AccuDraft Rewrites Contract Automation
Takeaway: Leveraging an on-demand model for contract automation, AccuDraft targets
a primary inefficiency in the contract process — the authoring of the document itself.
With AccuDraft’s standards-based DocsEngine portal, businesses remove the biggest
roadblock to contract creation — the attorneys themselves — by enabling deal generators
to develop contracts at the point of contact.
Contracts: They’re the crossroads of business, the points where the buy side and sell side intersect. They
dictate the most intricate terms of this buy-sell relationship — encompassing all aspects of the who, what,
when, and where — and, given the prominence of their role, must withstand microscopic scrutiny. Yet even
highly successful companies continue to rely on manual processes for not only the creation of these legal
frameworks, but the management of their entire lifecycle.
It’s an extremely risky and costly approach, considering the amount of business governed by contractual
agreements: According to estimates by the Aberdeen Group, somewhere around 80 percent of business-to-
business deals are predicated on some kind of contract, while Goldman Sachs estimates that U.S. companies
incur between $25 billion and $30 billion in hard costs annually managing their contracts.
For large companies, which may have tens of thousands if not hundreds of thousands of suppliers and cus-
tomers, manual contract management processes simply can’t scale. What’s more, the inherent complexities
and costs of contract management — coupled with increasingly stringent and scrutinized regulatory compli-
ance requirements — mean a reliance on manual processes hinders any business whose livelihood depends
on contracts. These pressures have more and more businesses implementing contract lifecycle management
(CLM) and enterprise contract management (ECM) systems that automate cradle-to-grave contract processes,
or deploying point solutions that automate specific aspects of that lifecycle. Such systems access and store