SoW is a complex document that requires focus and attention to detail. No wonder it can take up to 3 hours to prepare, especially if it’s done manually. Automation reduces this time by up to 80% while remaining compliant and minimizing involvement from Legal.
SoW automation uses AI technology to draft, approve, execute, review, and track SoWs.
A person prepares the document by answering simple questions. The answers are then inserted into a pre-approved, compliant template. Once all data is filled in, the document is sent to the counterparty to e-sign. And voila!
Text about the applicable laws and company signatories may depend on the business area, especially if you operate in more than one. Standardized language allows suitable provisions to be created for different areas at the same time.
Instead of spending hours, you can create an SoW in minutes. Our AI-powered system will fill in all the gaps in the pre-approved template, reducing the drafting time to just a few minutes.
Companies lose revenue because of fines, penalties, improper oversight of deliverables, missed deadlines, or other manual errors. And the more time a lawyer spends on a document, the more expensive it gets. Automation can cut contract management operating and processing costs by up to 30%.
Signing contracts is only the beginning of another contract lifecycle stage. It’s crucial for carefully managing contractual obligations. Otherwise, it may cost you cost a king’s ransom worth of revenue. Automated workflows give every team member clear visibility of milestones and deliverables.
How you can tell when your SoW workflow needs improvement
SoW requires attention to detail. Since there’s a lot that needs to be mentioned, it’s easy to lose track of something while preparing or negotiating a contract. For instance, if you can’t find the Acceptance Criteria, something went wrong.
When you’re fishing out a million little details in documents scattered over different places, it’s almost impossible to find what you need.
You understand your needs, but your provider may not. Without standardized language, some things may be stated unclearly. And if managers express statements differently,
Legal has to check all contract details each time it’s drafted. These numerous revisions may result in poor client experiences and potential revenue losses.
When copy-pasting, you risk accidentally entering data incorrectly. With SoWs, even the slightest mistake can hit you hard.
See how your NDA automated workflow can look like
Our demo takes an average of 57 seconds and you will receive a perfect NDA. That’s how fast you can draft all your documents, too
AXDRAFT handles all the automation heavy lifting for you. But whatever software you choose, these steps will help you to automate your SoWs.
Identify which parts of the document will change, whether it’s the wording or appearance, and the questions they answer. It may be the document’s language, changes in different sections depending on needs (Scope of work, Type of Services Fees, Type of Expenses, Applicable Exhibits, etc.), and so on.
Declare who will be preparing the SoW and who will be approving the Q&A template for filling in contract details. Thanks to the SoW automation, non-lawyer users can process SoWs without risk.
There are some cases when a lawyer may need to be contacted. For example, if a counterparty has questions or comments that need to be addressed before they can sign. In this situation, the SoW goes to a lawyer to review. Once both parties agree to any changes, the SoW can then be signed. Depending on certain conditions, the SoW could be sent for external review, to an accountant, or to any other stakeholder.
Create a clause library so that you can easily swap clauses in and out of documents in just a few clicks. Not only will this help you review documents faster, but it will improve compliance.
Prepared poorly, even simple contracts can significantly harm your company. This guide will highlight what you need to know and how to avoid common mistakes.
Essential features to look for in SoW automation software
Storing all your documents in one place makes contracts and templates easily accessible for your employees. Also, you can rest assured that they’ll use the latest versions of your templates.
It’s important for companies to be able to collaborate on documents simultaneously. Working on documents side by side with several people in real time dramatically improves negotiations and version control.
When you have to track obligations and stay on top of milestones and phases, reminders can save the day. Customizable dashboards won’t let you miss any important date.
Working with external contractors means sharing your information. You can’t always be sure about their security. However, software that can provide access control will guarantee that data is accessed only by authorized users.
FREQUENTLY ASKED QUESTIONS
A Statement of Work (SoW) is a legally binding document that defines a project’s work management aspects. It’s an overview of the project scope. It outlines the scope of work, deliverables, timeframes, and acceptance criteria.
A Statement of Work is used when outside contractors or collaborators are working with your in-house team. It is also a valuable tool that vendors and suppliers can use to estimate delivery costs and submit a bid. An SoW is not a separate contract, but it is often used in conjunction with Requests for Proposals and Master Service Agreements (MSAs).
Get the most out of your contract lifecycle
Here’s how much AXDRAFT CLM helps you save annually on each 1,200 contracts you process
$28,3K + contract value
Speed up your business with automation
Automated contracts are the new reality for legal departments. Optimizing workflows will help teams close deals faster and cut down on routine.
DPAs ensure that security and data processing remain compliant with GDPR requirements, and that data providers are able to prevent any potential abuse or breach of data.
A Statement of Work is a legally binding document that defines a project’s work management aspects that provides an overview of the project management scope.
The MSA governs relations between parties, it outlines all activities and responsibilities. Managed efficiently it makes negotiations simpler and establishes an effective system for accomplishing mutual goals.
Axdraft is very easy to use and produces documents quickly. It is entirely customizable, and customer support is extremely responsive. In our case it allows attorneys to be more productive and less reliant on the availability of a legal assistant to draft estate planning documents and probate pleadings and related documents.
It’s more convenient to use Q&A templates when documents contains tons of details.
Shift your contract management into high gear