Research from IDC found that document challenges are robbing organisations of 21.3 percent of their overall staff productivity. Regardless of what industry you work in, chances are you’re surrounded by business rivals in a competitive landscape. Decreased staff productivity and document challenges are just two of the many issues you don’t want to be facing if you hope to prosper as an organisation, and you need to use any methods available to combat these issues.
Document automation can aid companies in reducing the number of wasted hours caused by traditional drafting methods. You can streamline the document assembly process, speed up negotiations and reduce inefficiencies.
In the following piece, we’ll take a look at exactly what document automation is, how it can eliminate wasted working hours, and why the legal sector in particular can benefit from this solution.
What is document automation?
Document automation is a system that works by abstracting the user from the underlying document template, instead asking a series of questions about the deal itself. For example, who are the parties, how long is the agreement to last, etc. Users are able to create an array of fully-branded documents, including NDAs, licence agreements and employment agreements. Hours can be saved with reduced drafting time, avoiding language errors, and increasing efficiency by getting documents out to the relevant parties quicker.
When using a document automation module, such as iSheets in HighQ Collaborate, the user completes a questionnaire, tailored to the particular document template with matter relevant information. With the click of a button, this information will populate a Microsoft Word document to generate a fully drafted and branded document ready to be reviewed. All metadata gathered from the questionnaire is then stored in an iSheets database. You can access this valuable management information using a robust search tool and advanced filters to find and interrogate deal specifics, precedents and other pertinent records stored in the database.
Eliminate wasted time
The number one cause of wasted time during the workday is inefficient processes (44 percent), followed by an overload of paperwork (43 percent). Manual drafting can be extremely time consuming and prone to human error. Document automation allows you to accelerate the delivery of contracts, but also ensure accuracy and consistency within the documents. Contracts can be created at the click of a button, simply by asking a few questions and having the software instantly generate a fully drafted and branded contract ready for review. Such a task in the past could have taken up multiple hours of your working day.
By minimising the time that you and your colleagues will spend managing documents, work productivity can increase, along with employee satisfaction. If workers are able to put more of their time to other tasks, they will be able to achieve more and gain a higher sense of accomplishment. Take a look at this webinar on how document automation can help you save time, money and hassle.
Document automation in the legal sector
Traditional document drafting methods have been a long, drawn-out, and error-ridden process for the legal sector. Any amount of time saved in this industry is a huge advantage to you, your firm, and your clients and is one of the many advantages of legal departments introducing and utilising document automation. By eliminating the concerns that come with drafting legal documents, lawyers are able to cut down on the billable hours they spend on administration, and instead may focus on more important aspects of their work, all while passing on the savings to their clients and increasing satisfaction.
Gain new hours
On average, workers spend 11+ hours each week creating and managing documents. Though some of these hours are necessary, much of this time can be reduced through methods such as document automation. Whether you work in legal or any other sector, embracing this technological solution can eliminate wasted time and improve efficiency throughout your company.