ContractRoom is a cloud-based negotiation and contract lifecycle management system that changes the way deals get done and how decisions are made. There are clear differentiators with the competition, namely in the way ContractRoom streamlines the entire back-and-forth on business terms and legal text between negotiating parties. The solution can automate and capture data document assembly, term negotiation and contract management for any corporate buying, selling, hiring and recording activities. And then the large data set can be leveraged with machine learning to help predict the best terms and clauses for future agreement – finding the path of least resistance for the close. This means your internal and external dealings will be faster (up to 75%) with less mistakes and minimal friction.
Here’s why we were recently awarded the “Best Collaboration Tool” by LegalTech:
1. Collaboration and Control – it covers the entire process of communication, reviewing, editing, approving and tasking both internally in an organization as well as externally with counterparties. Imagine never having to play a game of email ping-pong again or decipher a redlined MSWord circulated internally and/or externally to determine the sequence in which changes had been made! Or, no longer worrying about which document version you’re working on when involved with multiple parties. ContractRoom does away with all this counter-production and annoyance!;
2. Transaction and Behavior Data – it captures and leverages transaction and behavior data from the entire back-and-forth negotiation, not only the final outcome, as is the case with most CLM systems. ContractRoom keeps a data record of every negotiation offer and counter on any business term or legal clause as well as tracking how long it takes (“timers”) and how many changes are made (“counters”). Once these data sets are aggregated, the system can make inferences for future deal-making and decision-making in real-time, what we call Predictive Agreement. So, negotiators no longer have to operate in a vacuum; instead, they benefit from the “collective intelligence” of their peers and can collaborate in a more informed way so as to achieve better business outcomes.
So, wouldn’t it be great to have a system that could remove all the guesswork in a negotiation – and help guide you to the right decisions, providing the answers before the questions are even asked.
