Contract discovery analytics services

contract analytics helping organizations improve compliance,
reduce risk and enhance opportunities.

Contract discovery analytics services

Contract discovery analytics services
Contract discovery analytics services
Contract Discovery Services

Customer Onboarding

This is the first step taken when we implement Smart Contract Analytics Platform for any Customer. The process involves the following steps.

  • Understanding customer specific business process
  • Departments within the organization
  • Documenting details of users who will be using the platform along with their access rights and folder permissions
  • Taking a snapshot of how documents (contracts) are organized within the organization
Contract Discovery Services

Contract Ingestion

During this process the following activities are undertaken

  • Understand the repositories where contracts are currently being stored (For Ex, SharePoint, OneDrive, DropBox etc)
  • Figure out if there is any need to build custom adaptors to any of the repositories
Contract Discovery Services

Metadata Configuration

This process involves understanding customer contract documents and documenting the following

  • What are the different type of documents used by the Customer (For Ex, MSA, SOW, NDA, Amendments etc)
  • Understand what key Metadata is required to be extracted for each document type
  • Figure what Metadata is available out of the box within the Smart Contract Analytics platform and configure those for extraction
  • Identify the Metadata that need to be handled by additional training of the ML models
Contract Discovery Services

Building Additional ML Models

This process involves handling the training of the ML models to be able to extract Metadata which is not part of the Out of the box provisions. The steps involve

  • Taking a sample set of documents from the customer
  • Work with the Engineering team to build additional ML models to train the customers sample documents
  • Configure the new Metadata on the platform for extraction
Contract Discovery Services

Third Party Integrations

This process ensures that the extracted Metadata from the contract documents is seamlessly integrated with any third party digital platform used by the Customer for their contract management process. The steps involve

  • Understanding and providing the extracted Metadata in a format suitable (For Ex, JSON, CSV, Excel etc) for consumption by the third party digital platform used by the Customer (For Ex, Salesforce, SAP Ariba, Apttus etc)
  • Use Open APIs to connect with the third party digital platform or build a customer integration as needed.
Contract Discovery Services

Additional Contract Insights

The Smart contract Analytics platform has a default analytics and insights dashboard providing few insights. However every Customer has their own needs in terms of what Insights they want out of their Contracts. During this process the following is done

  • Understand the analytics requirements of the Customer and figure out what is Out of the box and what need to be customized or developed
  • Use Additional widgets as needed to customize the Dashboards
  • Customer Instance goes live

What is the ROI for the Customer?

ROI

Legal departments within corporations who continuously analyse contract documents and spend a lot of manual efforts sifting through the contracts can now have net cost savings up to 50% with the help of AI based contract intelligence. This will help them to concentrate on more higher value tasks and handle more contracts while the AI does the heavy lifting of extracting key metadata.

ROI

Paralegal teams within legal departments who are always on the job of locating contracts and looking for suitable information within contracts spend anytime between 2 to 20 minutes to get the information they need. With the help of AI assisted tools they can locate any information within the contract repository in a few seconds.

ROI

Procurement departments can be on top of their vendors by getting notified on the contracts that are getting expired in a certain period and hence be able to take any corrective actions to avoid possible risk to the organization.

ROI

Organizations accepting third party paper have to invest a lot of their legal departments time in reviewing them with the organization standard template and figure out the deviations. The same is the case when any organization is going through a Merger and Acquisition due diligence process. New breed AI/ML/NLP based platforms like Smart Contract Analytics can automatically abstract the key clauses across the contracts and produce a score card that gives a good overview of risks and associated clauses within a day or two compared to weeks or months of time it would normally consume.

ROI

Legacy or scanned executed contracts are quite common across organizations irrespective of they going through Digital transformation of their contracting process as a lot of key meta data is still hidden inside these scanned contracts. AI based contract intelligence and analytics platforms can help in surfacing this so called Dark data from the contracts and further help in risk mitigation and reduction.

Live Webinar

Bring Contracts to Life with AI and ML

Many companies struggle with the management of their contracts after they are executed. It’s not only where the contracts are being stored, it’s accessing the information in them without having to scan though with the human eye. Companies accumulate so much data in contracts. Yet it’s not in a format that allows them to analyze it, so they can take actions to reduce risk or impact the bottom line of a company. AI and ML can help do this.

Register Now Read More
Speakers
Siva Pullabhotla

Co-Founder & CEO
Docskiff Inc

Lana Leiva

National Sales Director
Docskiff Inc

To understand how Smart Contract Analytics can help you reduce your day to day contractual pain points and save your time, resources and money.