Recent contract management webinars featuring Parker Hannifin and Moog provided deep insights into how organizations can streamline contract reviews, improve accuracy, and enhance collaboration using VisibleThread’s RFP (Request for Proposal) solutions.
64% of the Fortune 1000 Aerospace & Defense companies use VisibleThread.
1. The Challenge of Manual Contract Review
Both Parker Hannifin and Moog faced significant inefficiencies in their contract review processes before adopting VisibleThread. The challenges included:
- Time-Consuming Workflows: Contract specialists at both companies spent hours manually reviewing and preparing contracts, often working across multiple screens and tools.
- Error-Prone Processes: Human fatigue led to overlooked discrepancies, increasing risk.
- Inefficient Team Collaboration: Reviewing contracts across departments was slow, leading to bottlenecks in proposal and contract approval.
"What makes document compare so powerful is how it lets you see exactly what's changed between contract versions. You can instantly spot every modification and confirm whether the requested changes made it into the final document."
2. Leveraging AI for Smarter Contract Management
By implementing VisibleThread, both organizations saw transformative changes in contract workflows:
- Automated Document Comparison: Parker Hannifin and Moog significantly reduced the time spent reviewing contracts by using AI-powered document comparison tools. Moog, for example, discovered a critical numerical inconsistency (12 vs. twelve months) in a 120-page contract, which could have been missed manually.
- Custom Dictionaries & Compliance Checks: The ability to create custom dictionaries for NDA reviews, FAR/DFARS compliance, and company-specific guidelines streamlined contract assessments. Parker Hannifin’s team, for instance, used VisibleThread’s NDA dictionary to quickly identify key clauses and ensure compliance.
“As you're going through, you can redline right then and there, close out the VT comment, and complete the redline - making sure you don't miss any of the relevant terms. And just like that, you have the redlined draft ready to submit to the customer."
3. Improved Collaboration & Decision-Making
Both companies reported a shift in how contract teams collaborate:
- Pre-Meeting Preparation: Teams entered contract review meetings with prepared, structured insights, allowing discussions to be more strategic rather than line-by-line reviews.
- Smoother Cross-Departmental Workflows: Moog’s aftermarket division, which handles high volumes of delivery orders, benefited from improved coordination across departments, reducing delays in proposal approvals.
4. Business Impact: Efficiency, Accuracy, and Growth
The adoption of VisibleThread resulted in measurable benefits for both organizations:
- Time Savings: Contract review times were significantly reduced, allowing teams to focus on higher-value tasks.
- Reduced Risk: Automated contract analysis minimized human errors, ensuring compliance with strict regulatory requirements.
- Scalability: Both organizations are expanding their use of VisibleThread, leveraging AI to enhance contract administration further.
Conclusion: The Future of Contract Management
The insights from Parker Hannifin and Moog reinforce the importance of AI in contract management. As organizations continue to face tight deadlines and regulatory scrutiny, adopting AI-driven tools like VisibleThread can drive efficiency, reduce risks, and ultimately improve business outcomes.
With customizable dictionaries we've only touched the surface. There's so much additional guidance we'd like to build on. We can make customer specific dictionaries - so much information is captured on contract admins' cheat sheets or notes. We can simply populate them in the dictionary, and have notes automatically populate on the document
For organizations still relying on manual contract reviews, the case studies of Parker Hannifin and Moog demonstrate that the shift to AI-powered contract management is not just beneficial – it’s essential for staying competitive in today’s fast-paced industries.
