Rutgers University, a renowned educational institution, found itself facing several challenges – managing a substantial portfolio of over 2,500 contracts annually with a relatively small team while striving to drive significant research revenue. The university faced the task of navigating through contract law and compliance regulations, all while maintaining swift contract turnaround times. Rutgers was looking to strike a balance between effective risk management practices and empowering its staff to prevent burnout and ensure sustained productivity
The challenges Rutgers University encountered were multifaceted and demanded innovative solutions. Managing a high volume of contracts with limited resources posed a significant operational hurdle. Staying informed of the changes in legal frameworks and compliance requirements added complexity to their contract management processes. The university also struggled with the need to maintain operational efficiency without compromising on the quality and accuracy of contract reviews. Also, empowering the contract management team to handle their workload effectively while preventing burnout emerged as a critical concern for Rutgers.
To address these challenges, Rutgers University adopted LegalSifter’s cutting-edge AI technology, leveraging the platform’s preset “sifters” customized to Rutgers’ specific legal and business terms. The university did a comprehensive evaluation of its existing business processes to enhance scalability and efficiency. Extensive training sessions were conducted to equip the contract management team with the necessary skills to leverage LegalSifter’s AI technology effectively. By using LegalSifter’s Full, Organize, and Review services, Rutgers successfully streamlined its contract management processes, driving efficiency and scalability within its operations.
The implementation of LegalSifter helped Rutgers University, by achieving an impressive 75% reduction in initial contract review time, significantly enhancing operational efficiency. The total contract turnaround time saw a notable 20% decrease, enabling Rutgers to expedite their contracting processes without compromising accuracy or compliance. The number of annual contracts reviewed per manager surged by 30%, showcasing the tangible impact of LegalSifter’s AI technology in augmenting productivity without necessitating additional staffing resources. LegalSifter became an important tool for continuing to improve the business process at Rutgers, significantly reducing training and onboarding time for the contract management team.
LegalSifter’s AI technology combined with human expertise revolutionized Rutgers University’s contract management practices. By using LegalSifter’s innovative solutions, Rutgers successfully optimized its contract review processes, improved efficiency, and empowered its team to handle a higher volume of contracts effectively. The partnership with LegalSifter not only enhanced operational effectiveness but also positioned Rutgers University as a leader in leveraging AI for streamlined contract management in the education sector.