contract analytics helping organizations improve compliance,
reduce risk and enhance opportunities.
When considering an advanced Artificial Intelligence based Contract Analytics solution, the most important and primary task is to discover all the sources where executed contracts are stored and typically the contracts are distributed across multiple repositories like SharePoint, Google Drives, Drop Box, SFTPs, emails and so on. Smart Contract Analytics has in-built adapters to most popular storage repositories there by easily discovering and importing all the contracts to a single source.
Once the contracts are discovered and imported to a single source, the logical next step will be to know how many different types of documents are there (for ex, MSA, NDA, Supplier Agreement etc). Since the imported documents can be of any type (for ex, word, pdf, image etc), a combination of OCR and Classification techniques are applied for automatic identification and segregation of the contract documents into different types.
Having segregated the contracts into different types, the Smart Contract Analytics platform enables users to configure the meta data that need to be extracted from any document type. User has the choice to select the meta fields from the pre trained machine learning models that are already part of the platform or can add any number of new meta fields which are not part of the out of the box solution. Once the user finalises the meta fields to extract, the AI powered contract analytics engine automatically picks up all the configured meta fields and performs the extraction on selected documents.
Once the key meta data is extracted from a set of selected documents, the output can be exported in many formats including a CSV, Excel, XML or JSON depending on how the extracted meta data is expected to be consumed by the down stream processes. By default, a stream of the extracted meta data along with the original set of documents used for extraction are pushed to the central contract repository for deriving necessary analysis and insights.
While one stream of extracted meta data is pushed to the central repository within the Smart Contract Analytics platform, there may be a need to push this data to your current contract management platforms or other digital business systems that are currently in use for managing contracts. Smart Contract Analytics has ready integrations with most of the contract management platforms like Salesforce, Apttus, SAP Ariba etc and apart from that we have open API for anyone looking for end to end integration.
Smart Contract Analytics allows you to search through the digital contract repository in several ways. For a broader level search, you can search by Meta field and if you are looking for a more refined search then you can search for meta data. Not just these specific searches, one can do a contextual search (aka semantic search) by just using a generic keyword and the AI / ML / NLP technologies of the platform will get you what you want and also what is related to what you want.
Not only searching for specific keywords or terms across your contracts, the Smart Contract analytics platform can help you and your legal teams to do a side by side comparison of any executed contract with the standard template to see where the deviations are visually. Not only this, you can also compare any two executed contracts and spot the differences in seconds making your contract review a lot quicker and easier.
Smart Contract Analytics platform comes with an Analytics dashboard and a few standard out of the box reports to help you analyse your contract data and make meaningful decisions for your business. The platform is scalable enough to build custom dashboards and reports to suit a particular business need.
Three Pitfalls That Can Cripple Contract Value
Join the first in a series of educational webinars to help better understand the three pitfalls which can defeat your contract management efforts:
CTO & VP of Data, AI & ML
To understand how Smart Contract Analytics can help you reduce your day to day contractual pain points and save your time, resources and money.