Sponsored Content material by Rocket Software program
Right this moment’s authorized departments face quite a few challenges with managing contracts, together with contract retrievals, opinions, and analyses that eat priceless time, drain sources, and add prices. At Rocket Software program, our Authorized Division confronted these challenges head-on and recognized a game-changing answer inside our personal innovation ecosystem: Rocket® Mobius®, our enterprise content material providers platform. It’s this innovation that we consider contributed to Rocket Software program being named a Main Participant within the 2024 IDC MarketScape for Clever Content material Services¹. The consequence? A streamlined, cost-saving method that has set a brand new benchmark for effectivity and innovation.
With a rising quantity of contracts and finite inside sources, the Authorized Division discovered itself stretched skinny. Each contract inquiry required a big funding of time for finding, reviewing, and extracting key data. Attorneys spent a mean of 10–quarter-hour trying to find a single contract, with much more time devoted to analyzing and summarizing the contents. These inefficiencies had been additional compounded by Rocket Software program’s fast progress, pushed by acquisitions that launched 1000’s of recent contracts that wanted to be shortly analyzed for danger and compliance. Moreover, the crew needed to take into account the scalability of the answer to deal with ongoing contract administration.
The division had clear objectives however restricted choices. Extra spending and reliance on outdoors counsel throughout due diligence processes inflated authorized prices astronomically. It was clear {that a} new, progressive method was crucial to fulfill the calls for of inside stakeholders with out exceeding finances constraints.
Enter Rocket Mobius, a platform designed for enterprise content material providers that might be utilized to unravel the Authorized Division’s challenges. The next key capabilities had been essential to optimizing contract administration for the Authorized Workforce:
- Centralized, clever search: Powered by superior algorithms, the Mobius repository ensures executed contracts are saved in a single simply searchable location. GenAI additional enhances search performance with contextual key phrase and clause detection, making certain sooner, extra related, and correct outcomes.
- Good metadata extraction: Utilizing GenAI fashions, the platform identifies and extracts key particulars from contracts mechanically. As a substitute of combing by way of pages manually, attorneys now acquire essential insights — together with renewal dates, obligations, and termination phrases — in moments.
- Pure language question through Good Chat: This conversational GenAI interface allows customers to ask authorized and contract-specific questions in plain language, corresponding to, “Will this contract auto-renew?” or “What are the cost phrases?” The platform responds immediately with correct, actionable data.
- Streamlined batch evaluation: The power to assessment a number of contracts concurrently permits groups to shortly assess dangers, evaluate clauses, or guarantee compliance, even when coping with acquisitions or legacy agreements.
Rocket Mobius not solely addressed instant contract-related challenges but in addition launched new options to the Mobius product roadmap, corresponding to capabilities for archiving encrypted PDFs. These improvements will quickly be accessible to all of Mobius’ clients.
The Mobius platform has delivered important positive factors in productiveness, price financial savings, and general effectivity. Right here’s how:
- Time financial savings
Contract search and evaluation time has been diminished by a staggering 80%. Duties that beforehand took 10–quarter-hour per contract now take simply 2–3 minutes, liberating up attorneys to deal with extra complicated work.
- Discount in authorized prices
By enabling in-house dealing with of duties beforehand outsourced to exterior counsel, notably in help of acquisition due diligence actions, the Authorized Division has slashed prices. The power to assessment and summarize extra agreements internally has dramatically lowered the division’s reliance on expensive outdoors experience.
- Agility and scalability
Streamlined workflows provide scalability, permitting the division to deal with elevated workloads while not having extra sources or headcount. This adaptability is especially priceless in periods of progress, corresponding to post-acquisition transitions.
- Enhanced finances predictability
By automating routine duties and enhancing course of consistency, the Authorized Division has gained higher management of its finances — lowering unpredictability brought on by variable time and useful resource calls for.
- Improved stakeholder satisfaction
Sooner response instances and correct contract insights have strengthened inside relationships and additional positioned the Authorized Division as a trusted, proactive associate.
Rocket Software program’s acquisition of OpenText’s Software Modernization and Connectivity (AMC) enterprise in Might 2024 exemplifies the success of Mobius. The acquisition added 1000’s of recent contracts and positioned unprecedented strain on the Authorized Division. But, as a substitute of wanting outward for options, the division innovated from inside.
With Mobius, post-acquisition contract integration was dealt with extra effectively — contracts had been mechanically uploaded, listed, and made searchable, which eradicated the necessity for guide sorting. Good Chat even allowed crew members with restricted authorized experience to reply complicated questions, democratizing entry to essential insights.
One standout consequence? The division considerably diminished exterior authorized prices whereas figuring out potential compliance dangers earlier within the course of.
Streamlining has helped allow gross sales, kickstart planning, and enhance compliance. The implementation of Mobius reworked each processes and perceptions. The Authorized Division, as soon as seen as a price heart, is now considered as an progressive, forward-thinking crew. This new function has paved the best way for larger collaboration with different departments and positioned the crew as a key contributor to Rocket’s strategic objectives.
At Rocket Software program, innovation doesn’t cease at fixing technical challenges. It’s about remodeling how we function, saving money and time, and paving the best way for fulfillment. In case your group faces comparable challenges in managing contracts or different essential paperwork, take into account what Rocket Mobius can do for you.
E-book a Demo Right this moment and discover how this know-how will revolutionize your workflows, drive efficiencies, and unlock new prospects. Lead with confidence in a world the place innovation is vital.
¹ IDC MarketScape: Worldwide Clever Content material Providers 2024 Vendor Evaluation, doc #US51472724, April 2024.
