contract analytics helping organizations improve compliance,
reduce risk and enhance opportunities.
This is the first step taken when we implement Smart Contract Analytics Platform for any Customer. The process involves the following steps.
During this process the following activities are undertaken
This process involves understanding customer contract documents and documenting the following
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
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
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
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.
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.
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.
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.
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.
To understand how Smart Contract Analytics can help you reduce your day to day contractual pain points and save your time, resources and money.