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Thomson Reuters Solution Insight:
Tim Strachan
Head of Sales, Australia & New Zealand Automation Solutions
Contract Express Tim Strachan Head of Sales, Australia & New - - PowerPoint PPT Presentation
Contract Express Tim Strachan Head of Sales, Australia & New - - PowerPoint PPT Presentation
Thomson Reuters Solution Insight: Contract Express Tim Strachan Head of Sales, Australia & New Zealand Automation Solutions Thomson Reuters Solution Insight: Contract Express Tim Strachan Head of Sales, Australia & New Zealand
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Thomson Reuters Solution Insight:
Tim Strachan
Head of Sales, Australia & New Zealand Automation Solutions
Contract Express
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Who is Thomson Reuters…?
“the world's leading source of intelligent information for businesses and professionals” More than 45,000 professionals, in 100+ countries and 100+ years of experience.
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What is it...?
Contract Express is ‘plain English/no code’ used by our clients to rapidly draft documents of any kind automation software
Contract Express
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What is it...?
Contract Express is ‘plain English/no code’ used by our clients and their wider organisation automation software to rapidly draft approve, negotiate, and execute
What else can it be...?
documents of any kind
Contract Express
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Globally,
Contract Express
Clients Include:
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Why Contract Express?
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Why Contract Express for the Corporate Market?
Corporates
- Automation isn’t common
- Legal & Procurement departments under time and
cost pressure
- Time drain from drafting and contract review
demands across the organisation
After Contract Express
- Documents drafted 82% faster
- Reduced risk of errors, compliance and standards
enforced
- Do more with less
- Empower other departments with automation
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Top three reasons to implement
Why Contract Express – Corporate Market
1. 2. 3.
Compliance with corporate standards Reduce external legal spend Do more work with fewer resources
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1.
Compliance with corporate standards
Why Contract Express for the Corporate Market?
- Zero capacity to ‘go rogue’ with
documents
- Standards enforced
- Review and approval can be
mandated
- Quality Assured
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2.
Reduce external legal spend
Why Contract Express for the Corporate Market?
- External review requirements
reduced
- Internal resources optimised
- Compliance has flow-on effect to
negotiation
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3.
Do more work with fewer resources
Why Contract Express for the Corporate Market?
- Time savings can equate to
lower resource requirements
- Time freed up can be allocated
to other high value activities
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Potential Return on Investment?
“We are able to generate customised contracts, designed for different legal jurisdictions in minutes rather than hours or days.”
.
Global Contracts Manager, Standard Chartered
1 Document
80% 2,400
Drafting this document at least
- nce weekly
The time it takes per first draft Efficiency gain = 20 minutes saved 50 employees per document per week (48 weeks)
50
employees
25
minutes Drafts p.a.
$32,000
in resource value
Based on $40 p.h. resource
800
Hours saved
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“By eliminating the need for legal review of every confidentiality, consulting, and material transfer agreement, employees can send pre-approved forms directly to clients and expedite the process,
- ften generating a final contract within hours.”
.
VP, Deputy General Counsel, Life Technologies
3 80% 10,800
Drafting these documents at least weekly The time it takes per first draft Efficiency gain = 12 minutes saved 75 employees x 3 documents per week (48 weeks)
75
employees
15
minutes drafts Documents
Potential Return on Investment? $86,400
in resource value
Based on $40 p.h. resource
2,160
Hours saved
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Authoring templates
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Globally,
Contract Express
Clients Include: How Does
Contract Express
Work?
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How Does
Contract Express
Work?
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Using templates
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How Does
Contract Express
Work?
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How Does
Contract Express
Work?
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How Does
Contract Express
Work?
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How Does
Contract Express
Work?
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How could
Contract Express
Work for Open Windows clients?
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How could
Contract Express
Work for Open Windows clients? How could
Contract Express
Work for Open Windows clients?
One way integration Two way integration No integration
stand alone
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How could
Contract Express
Work for Open Windows clients?
Stand-alone – no pre-built integration
- Systems operate independently
- Contract creators use CE to manage drafting
lifecycle (for example : NDA’s, Services Agreements, Letters of Engagement)
- Executed / agreed versions can be uploaded
into Open Windows for contract lifecycle management
- Contract Meta-Data can be exported from CE
to upload key milestones into Open Windows
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How could
Contract Express
Work for Open Windows clients?
One way integration / basic integration
- Systems operate independently, however key
contract data could be pulled into Contract Express during drafting using API’s
- Contract creators use CE to manage drafting
lifecycle
- Executed / agreed versions can be uploaded
into Open Windows for contract lifecycle management
- Contract Meta-Data can be exported from CE
to upload key milestones into Open Windows CLM
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How could
Contract Express
Work for Open Windows clients?
Two way / deep integration
- Systems operate in concert
- Single Sign on can pass users between
applications
- Contract creators use CE to manage drafting
lifecycle, triggered from Open Windows
- Executed / agreed versions could be
automatically carried back into Open Windows for contract lifecycle management
- Contract Meta-Data can be automatically
exported from CE to upload key milestones into Open Windows CLM – e.g. renewal dates, lease terms.
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Thanks for your time.
Any questions? Contacts: Tim Strachan Tim.Strachan@thomsonreuters.com Corporate / Tertiary Education Daniel Page Daniel.Page@thomsonreuters.com Government