75% of legal teams are looking for ways to use Artificial Intelligence (AI) to improve their everyday work. Companies across the legal tech space are rushing to get big splashy AI tools on their list of features. But often those features are built to check an AI box or for the press value, not to meet actual customer needs.
AI that Really Helps
At ContractSafe our approach is different. From our founding, our goal has been to provide technology that makes contract management easier and saves you time. So instead of building out (and charging for) complex AI functionality, we are focused on adding more AI throughout our solution to make the things you already do every day even easier.
AI isn’t just a fad. It’s been around for a while and it’s here to stay. But using AI should be strategic. For years, our [AI]ssistant tool has automatically extracted data from contracts so you don’t have to do it manually. Now we have a product team dedicated to using the new generation of AI tools to make our contract management software even easier to use. Helping you leverage AI in meaningful ways is our #1 product priority.
Today, we’re excited to announce the first of our new generation of contract management AI tools, Contract Categorization by Type.
This latest AI-driven feature saves time uploading and organizing contracts and ensures the right data is collected, automatically making it easy to see and report on your contracts by type.
You may already be organizing your contracts by contract type using folders or custom fields. Categorization by Contract Type takes that organization to a whole new level. [AI]ssistant will now automatically categorize new contracts by type for you.
And every time a user uploads a contract, you can require particular forms to be completed depending on the contract type. You set the rules. ContractSafe makes sure they’re applied with the click of a button.
Read on to learn more about how ContractSafe’s new Categorization by Contract Type can save your team time and effort.
How it Works:
- Choose from our list of 14 common Contract Types. Don’t see a Type you need? You can add additional Types, too.
- If you want to collect certain information by Contract Type, we make it easy! Just pick a Form to be presented to your users based on the contract type. You can even make the Form mandatory so your users are required to fill in the info. (Don’t know where to start? Our Customer Success Managers can help you strategize!)
- Upload your contracts.
- Let our [AI]ssistant automatically identify and assign a Contract Type. (Don’t worry, it’s easy to see and validate the AI results before they are accepted into your account.)
- Once the Contract Type is assigned, the right data forms will automatically be applied to the contract.
Benefits of Contract Categorization by Type:
Contract Categorization by Type helps legal teams get and stay organized. Here are just a few of benefits customers have noted:
Time-Saving AI Integration
Our AI can automatically extract Contract Types for you. This removes the need for manual categorization and saves you valuable time. You can confirm the extracted type via [AI]ssistant.
Easy Compliance Monitoring & Visibility
By requiring Forms, admins can ensure that contracts are being added and set up correctly by running reports on missing fields. You can ensure that contracts are compliant and identify data gaps.
Capture Data Automatically
Use required Forms to capture the data that’s important to you so you can easily sort and filter later. These Forms are automatically applied to contracts so data monitoring is easy. You can apply multiple Forms to each contract type and report on the data in those forms.
Eliminate Noise
ContractSafe’s AI-powered Categorization by Contract Type standardizes the types of contracts your team uses and the Forms required for each type. This focuses users on the appropriate types of contracts and eliminates noise and confusion. Starting with organized Contract Types streamlines the entire contract management process.
Customization Options
Every organization has its specific needs when it comes to contract categorization. With our feature, you have full control over the Contract Types for your organization. You can tailor the naming convention for each Type using the Custom Name option, making it easier to align with your internal processes.
We provide 14 standard contract Types automatically, but you can always add your own custom contract types and forms to fit your organization’s unique needs.
Enhanced Contract Visibility
Like any standard contract field, Contract Type is searchable, filterable, and can be used in Saved Views. This means you can easily locate contracts based on their Type, allowing you to find the right contracts quickly and efficiently. The Contract Type dropdown on the contract page further simplifies the process by allowing you to manually apply a Type or let [AI]ssistant extract it for you.
Bulk Edit by Contract Type
Easily assign multiple contracts (all contracts in a folder, or all contracts with a specific tag) to the same Contract Type. Assigning the Contract Type automatically applies required Forms to the contracts, so you can easily identify missing data. You can also bulk edit all contracts of a certain Type to organize, assign, or add more information.
Ready to Check it Out?
With the launch of our Categorization by Contract Type feature, we aim to simplify and streamline your contract management process. By organizing your contracts and automating the application of relevant Forms, you can say goodbye to the days of searching for contracts and manually keeping track of requirements. Embrace the power of contract categorization and experience a more efficient way of managing your contracts.
So, are you ready to take your contract management to the next level with our Categorization by Contract Type feature?
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