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Increase Revenue Recognition with an Automated NDA Process
Timely Execution of NDAs is essential to developing relationships with your partners, customers, and prospects. Don’t leave revenue on the table with a slow, manual, and inefficient NDA process. Automate the creation of NDAs and give your sales team the advantage!
By automating your NDA creation process with ContractExpress, you can ensure regulatory and legal compliance without impeding the business, increase productivity of the company and of the legal department, and improve the quality of services to customers and employees.
Problem with paper NDAs and a manual process
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The manual/paper NDA process has many disadvantages compared to an automated approach. It wastes paper, fuel, money, and time. It is too slow, particularly in Sales & Support opportunities. Many times NDAs are created but not subsequently signed or filed properly leading to no visibility of whether an existing NDA is in place.
With several attorneys drafting NDAs to keep up with requests from the business, NDA’s are created in a variety of styles, making it harder to review and compare executed NDAs efficiently. The latter drafting process is also a ‘zero-leverage’ activity because skilled attorneys are not being utilized to their full extent.
In order to overcome these challenges the legal department needs to improve efficiency, provide meaningful visibility to employees, change employee behavior, ensure compliance and keep track of all executed and drafted NDAs. Business Integrity customers such as Cadence, Cisco, Henkel, and Pepsi were able to do just that with ContractExpress.
With ContractExpress, employees can generate NDAs via a self-service online questionnaire. This dynamic interview process ensures that a ready-for-signature document is produced when standard terms are used or routes to legal for review otherwise.
The NDA Process with ContractExpress
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ContractExpress:
- Frees legal resources for higher value work
- Automates drafting, approval, signature, and filing of NDA
- Allows employees to search & view NDAs
- Avoids creating duplicate agreements where ones already exists but are otherwise hard to find
- Improves the quality and consistency of all NDAs
- Reduces risks of bad, not fully completed or lost NDAs
- Has alerts for pending return or soon to expire NDAs
- Provides 24 x 7 access by employees
- Acts as an FAQ and resource for employees
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Summary
In addition to realizing the immediate benefits that come with an automated NDA process our customers also saw key behavioral changes in how their employees interacted with NDAs. Because employees owned the process from start to finish, legal involvement was limited and there was a greater sense of responsibility to have an appropriate NDA in place.
Employees also promoted their company’s NDAs as opposed to the counterparty’s because the drafting process was reduced to hours from days or weeks, increasing the potential to close deals quicker. Overall, ContractExpress improves the NDA drafting process by accelerating potential revenue recognition for the business, and improving the efficiency of the legal department.