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The processes and tools that in-house attorneys use in contract work have developed rapidly in recent years. With a digital platform that automates hiring processes, Precisely wants to help in-house attorneys achieve better regulatory compliance and productivity. As a result, the in-house attorney has more time to help her business teams do better business.
Agreements provide security. They are used for everything from vendor agreements and software licenses, to office rentals and hiring consultants. Like most other aspects of entrepreneurship, contracts and business law have become increasingly digital.
– One of the most common steps away from traditional contract management is that many now have digital files instead of physical ones. However, only the digital file does not affect the flow of the contract as a whole to a great extent. There are many areas that need to be reviewed to achieve a more secure, efficient and profitable way to manage your deals, emphasizes Nils-Erik Jansson, Founder and CEO of Precisely.
What Nils-Erik refers to is an example of functionality on the Precisely platform. The platform gives companies the opportunity to maximize the performance of their agreements and allows anyone to create, negotiate, digitally sign and follow up on agreements, without the company’s lawyers losing control. Today, the company’s technology is used by more than 200 companies around the world. Swedish customers include p. Eg Norstedts Juridik, New Wave Group and NA-KD.
– Our clients reduce their costs and at the same time get a better overview. We’ve seen results of a 30 percent reduction in lead time for deals and an 80 percent reduction in time to create deals, says Nils-Erik.
Allows the in-house attorney to focus on the law.
The platform allows the in-house attorney to focus on complex legal analysis and strategy rather than simple questions.
– We solve various challenges that often cause headaches for in-house lawyers. By defining digital rules based on existing policies, compliance routines, and agreement templates, there is no need to compromise between compliance, control, and speed. This way, in-house attorneys can focus on what they do best: legal work instead of paperwork, says Nils-Erik.
Improve legal experience
Many of Precisely’s clients testify that the legal department has limited resources compared to the rest of the organization. This sometimes leads to the in-house attorney being perceived as a bottleneck.
– An appreciated effect of the platform, which has become increasingly central, is that it helps the legal department to better cooperate with its commercial departments. The platform becomes the “superpower” of corporate lawyers and allows the business side of the company to handle much of the standardized settlement process on its own, always agreeing within previously approved rules and frameworks. This leads to a better experience for everyone who interacts with Legal, adds Nils-Erik.
The future of digital contract negotiation
Precisely’s technology also enables digital negotiation, making it easier when more and more people work remotely. Digital negotiation and cooperation functions allow parties to reach an agreement faster, with greater traceability and control. It paves the way for the next-generation deal platform and already today deals can be registered with AI support.
– The technology we have developed to analyze deals will be applied in the future to help our clients negotiate with more control and greater efficiency. In the long term, we see that it will be possible to eliminate human interaction by negotiating simpler deals, Nils-Erik concludes.
OM PRECISELY
Precisely was founded in 2014 by business lawyers Nils-Erik Jansson and Simon Fouladi. The company’s award-winning digital contracts platform helps companies improve their recruitment processes. Today, the Precisely platform is used by more than 200 companies around the world. Swedish clients include, for example, Norstedts Juridik, New Wave Group and NA-KD. www.precisely.se