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Onit Speeds Up End-to-End NDA Management by 70% with Automate NDA

Onit Speeds Up End-to-End NDA Management by 70% with Automate NDA

Solution Combines AI, Automation and Self-Service to Streamline the High-Touch Non-Disclosure Agreement Process for In-House Counsel

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, 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.

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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.

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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.

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