Document Coding Vs. Document Automation: The Difference?
Efficiency is one of the core pillars of a fully functional legal entity. Time is a luxury that many corporations and general counsels have precious little to spare. In a time when technology enables people to uncover instant answers to their questions or concerns, it’s imperative that the process of completing or formalizing legal documentation be as efficient as possible.
That’s why a growing body of organizations are introducing document assembly technology to their operations. Using these types of platforms, general counsels can assemble minute books, corporate records, and legal contracts all to signature ready statuses with little to no manual changes necessary to complete the documentation.
How long does it take to draft legal documents?
There’s a growing need for innovative document automation technology due to the amount of time that companies spend drafting legal contracts. This is because it can take anywhere from several weeks to several months for lengthy or complex documents to reach the state where they are signature ready.
The length of time becomes even more daunting when multiple parties must agree upon minute book records before signing off on the agreement. Negotiating or renegotiating the terms of complex corporate documents also takes a significant amount of time, restricting an organization’s ability to productively move forward and achieve results.
These are just some of the common reasons that complicate the process of drafting and finalizing important legal documents. In order to modernize the documentation exercise into a more efficient one, companies need innovative technology to streamline the process.
What is the difference between document coding and document automation?
For many years, corporations and legal entities were required to store all minute book records and corporate documents within secure office space. Entire records would be stored in filing cabinets where legal professionals would pull and source specific records, file by file, whenever the need arose.
Advancements in technology have made this old way of maintaining corporate records obsolete. Now, all minute books and corporate documents can be digitized to reduce, if not eliminate the need for paper records to be stored at the office. Given that the average firm spends up to $2,000 per five drawer filing cabinet to store legal files, digitizing records is as much of a cost effective way of doing things as it is a time efficient solution.
However, even by digitizing records, there are more efficient ways to help your legal professionals complete their tasks. That’s the key difference between document coding and document automation.
What is document coding?
Legal document coding adds an extended piece of syntax code to standard legal documents. Firms will use document coding to expand upon minute book or corporate record templates and make them more compatible with legal document assembly software.
In the old days, document coding was an extremely difficult process. Legacy platforms were not as advanced as they are today, which required professionals to have advanced knowledge of coding syntax that matched the capabilities of a fully trained computer developer. This is a very tall order to ask of your legal professionals.
What is document automation?
Document automation is a more advanced and streamlined approach to document coding. It utilizes logic-based systems to help professionals insert additional bodies of text or data into standard legal documents. Think of it like pre-programmed modules that allow you to drag and drop additional information into your documents.
Using document automation technology, legal professionals are not required to have the coding expertise of a computer programmer. These no-code entity management solutions are the key to efficiently producing and finalizing legal documents so that organizations can move forward towards growth at faster and more efficient rates.
Embrace document automation technology for best results
Given how easy and efficient it is to insert additional bodies of text or data with document automation technology, it’s no wonder there’s such growing demand for these solutions. By reducing the amount of time it takes to get contracts signature ready, your organization can reinvest valuable time and resources into areas of the business that directly contribute to future growth and prosperity.
Legal professionals, paralegals, and general counsels working on behalf of your firm can all save hours of time each and every day with modern technology. When you have more available hours to put towards boosting Legal Recurring Revenue and other means of growth for the business, you’re in a far better position to become a leading entity in your respective industry.
Are you ready to inject a little document automation into your corporate recordkeeping process? Join the MinuteBox revolution for a faster and more efficient way to maintain minute books, update corporate records, and eliminate the need for complex technical coding skills among your entire professional team.