Thomson Reuters Solution Insight: Contract Express Tim Strachan Head of Sales, Australia & New Zealand Automation Solutions
Thomson Reuters Solution Insight: Contract Express Tim Strachan Head of Sales, Australia & New Zealand Automation Solutions
Who is Thomson Reuters…? “the world's leading source of intelligent information for businesses and professionals” More than 45,000 professionals, in 100+ countries and 100+ years of experience.
Contract Express What is it...? Contract Express is ‘plain English/no code’ automation software used by our clients to rapidly draft documents of any kind
Contract Express What is it...? What else can it be...? Contract Express is ‘plain English/no code’ automation software used by our clients to rapidly draft and their wider organisation approve, negotiate, and execute documents of any kind
Globally, Contract Express Clients Include:
Why Contract Express ?
Corporates • Automation isn’t common • Legal & Procurement departments under time and cost pressure Why Contract • Time drain from drafting and contract review demands across the organisation Express for the Corporate Market? After Contract Express • Documents drafted 82% faster • Reduced risk of errors, compliance and standards enforced • Do more with less • Empower other departments with automation
Top three reasons to implement 1. Compliance with corporate standards Why Contract Express – 2. Corporate Market Reduce external legal spend 3. Do more work with fewer resources
1. Compliance with corporate standards • Zero capacity to ‘go rogue’ with Why Contract documents Express for the Corporate Market? • Standards enforced • Review and approval can be mandated • Quality Assured
2. Reduce external legal spend • External review requirements Why Contract reduced Express for the Corporate Market? • Internal resources optimised • Compliance has flow-on effect to negotiation
3. Do more work with fewer resources • Time savings can equate to Why Contract lower resource requirements Express for the Corporate Market? • Time freed up can be allocated to other high value activities
Potential “We are able to generate customised contracts, designed for different legal jurisdictions in minutes Return on Investment ? rather than hours or days.” . Global Contracts Manager, Standard Chartered 1 50 25 2,400 80% Document employees minutes Drafts p.a. The time it takes 50 employees per Efficiency gain = 20 Drafting this per first draft minutes saved document per document at least week (48 weeks) once weekly 800 $ 32,000 in resource value Hours saved Based on $40 p.h. resource
“By eliminating the need for legal review of every Potential confidentiality, consulting, and material transfer Return on Investment ? agreement, employees can send pre-approved forms directly to clients and expedite the process, often generating a final contract within hours.” . VP, Deputy General Counsel, Life Technologies 75 15 80% 10,800 3 employees minutes drafts Documents The time it takes Efficiency gain = 12 75 employees x 3 Drafting these per first draft documents per minutes saved documents at week (48 weeks) least weekly 2,160 $ 86,400 in resource value Hours saved Based on $40 p.h. resource
Authoring templates
How Does Contract Express Work? Globally, Contract Express Clients Include:
How Does Contract Express Work?
Using templates
How Does Contract Express Work?
How Does Contract Express Work?
How Does Contract Express Work?
How Does Contract Express Work?
How could Contract Express Work for Open Windows clients?
How could How could Contract Express Contract Express Work for Open Windows clients? Work for Open Windows clients? No integration One way Two way stand alone integration integration
How could Contract Express Work for Open Windows clients? Stand-alone – no pre-built integration • Systems operate independently • Contract creators use CE to manage drafting lifecycle ( for example : NDA’s, Services Agreements, Letters of Engagement) • Executed / agreed versions can be uploaded into Open Windows for contract lifecycle management • Contract Meta-Data can be exported from CE to upload key milestones into Open Windows
How could Contract Express Work for Open Windows clients? One way integration / basic integration • Systems operate independently, however key contract data could be pulled into Contract Express during drafting using API’s • Contract creators use CE to manage drafting lifecycle • Executed / agreed versions can be uploaded into Open Windows for contract lifecycle management • Contract Meta-Data can be exported from CE to upload key milestones into Open Windows CLM
How could Contract Express Work for Open Windows clients? Two way / deep integration • Systems operate in concert • Single Sign on can pass users between applications • Contract creators use CE to manage drafting lifecycle, triggered from Open Windows • Executed / agreed versions could be automatically carried back into Open Windows for contract lifecycle management • Contract Meta-Data can be automatically exported from CE to upload key milestones into Open Windows CLM – e.g. renewal dates, lease terms.
Thanks for your time. Any questions? Contacts: Tim Strachan Tim.Strachan@thomsonreuters.com Corporate / Tertiary Education Daniel Page Daniel.Page@thomsonreuters.com Government
Recommend
More recommend
