Product Overview of Precisely
Precisely is a comprehensive and user-friendly platform designed for enterprise contract management, aiming to streamline and automate the entire contract lifecycle. Here’s a detailed look at what the product does and its key features:
What Precisely Does
Precisely is an end-to-end contract automation solution that simplifies complex contract workflows, making them more efficient, secure, and compliant. It is tailored to meet the needs of various industries, including law firms, e-commerce platforms, life sciences, and recruitment companies. The platform is designed to support both legal teams and other departments within an organization, ensuring seamless contract management from creation to archiving.
Key Features and Functionality
Automated Contract Creation
Precisely allows users to create automated templates using its online contract creator. This feature enables the rapid generation of quality-assured contracts by filling in variables, reducing the need for legal resources in everyday contract creation.
Contract Authoring and Approval Workflows
The platform supports the setup of approval workflows, allowing users to define contract structures and end-user permissions. This streamlines the signature and approval process, minimizing errors and ensuring compliance with legal standards.
E-Signing and Compliance
Precisely offers robust e-signing capabilities, including qualified e-signing and strong e-verification, ensuring compliance with regulations such as GDPR and Schrems II. The platform’s encryption protocols exceed EU data protection standards, keeping data secure and compliant.
Contract Management and Archiving
Precisely provides a secure, online central repository where all legal documents can be stored. The platform includes smart search and filtering features, making it easy to find any contract quickly. It also automates the archiving process, ensuring all contracts are properly stored and easily accessible.
Integrations
Precisely integrates with various systems, including CRM systems for sales, HR systems for employee management, and legal systems for enhanced functionality. However, some integrations are only available to users on the Enterprise plan.
Monitoring and Reminders
The platform includes smart reminders and alerts for important contract milestones such as renewals, renegotiations, and terminations. Users can set up custom rules and alerts to manage risk and ensure timely actions are taken.
User Permissions and Control
Precisely allows for the assignment of different user roles and permissions, controlling who has access to contract templates, who can sign specific contracts, and which criteria require additional approval. This ensures that contracts are managed securely and in compliance with organizational policies.
Efficiency and Time Savings
By automating repetitive tasks and processes, Precisely helps organizations save significant time. Users can achieve up to 10 times faster contract creation, reduce manual legal tasks by 30%, and increase the number of contracts signed in a day by 80%.
Plans and Pricing
Precisely offers two main plans: the Professional plan starting at $69 per user per month, and the Enterprise plan starting at $99 per user per month. The Enterprise plan includes additional features such as custom branding, unlimited templates, and access to all integrations.
In summary, Precisely is a powerful contract management platform that automates and streamlines the entire contract lifecycle, ensuring efficiency, compliance, and security. Its robust features and integrations make it an invaluable tool for organizations looking to optimize their contract management processes.