Corporate Legal Departments Can Drastically Reduce Contract Processing Times by up to 70% with Onit’s CLM and AI-Assisted Contract Review United in One Workflow
Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has released an enhanced integration between its Contract Lifecycle Management (CLM) product and ReviewAI, which uses AI to review and redline documents in two minutes or less.
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The integration combines the power of automation and AI into one solution that accelerates all phases of contract management.
“We’re committed to digital transformation for corporate legal and making it easier for corporate counsel to practice law. Part of that process is freeing them from unnecessarily manual work – something AI does very well. With this seamless integration, business users submit contracts to legal, and AI immediately tackles contract review fundamentals. It notes recommendations and a risk profile before an attorney even opens the document. This integrated feature, combined with end-to-end CLM automation, increases productivity by more than 50% while reducing risk and improving consistency,” said Eric M. Elfman, CEO and co-founder of Onit.
Continued Commitment to AI and Legal Technology Innovation
The newly enhanced integration of Onit’s Contract Lifecycle Management and ReviewAI is further evidence of the company’s AI innovation. In November, it launched its AI Center of Excellence, the AI-powered business intelligence platform Precedent and ReviewAI. The company’s rollout of AI continues its fast-paced momentum, with it set to deliver additional contract lifecycle management AI features soon, along with its release of InvoiceAI in May. InvoiceAI is AI-assisted invoice review for legal spend and enterprise legal management.
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Increasing Productivity for Contract Management and Review
Onit’s CLM product empowers legal and business teams with end-to-end automation of their entire contract management process for greater governance, speed and visibility. It provides a cloud-based contracts repository with automated functionality that streamlines and supports all phases of the contract lifecycle from capture and creation through negotiations and approvals to execution and post-execution management. The technology has won accolades from the Association of Corporate Counsel and the Legal Innovation Awards.
Onit’s ReviewAI quickly and accurately reviews, redlines and edits all types of contracts in minutes, including NDAs, MSAs, SOWs, purchase agreements, lease agreements, employment agreements, construction and subcontracting agreements. According to a recent study, ReviewAI quickens contract review by 60-70% and increases productivity by 51.5%. Team leaders reported reallocating 15% of their time from contract work to higher-value activities.
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