Physical Legacy Contracts are a major issue for every enterprise around the globe. These physical documents are hard to keep track of and are spread across multiple repositories. Managing milestones, obligations & risks of all these contracts is a laborious manual task that can often lead to missed renewals or penalties. Digitize contracts for smooth contract management.
These days, most companies understand the need to transform these static agreements into digitized contracts, however, they are often overwhelmed by the digitization process. Traditionally, contracts were digitized by extracting all key metadata and manually importing all the data points present in the agreement. Nowadays, we have dedicated companies that assist you with the digitization process by having their teams manually go through all your contracts and transform them into digital format. However, this task can be extremely time-consuming and can cost thousands of dollars.
Volody’s AI smart digitization tool can help you import all your physical legacy contracts with a click of a button. Developed by our in-house data scientists, our smart tool lets you “bulk upload” all your documents with all your key meta-data and obligations.
In this blog below we will list out how you can digitize your contracts with “Volody’s smart digitize tool” or by professional legal services
Digitize agreements with Volody’s Digitization tool
1. Scan Agreements
Gather all your contracts together and scan them in a PDF format. It would be advisable to separate your agreements based on category or department by naming them accurately. Bring them all together and scan them in a clear visible format, making sure that all key texts in the agreement are legible. Scanning all your documents together in PDF format will allow you to bulk upload all your agreements in one go.
2. Store on a single system
Once you have scanned all your agreements and given the appropriate nomenclature, store them all on a single computing system or cloud file. Saving all your contracts on a single system lets you upload all these documents onto our system with ease without having to switch systems.
3. Upload documents
Once you have stored all your agreements on a single system, you can use our Legacy Module sections to upload all your physical documents with a click of a button. Our smart AI tool with Optical character recognition(OCR), digitizes all your agreements and pre-fills the appropriate data points and meta-data. Our tool has an accuracy of 90% so you might have to fill in some meta-data for contracts that our tool was unable to capture due to poor image quality.
4. Assign Responsibility
Once you have uploaded all contracts and accurately confirmed all the meta-data, the only step left is to assign each contract to the person responsible for all terms and obligations. You also have the option to map out the reminders each individual receives for their contracts. This feature ensures that you never miss out on any renewals or obligations and helps you maintain organization-wide compliance
5. Save and view all legacy contracts
Once you digitize your contracts, you can view them from our centralized repository and smart dashboard. You can search for any contracts based on type, name, or due date. You also have the ability to add addendums, obligations, and renewals for all contacts as well as terminate existing ones. Our intelligent tool also lets you check for any risky clauses present in your legacy contracts and these risky clauses can be mapped out specifically for your industry or business too. This saves you hours of tedious manual work and lets your legal team focus on more strategic big-picture issues.
6. Create reports and MIS
Now that you are all set with your digitized contracts, you can create customizable reports and MIS, empowering you to have all data at your fingertips and making you the most important department in the company. Create customizable reports based on the contracts requested this year or agreements due in the next 6 months, our smart configurable tool can meet all your needs.
Digitize with Volody Professional Legal Services
If you are a growing organization with limited bandwidth, Volody also has an in-house legal services team that can assist you with the entire digitization process. Our legal team lets you digitize contracts for a small fee. A member of our legal team will come to your premise and gather all your contracts for you. Our team will scan all your existing agreements and give them the appropriate title based on your guidance. We will also upload all your documents and make sure that all the data has been filled in accurately. Once we get confirmation from our legal services team, you can view all your contracts from our centralized repository and smart dashboard.
Once visible in our AI-powered tool, you have the ability to add addendums, obligations, and renewals for all contacts as well as terminate existing ones. Our intelligent tool also lets you check for any risky clauses present in your legacy contracts and these dangerous clauses can be mapped out specifically for your industry or business too. This saves you hours of tedious manual work and lets your legal team focus on more strategic big-picture issues.
Now that you are all set with your digitized contracts, you can create customizable reports and MIS, empowering you to have all data at your fingertips and making you the most important department in the company. Create customizable reports based on the contracts requested this year or agreements due in the next 6 months, our smart configurable tool can meet all your needs.
Transform contracts into digital assets
Digitizing these legacy contracts, not only helps you manage obligations with ease, but also creates a centralized repository for all your agreements. Harness the hidden data in the contracts, giving you a new way to look at these static agreements while also allowing you to make informed data-driven decisions.
Do away with old cabinets and scattered documents, and efficiently manage all your agreements with Volody’s smart AI-powered tool today!
About Volody Products Inc
Volody is a leading AI-enabled Contract LifeCycle Management (CLM) Software company helping businesses to digitize and automate their legal contract management processes. Volody’s CLM uses artificial intelligence & machine learning features to create smart and agile solutions that meet the needs of an ever-evolving business world. Trained with extensive data points, our smart CLM tool provides you with many insights and protects your company from any possible risks, be it financial, regulatory, or reputational.
