Solution Combines AI, Automation and Self-Service to Streamline the High-Touch Non-Disclosure Agreement Process for In-House Counsel
Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, announced that it has launched a new solution called Automate NDA. Automate NDA is an easy-to-implement, best practice solution that uses AI to streamline and automate the entire non-disclosure agreement (NDA) process.
The solution combines Onit’s workflow and AI platforms, Apptitude and Precedent, to automate the drafting, review, negotiation, execution and management of NDAs at a competitive price point. All of this happens in an accessible, simplified legal portal that enables self-service where that is the approved workflow path.
Recommended ITech News: Secureworks Wins Frost & Sullivan’s 2021 Customer Value Leadership Award for Taegis XDR Cloud-native Security Operations
“Corporate legal departments deal with anywhere between 500 and 10,000 nondisclosure agreements a year – putting a significant strain on contract professionals who are struggling with increasing amounts of work. With Automate NDA, we’re taking these high-volume, relatively low-risk contracts and reducing the time spent on them by 70%,” said Nick Whitehouse, General Manager of the Onit AI Center of Excellence.
The Challenges of NDAs
NDAs are the highest-volume contracts handled by businesses today. The average cost to draft, review, negotiate and file a single NDA is between $114 and $4561 – an expensive and time-consuming endeavor without automation.
NDAs are often the most frequent touchpoints between the legal department and the broader organization but are regularly considered low-value work. This unfortunate dynamic serves as a great source of frustration and friction in organizations, with the legal department often finding itself in a lose-lose situation.
Recommended ITech News: Metabase Raises $30Million in Series B Financing to Expand Worldwide Access to its Best-In-Class Open Source Business Intelligence Platform
Automate NDA from Onit
Having been formed of best practices out of the box, Automate NDA requires minimal effort to implement and significantly speeds up the end-to-end NDA process. The powerful solution creates a single process for requesting NDAs and shows all pending and signed NDAs in a simple dashboard, allowing for much-needed visibility.
Additional features of Automate NDA include:
- Self-Service – Automate NDA can automatically generate an NDA and review third-party NDAs using your standard terms.
- Dynamic Workflows – Activities such as drafting, reviewing, approving, signing and managing obligations follow automated workflows, actioning, notifying and filing information on your behalf.
- Intake Portal – The out-of-the-box, self-service portal lets you capture additional requests and gives you powerful insights into other areas for automation.
- Record Management – All your NDAs and requests are logged and stored in an easy-to-search system.
- Dashboards and Reporting – Quickly see a snapshot of the status of all NDA requests. Reporting and metrics gathering are accessible within the Dashboard View.
Recommended ITech News: Lumen Taking Private Cloud Capabilities to the Edge
