Contracts contain vast amounts of information impacting businesses across multiple operational processes and functions. However, managing this enormous volume of agreements manually takes time and resources and can leave organizations open to compliance risks.
Contract intelligence solutions solve these problems by transforming unstructured contract data into structured, connected, on-demand insights. These insights empower C-suite and legal teams to drive better strategic outcomes.
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AI-Powered Contract Analysis
Using NLP and ML, contract intelligence sifts through contracts to identify critical clauses and extract essential information impeccably. It identifies potential mistakes and missed opportunities before they become issues, allowing legal teams to be proactive rather than reactive.
It also helps streamline new contract setups by populating critical contract information from uploaded contracts, saving countless hours of busy work and freeing up skilled legal team members to focus on high-impact projects. The system can keep tabs on how often workflow stalls at a particular point, identifying roadblocks and holding teams accountable for the timely completion of their tasks.
Because every business operates differently, flexible automation means AI can adapt to a company’s unique contracts and track distinct obligations and terms of service. This ensures that a company is in compliance and minimizes risk while improving efficiency and productivity. It also improves job satisfaction for contract managers by removing time-consuming manual tasks and enabling them to concentrate on high-value activities.
AI-Powered Prediction
With advanced algorithms, contract intelligence software can proactively detect and work around operational inefficiencies and minimize productivity leakage. It can also provide predictive insights that empower businesses to anticipate challenges and make proactive decisions, reducing cost and risk.
This forward-looking approach benefits contracts prone to error or omission, such as service level agreements, SLAs, and contract renewals. The advanced algorithms within an AI-backed contract management system can spot these issues before they become costly disruptions or compliance violations.
Streamlined contract processes reduce the time and effort needed to manage contracts, increase revenue certainty, and drive operational efficiencies. With a unified contract management platform, companies can consolidate contracts into a single repository and use powerful search capabilities to gain valuable information. Additionally, the platform can automate and streamline contract management processes like document synching, e-signatures, parent-child matching, and preventing duplicates. This improves contract setup and renewal times while providing a holistic overview of all contracts across the business.
AI-Powered Retrograde Analysis
AI-backed contract intelligence software allows teams to identify and work around operational inefficiencies and productivity leakage. Its ability to spot and analyze obligations across contracts enables businesses to anticipate challenges and proactively prevent them, such as identifying cost-saving opportunities through renegotiation or renewal.
This predictive analysis also reduces the risk of missed payments, late fees, or compliance penalties by predicting what terms are at risk of being breached. This helps businesses make better strategic decisions and enhance the efficiency of their contract management processes by eliminating manual drudgery.
The best AI for contract analytics is pre-trained on millions of contracts. This means it can automatically recognize commercial terms, extract and transform them into verified data for business decision-making, and connect with the systems that contract power. This enables contract managers to review contracts much faster, negotiate proactively, and stay ahead of critical contract-related dates and events with alerts and notifications. It also frees up time for the high-value, strategic work that a CLM team is best equipped to perform.
AI-Powered Compliance
Contract management AI is a revolutionary way of optimizing contract processes and improving business outcomes. Automating tasks, boosting accuracy, and delivering valuable insights allows teams to be more productive, reducing risk while increasing efficiency.
By establishing robust audit trails and version control, contract AI ensures that critical information is always up-to-date, making it more manageable to comply with evolving legal standards. This eliminates time-consuming manual reviews and helps prevent costly mistakes that could lead to regulatory fines.
Contract intelligence can identify obligations buried within lengthy contracts and make them easily accessible with a click. This enables sales teams to win more deals, sourcing departments to unlock savings, and supply chains to optimize performance—the result is a significant boost in revenue, reduced cost, and improved compliance. Learn more about this game-changing contract management technology by scheduling a demo today.
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