Ultria Contract Lifecycle Management (CLM) Overview
Ultria CLM is a cutting-edge, cloud-based Contract Lifecycle Management solution designed to streamline and optimize the entire contract management process for enterprise legal departments. Here’s a detailed look at what the product does and its key features:
What Ultria CLM Does
Ultria CLM leverages Artificial Intelligence (AI) and Machine Learning to manage contracts from the initial request stage through drafting, negotiation, sign-off, and post-award compliance. This comprehensive solution aims to enhance speed, control, and accuracy throughout the contract lifecycle.
Key Features and Functionality
Request and Authoring
- Automated Request Intake: Ultria CLM uses smart wizards and Natural Language Processing (NLP) to assist in the intake process, reducing the time from request to the best first draft.
- Pre-configured Templates: The platform offers MS Word integration and auto-version management, ensuring that contracts are drafted efficiently and accurately.
Negotiation
- Clause-based Locking: External party portals and edit tracking features facilitate smooth negotiations, allowing for real-time collaborative editing and clause-level locking to protect critical terms.
- AI-driven Insights: Ultria’s AI capabilities, such as those in the Orbit AI module, provide data-driven insights and recommendations for optimal negotiation terms, helping users negotiate smarter and faster.
Review and Approval
- Configurable Workflow Automation: Automated workflows and digital signatures streamline the review and approval process, ensuring transparency and accountability. Access-based controls and e-sign capabilities further simplify the sign-off stage.
- External Party Portal: This feature enables seamless collaboration with external stakeholders, ensuring all parties are aligned throughout the negotiation and approval process.
Post-Award Compliance and Tracking
- Milestones & Obligations: The platform facilitates the tracking and enforcement of entitlements, penalty clauses, and industry regulations, closely measuring contract performance and addressing compliance risks.
- Reminders & Notifications: Configurable alerts and reminders ensure efficient management of contract expiry and renewals, keeping the legal team responsive and focused on value creation.
Advanced Analytics and Reporting
- 360-degree Visibility: Ultria CLM provides real-time visibility across all contract stages, enabling organizations to track crucial contract information and make informed decisions.
- Customized Reports and Dashboards: Users can create customized reports and widget-based performance dashboards to manage on-time service delivery and identify opportunities for growth.
AI and Machine Learning Capabilities
- Orbit AI: This module embodies three personas—Guide, Explorer, and Protector—each powered by Ultria’s AI capabilities. Orbit AI assists in drafting, assembling, and negotiating contracts, while also safeguarding organizations from regulatory and compliance risks.
- Metadata Extraction and Risk Analysis: AI-based metadata extraction and identification of risky or unfavorable terms and clauses help in risk remediation and suggest alternate wording or clauses.
Security and Access Control
- Access Based Controls: The platform allows for defining and restricting access based on multiple parameters, ensuring secure and controlled access to contracts. Amazon Web Services (AWS) secure storage provides contract encryption and single sign-on features.
Benefits
- Speed and Efficiency: Ultria CLM speeds up every stage of the contracting process, reducing the timeframe required by legal teams to draft and review contracts by up to 80%.
- Accuracy and Compliance: The solution increases accuracy by up to 40% and enhances compliance through smart clause libraries, automated workflows, and real-time analytics.
- Risk Management: AI-driven risk analysis and predictive content insights help organizations manage risks effectively and ensure maximum value gain through compliance.
Overall, Ultria CLM is a robust and scalable solution that leverages AI to deliver unparalleled ease of access, adoption, and performance in contract lifecycle management, making it an essential tool for large enterprises seeking to optimize their contract management processes.