Trench Group uses AI-based tools to streamline contract management, reduce review times, and enable most contracts to be processed without legal escalation.
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Germany: trench group introduced AI-based platform Significantly improve the way you manage your contracts Reduce review time And more processes can be handled outside of the legal department.
Prior to implementing this system, contract reviews were slow, causing delays and increasing the risk of missing important obligations. To address this, the company began using the platform to perform first-pass reviews, flagging areas that deviated from internal standards and suggesting suitable alternatives. This allows the team to focus on only the contract sections that require attention.
According to Tim Siebert La ChonTrench Group’s General Counsel, this change: bottleneck I was given more time to handle document reviews and provide business-critical advice to the legal team. He said the process improvements would also: Clearer visibility of obligations Supports faster decision making.
The company reports that its average contract review time is now faster than before. Approximately 150 minutes to 30 minutes. Furthermore, around 80% of contracts can now be reviewed by other departments, and only high-risk or more complex contracts are escalated to the legal team.
The impact is especially clear when comparing two recent projects. Evaluating rate changes across 700 previous contracts 2.5 weeks. A similar task was completed in 2015 using the new system. Within 2 hoursgives administrators complete access to the information they need to act faster.
This development forms part of a broader trend involving many industrial companies. Research on AI for business improvementincluding the contract processing and review process. This transition is aimed at reducing manual work while allowing legal teams to focus on higher value responsibilities.
Source: Trench Group
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#AI#Contract Management#Contract Review#Legal Services#Reducing Review Time#Tim Siebert Lashon#Transmission Industry#Trench Group
