HOUSTON, Aug. 19, 2021 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, today announced that it has launched a new solution called Automate NDA. Automate NDA is an easy-to-implement, best practice solution that uses AI to streamline and automate the entire non-disclosure agreement (NDA) process.
The solution combines Onit’s workflow and AI platforms, Apptitude and Precedent, to automate the drafting, review, negotiation, execution and management of NDAs at a competitive price point. All of this happens in an accessible, simplified legal portal that enables self-service where that is the approved workflow path.
“Corporate legal departments deal with anywhere between 500 and 10,000 nondisclosure agreements a year – putting a significant strain on contract professionals who are struggling with increasing amounts of work. With Automate NDA, we’re taking these high-volume, relatively low-risk contracts and reducing the time spent on them by 70%,” said Nick Whitehouse, General Manager of the Onit AI Center of Excellence.
The Challenges of NDAs
NDAs are the highest-volume contracts handled by businesses today. The average cost to draft, review, negotiate and file a single NDA is between $114 and $4561 – an expensive and time-consuming endeavor without automation.
NDAs are often the most frequent touchpoints between the legal department and the broader organization but are regularly considered low-value work. This unfortunate dynamic serves as a great source of frustration and friction in organizations, with the legal department often finding itself in a lose-lose situation.
Automate NDA from Onit
Having been formed of best practices out of the box, Automate NDA requires minimal effort to implement and significantly speeds up the end-to-end NDA process. The powerful solution creates a single process for requesting NDAs and shows all pending and signed NDAs in a simple dashboard, allowing for much-needed visibility.
Additional features of Automate NDA include:
- Self-Service – Automate NDA can automatically generate an NDA and review third-party NDAs using your standard terms.
- Dynamic Workflows – Activities such as drafting, reviewing, approving, signing and managing obligations follow automated workflows, actioning, notifying and filing information on your behalf.
- Intake Portal – The out-of-the-box, self-service portal lets you capture additional requests and gives you powerful insights into other areas for automation.
- Record Management – All your NDAs and requests are logged and stored in an easy-to-search system.
- Dashboards and Reporting – Quickly see a snapshot of the status of all NDA requests. Reporting and metrics gathering are accessible within the Dashboard View.
Learn More about Automating NDAs
Hear more about Automate NDA from an expert and team member of the Onit AI Center of Excellence. In this podcast, Whitehouse, a former law firm chief digital officer, talks about what it does and how it works. You can also visit http://onit.com/products/automate-NDA for more information and to schedule a demonstration.
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 or call 1-800-281-1330.
1 Based on 1-4 hours of work per each NDA and the average rate per hour for an in-house attorney of $114 according to the 2019 Association of Corporate Counsel Global Legal Benchmarking Report.