their approach.
Zycus iContract users get access to a host of AI modules that help that legal team with the review cycle. Merlin Insta Review is an AI module that compares the contract draft to internal approved language and presents the user with an overall as well as a clause level risk score based on language deviations. When users make any change in the language or ignore any risk, both risk scores automatically update, giving the legal team a full view of the risk associated with a contract. This module removes the need for doing first level manual reviews for every contract.
Merlin Template Comparator is another module that helps legal teams review and analyze language deviations between 3rd party paper and internally approved templates, giving them similar risk score and guidance.
With advanced contract management software such as iContract, legal teams can ensure that the templates and clauses maintained in the software’s library are kept up to date with all regulatory changes incorporated. This automatically ensures that every contract draft being created is compliant with the current regulatory norms.
Furthermore, iContract allows legal teams to set up activities, alerts, and reminders with respect to each and every compliance requirement, whether it’s internal or at a supplier level. This ensures every stakeholder acts on the compliance tasks necessary for the contract while giving legal teams full visibility into the status of each task.