Workflow Accelerator Contract Review Workflow Automation
Table of Contents
Business Case – Antiquated Contract Review Process
The commitments of business are dictated through legal documents known as contracts. Contracts explicitly state the rights and duties of parties who go into mutual agreements. Typically, contracts need to be reviewed by multiple persons spread across departments. It is of paramount importance that contracts are reviewed thoroughly to ensure all terms and conditions are understood and acceptable for all parties involved. It’s also crucial that these documents are approved in a timely fashion so business can continue without interruption.
However, what commonly happens is that an organization’s legal team becomes overburden with the sheer volume of contracts that need to be reviewed and approved. Bottlenecks and inefficiencies rise with outdated processes and sole dependency on legacy technologies such as Email. Stakeholders are left wondering where their document is in the approval life cycle.
The challenge is having a contract review process that is not only time efficient, but thorough and adheres to companies’ compliance standards.
Our Solution
Speridian Technologies has enabled intelligent and automated contract review process at organizations leveraging the modern Microsoft Cloud. This Office 365 Accelerator helps organizations modernize their Contract Review Process by integrating O365 native cloud services together to enable a more seamless experience.
Features
- Work simultaneously on documents with native co-authoring functionality.
- Route documents automatically to your managers for approval.
- Enable smart reminders to ensure no contract is forgotten or missed.
- Seamless document collaboration with teams’ members in real-time.
- Intelligent Document Review with Peers.
Benefits
- Reduce the average contract review timeframe and approval life cycle.
- Greatly increase communication and collaboration between departments.
- Increase stakeholder productivity and satisfaction.
Tools Involved
Send Automated Alerts to Stakeholders using Power Automate.
Always have the latest contract available with Word Online.
Leverage modern cloud storage with SharePoint.
Integrate smart notifications and action cards using Microsoft Teams.
Document Review in Action
Step 1
Review Request Action Card
As new documents become ready for review, an automated action card will populate in your Microsoft Teams environment, making it easier to take instant action. Documents are linked and shown in action card so you can see it easily.
Step 2
Instant Approval Action
As a part of the action card, you can approve it, allowing the document to be routed back to the sender with your seal of approval.
Step 3
Document Review and Annotation
Documents can be annotated and marked up for additional review. The sender can also collaborate with you with real time using SharePoint Online.
Step 4
Escalations and Legal Review
In the scenario where a document requires the attention of your legal team, this accelerator and intelligently route the document to the qualified reviewers.
Step 5
One Document Repository
As documents come through for review and approval, Office 365 will store every version online, providing an easy audit trail when required and no document or contracts gets misplaced again.
Step 6
Digital Signature Capability
Authorized signatories can connect to other 3rd party platforms such as Adobe or DocuSign to enable digital signature in the same workflow
