As per a study by the Institute for Supply Management, a typical Fortune 1000 company manages anywhere between 20,000 to 40,000 active contracts at any given time. Additionally, there are legacy contracts to add to the number. Keeping track of all of these contracts can be a nightmare if done manually. Using Natural language processing […]
Transforming contract management process with NLP Read More »
What is contract intelligence? Contract intelligence is the process of learning and utilizing knowledge gathered using AI-assisted contract analysis to transform contracts and agreements into valuable business assets. It empowers you to have contract visibility and take actionable insights from your contracts. It not only helps in providing transparency but also in monitoring key performance
Contract Intelligence is the key to greater transparency into your contractual terms Read More »
When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status, and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need. But beyond standard contract
Obligation tracking: Stay on top of all your commitments Read More »
To continue operating profitably is always the primary focus of any enterprise. In today’s competitive corporate environment, the ability to effectively manage contracts is essential to surviving in the marketplace and achieving success. At different points in our lives, each of us would have or will, without exception, sign a contract. However, have we ever
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What is lease abstraction? Before delving into the benefits of lease abstraction, let\’s first clarify its concept. Lease abstraction involves the creation of a concise overview that encapsulates the essential terms and conditions of a lease agreement. This distilled document encompasses critical data points such as commencement and termination dates, rental fees, and options for renewal.
Abstracting essential data points from your lease Read More »
Contract data abstraction means extracting important data points which include clauses, dates, and meta-data from your contracts. Abstracting essential information from your contracts will help you manage and identify existing contractual commitments. Additionally, this will enable you to analyze risks, obligations, and opportunities to avoid potential legal disasters. 80% of corporate legal professionals say that
Contract Data Abstraction : 4 Signs to know if you need it Read More »
Extracting crucial data elements, specifically metadata, from contracts can be a complex and time-consuming task. Manual contract data extraction involves painstakingly opening each contract, searching for relevant language throughout the entire document, and copying and pasting the data into tools like Excel. To streamline this process, companies seek innovative solutions to effectively extract metadata from
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Contract data extraction or contract review is a vital step of the contract management process for any business to thrive. In contract management, review means critically analyzing the information present in a contract. The old way of capturing essential data attributes from legal documents has been transformed, thanks to technology. We hear about Artificial Intelligence
Legacy Contract Data Extraction: Software, Manual or Both? Read More »
Once your company is ready to be sold your whole focus is shifted to restructuring a whole new business system. It includes certain activities which need to be taken care of such as what the company is buying and what obligations it is assuming, the nature and extent of the target company’s liabilities, contracts, litigation
Capitalize the use of a CLM system post-merger or acquisitions Read More »
Artificial Intelligence is fast becoming an essential part of the technology industry, helping solve many challenging problems. AI is the ability to make a computer program or software think smartly and intelligently as humans think. It revolves around the use of algorithms, a set of defined instructions that a mechanical computer can execute. It is
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