Enhanced CLM Features and New Awards for ContractWorks in Q1 2023
At ContractWorks, we strive to offer new products and services to our clients.
It’s also important for us to rework and fine-tune any features we launch so that you (as the user) enjoy an optimal contract lifecycle management experience.
Here’s a quick recap of what we’ve been up to this quarter as we push towards making ContractWorks the go-to end-to-end CLM that earns a quick return on investment.
We’ll cover all this in greater detail, but here’s a sneak peek of what we’ve done over the past few months:
- Collaborative Editor
- Drafting & approvals
- Enhanced reporting
- Intake form
- OCR search
- Enhanced e-signatures
- G2 badges
Now let’s get started.
With ContractWorks native contract editor, you can reach the contract approval stage four times faster while creating a single source of truth for all changes and redlines.
The easiest way to think about Collaborative Editor is to take the best of Google Docs and Microsoft Word, put them together, and implement them in a secure SOC II-compliant environment. So not only does this remove the fear of compromising data security, but you’ll have complete version control and a full 360-degree view of what’s in your contracts.
Additionally, you can collaborate side-by-side in real time with team members and third parties, swap clauses in one click via your clause library, and enjoy convenient two-way MS Word compatibility as all complex formatting is preserved no matter how many times you upload or download a document.
Contract Drafting & Approvals
Keeping in mind that delegation of contracting is a major trend for legal operations in 2023, we just wanted to quickly highlight the drafting and approval features we added to ContractWorks at the end of last year.
ContractWorks incorporated pre-approved templates, automated drafting, and clause libraries to speed up drafting time by 80%. This will help you ensure compliance, minimize errors, and enable delegation. On top of that, they’ll make it easier for your legal department to confidently delegate simple contracting to non-legal teams.
Additionally, conditional approval flows will allow you to set up frictionless approval processes that guarantee contracts get to the right person at the right time.
Although there weren’t any changes to the general functionality of Reporting, we did add several functions that improve the user experience of Reporting:
- Ability to rename reports from within reports
- Ability to pin reports as favorites
- Ability to duplicate reports
- Ability to schedule, save, and share reports from within a report
- Ability to export a report as a PDF or Excel file (as well as download attached documents)
- Ability to manage columns of the main reporting page
- New filter and column add options
- Additional details about tags, attachments, and design are shown when opening a document
- Default reports are available for new ContractWorks users (e.g. report for recently updated contracts, contracts that expire in 90 days)
Overall, these additions should make your experience of using Reporting smoother and more efficient.
We’ve included a special feature called Intake Form. Its goal is to make it easier to process third-party contracts and agreements while providing a convenient, frictionless way to extract metadata for use in future documents and reports.
Intake Form will even allow you to assign an approval flow to a certain third-party contract. This further simplifies and speeds up the processing of external documents as you’ll be able to send documents to the right people automatically without having to manually designate approvers.
Our advanced search and optical character recognition (OCR) capabilities have been enhanced in a way to make them more granular and targetable.
Previously, you could only search documents by name and folder. Now, when searching for a specific term, you can search not just by document name and folder, but you can search document contents.
This will make it much quicker and simpler to find a specific contract or document.
We revamped our electronic signatures so that account admins now have even more freedom and can manage contracts more independently.
Account admins can quickly and easily swap templates from their template view. This puts you in the driver’s seat of collecting e-signatures without having to contact your account manager.
Ever since ChatGPT was released late last year, talk of it has dominated the world, as well as the legal tech industry. We’ve previously explored how GPT-3 – the AI model that powers ChatGPT – is the biggest innovation to hit legal operations.
We’ve also implemented GPT-3 in ContractWorks CLM in two separate features: Clause Creator and Simplify.
Clause Creator helps you quickly draft clauses from scratch in seconds. You can use it to swiftly whip up an entire clause playbook or build a clause library from the ground up.
So while Clause Creator allows you to get work down faster, Simplify lets you delegate some of the time-consuming and low-value work. Simplify translates complicated legal language into simpler terms that can be easily understood by those without a legal background.
We’re also excited to share the news that we’ve received several badges from G2. If you’re unfamiliar with G2 Trust Badges, they’re meant to signify that a product is trustworthy and reliable. They also provide recipients with an opportunity to showcase their performance compared to the competition.
The G2 badges we have received are:
- Best Est. ROI Enterprise – This shows that Enterprise-level companies who use our have a strong chance of not only getting a fast turnaround, but they also enjoy a quick ROI on their investment in ContractWorks.
- Best Est. ROI Small Business – Similarly, small businesses who turn to ContractWorks for their contracting needs will also see a fast return on their investment in ContractWorks CLM.
- Best Results Enterprise – In addition to a fast ROI, Enterprise companies witness strong results in their contract management, such as swifter processes and greater value added to the company’s overall bottom line. This enables ContractWorks to score better results compared to other CLM providers.
- Easiest Setup Enterprise & Most Implementable Enterprise – Enterprise companies who choose ContractWorks don’t have to worry about much when it comes to setting up ContractWorks CLM. Our automation team handles all the automation and implementation heavy-lifting, which allows Enterprise teams to focus on other important matters.
- Easiest to Use Enterprise – Not only is setting up ContractWorks CLM, but the learning curve to use our CLM system is almost as smooth and gentle as a tranquil lake. This enables Enterprise organizations to gain a fast time-to-value since teams don’t need to dedicate considerable time to learning our platform.
- Fastest Implementation Enterprise & Fastest Implementation Small Business – ContractWorks CLM boasts one of the fastest implementations in the legal tech industry as our implementation team can roll out ContractWorks in just 14 days.
- High Performer Enterprise & High Performer Mid-Market – This reflects that our Enterprise and mid-market clients are satisfied with the value and possibilities they gave with the help of ContractWorks, especially in contrast to other CLM systems.
- Most Likely to Recommend Mid-Market – ContractWorks is highly recommended for mid-market companies thanks to our powerful CLM features as well as our budget-friendly pricing.
But we’re just getting started. We hope that the new features we’ve released to make ContractWorks an end-to-end CLM will allow us to earn even more product awards and recognition in the future.
The functions we added over the past few months move us closer to our goal of becoming the go-to CLM platform for all contracting needs.
So if you’ve been looking for CLM software that covers the entire contract management lifecycle without a huge price tag or long implementation, look no further. ContractWorks enables legal departments to complete each CLM stage more quickly and efficiently.
ContractWorks CLM also has a modular design. This allows teams to select the features they need and pay for what they use. Pricing starts from $700 per month for unlimited users, and rollout is complete in no more than 14 days.
Book a demo with our team to learn how ContractWorks CLM can make your contract more efficient.
Going to CLOC 2023? Stop by our booth and receive an on-site walkthrough of our CLM.