{"id":454873,"date":"2021-03-10T09:33:07","date_gmt":"2021-03-10T14:33:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454873"},"modified":"2021-03-10T09:33:07","modified_gmt":"2021-03-10T14:33:07","slug":"onit-further-advances-its-contract-lifecycle-management-technology-with-an-enhanced-legal-artificial-intelligence-integration","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/onit-further-advances-its-contract-lifecycle-management-technology-with-an-enhanced-legal-artificial-intelligence-integration\/","title":{"rendered":"Onit Further Advances its Contract Lifecycle Management Technology with an Enhanced\u00a0Legal Artificial Intelligence Integration"},"content":{"rendered":"

\nCorporate Legal Departments Can Drastically Reduce Contract Processing Times by up to 70% with Onit\u2019s CLM and AI-Assisted Contract Review\u00a0United in One Workflow
\n<\/h2>\n
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HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) — Onit, Inc.<\/a>, a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has released an enhanced integration between its Contract Lifecycle Management<\/a> (CLM) product and ReviewAI<\/a>, which uses AI to review and redline documents in two minutes or less.<\/p>\n

The integration combines the power of automation and AI into one solution that accelerates all phases of contract management.<\/p>\n

\u201cWe\u2019re committed to digital transformation for corporate legal and making it easier for corporate counsel to practice law. Part of that process is freeing them from unnecessarily manual work \u2013 something AI does very well. With this seamless integration, business users submit contracts to legal, and AI immediately tackles contract review fundamentals. It notes recommendations and a risk profile before an attorney even opens the document. This integrated feature, combined with end-to-end CLM automation, increases productivity by more than 50% while reducing risk and improving consistency,\u201d said Eric M. Elfman, CEO and co-founder of Onit. <\/p>\n

\n Continued Commitment to AI and Legal Technology Innovation<\/strong>
\n
The newly enhanced integration of Onit\u2019s Contract Lifecycle Management and ReviewAI is further evidence of the company\u2019s AI innovation. In November, it launched its AI Center of Excellence, the AI-powered business intelligence platform Precedent<\/a> and ReviewAI. The company\u2019s rollout of AI continues its fast-paced momentum, with it set to deliver additional contract lifecycle management AI features soon, along with its release of InvoiceAI<\/a> in May. InvoiceAI is AI-assisted invoice review for legal spend and enterprise legal management. <\/p>\n

\n Increasing Productivity for Contract Management and Review <\/strong>
\n
Onit\u2019s CLM product empowers legal and business teams with end-to-end automation of their entire contract management process for greater governance, speed and visibility. It provides a cloud-based contracts repository with automated functionality that streamlines and supports all phases of the contract lifecycle from capture and creation through negotiations and approvals to execution and post-execution management. The technology has won accolades from the Association of Corporate Counsel<\/a> and the Legal Innovation Awards<\/a>.<\/p>\n

Onit\u2019s ReviewAI quickly and accurately reviews, redlines and edits all types of contracts in minutes, including NDAs, MSAs, SOWs, purchase agreements, lease agreements, employment agreements, construction and subcontracting agreements. According to a recent study<\/a>, ReviewAI quickens contract review by 60-70% and increases productivity by 51.5%. Team leaders reported reallocating 15% of their time from contract work to higher-value activities. <\/p>\n

You can schedule a demonstration here<\/a> to learn more about Onit CLM, ReviewAI and the enhanced integration. <\/p>\n

\n About Onit<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com<\/a>\u00a0or call 1-800-281-1330.<\/p>\n

Media inquiries:<\/p>\n

Melanie Brenneman
Director of communications
Onit
(713) 294-7857
melanie.brenneman@onit.com<\/a><\/p>\n

A video accompanying this announcement is available at\u00a0https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/dc2c68c3-89bf-4089-93c2-00c41521d6af<\/a><\/p>\n


\n
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<\/div>\n","protected":false},"excerpt":{"rendered":"

Corporate Legal Departments Can Drastically Reduce Contract Processing Times by up to 70% with Onit\u2019s CLM and AI-Assisted Contract Review\u00a0United in One Workflow HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has released an enhanced integration between its Contract Lifecycle Management (CLM) product and ReviewAI, which uses AI to review and redline documents in two minutes or less. The integration combines the power of automation and AI into one solution that accelerates all phases of contract management. \u201cWe\u2019re committed to digital transformation for corporate legal and making it easier for corporate counsel … <\/p>\n

Continue reading “Onit Further Advances its Contract Lifecycle Management Technology with an Enhanced\u00a0Legal Artificial Intelligence Integration”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454873","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOnit Further Advances its Contract Lifecycle Management Technology with an Enhanced\u00a0Legal Artificial Intelligence Integration - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/onit-further-advances-its-contract-lifecycle-management-technology-with-an-enhanced-legal-artificial-intelligence-integration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Onit Further Advances its Contract Lifecycle Management Technology with an Enhanced\u00a0Legal Artificial Intelligence Integration - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Corporate Legal Departments Can Drastically Reduce Contract Processing Times by up to 70% with Onit\u2019s CLM and AI-Assisted Contract Review\u00a0United in One Workflow HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has released an enhanced integration between its Contract Lifecycle Management (CLM) product and ReviewAI, which uses AI to review and redline documents in two minutes or less. 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