Concord: Comprehensive Contract Management and Agreement Intelligence
Concord is a robust and intuitive contract management software designed to streamline the entire contract lifecycle, from creation and negotiation to e-signing, storage, and analytics. Here’s a detailed overview of what Concord does and its key features:
What Concord Does
Concord is a cloud-based contract lifecycle management system that enables businesses and professionals to manage all aspects of their agreements efficiently. It transforms the data trapped in contracts into actionable insights, driving revenue growth and optimizing contract management processes.Key Features and Functionality
Contract Creation and Management
- Concord provides automated and up-to-date contract templates, allowing users to create well-written contracts in real-time. It supports real-time editing, redlining, and commenting directly within the document, eliminating the need for back-and-forth email attachments.
E-Signing and Collaboration
- Users can obtain legally binding e-signatures from any number of signers. The platform allows for seamless collaboration with internal reviewers, customers, and vendors, all within the same document.
Storage and Organization
- Concord offers unlimited storage for all business-relevant documents and agreements, ensuring they are securely stored and easily accessible. Documents can be automatically routed to the correct approvers, and conditional approval chains can be set up based on specific field values.
Alerts and Reminders
- The system provides instant alerts for upcoming renewals, cancellations, and other critical deadlines, ensuring users never miss important contract milestones.
Search and Document Management
- With AI-powered full-text search and optical character recognition (OCR), users can quickly surface the agreements they need, even finding text buried deep in PDFs and Word documents.
Analytics and Reporting
- Concord generates comprehensive reports and provides a dashboard for reporting and analytics. Users can extract key terms from agreements, analyze contract values, renewal rates, and compliance adherence. Advanced analytics offer insights into negotiation duration, contract risks, and collaboration metrics, enabling data-driven decision-making.
Workflow Automation
- The platform allows for the automation of workflows, including assigning document properties, sharing documents with specific people, and moving files into designated folders. Users can also set auto-notifications and reminders in real-time.
Agreement Intelligence
- Concord’s agreement intelligence (AI) automatically finds and filters out key details from contracts, providing personalized recommendations based on patterns in the agreement data. This helps in forecasting trends, reducing risk, and capturing value more quickly.
User Experience
- Concord features an intuitive Google-style interface, making it easy for users to navigate and use the platform. It is accessible from mobile devices, smartphones, tablets, and computers via any web browser.