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Data extraction from contracts – in-house or outsourcing to a specialized firm

When clients are dealing with contracts or legacy contracts, NLP/AI technologies can be used to extract salient data points. This data is then loaded into a CLM (Contract Lifecycle Management System). Having good software for the extraction of data is essential, but it is not sufficient if any accuracy is desired. Why is accuracy a […]

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CLM system and Benefits

Contract Lifecycle Management (CLM) systems are the need of time. The very importance of these systems is that they allow users to centralize contract storage and management, plus aid in the creation of new ones that fully comply with the company’s policies and requirements. Also keeping your contracts in these systems helps in enabling the

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Spend Management a strategic business activity

Spend management, is a process of comprehensively managing, optimizing, and controlling the money spent by organizations. It is the contemporary way of managing supplier relationships and identifying money spent on purchases. Spend management encompasses of procurement, invoicing, outsourcing, and supply chain management. Enterprises have larger routine transactions which require a lot of time and effort.

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A New Era for Contract Management – Automated Contract Abstraction

The ultimate goal of automating contract abstraction is to lessen the business and reputational risks of corporations by ensuring they comply with the terms and conditions of every contract. Most importantly, automated contract management enables corporations to foresee their rights and obligations, and thus prevents future litigation and its cost. Automated Contract Abstraction Puts pertinent

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Data Mining – why it is a buzz word

Data mining is the process of restructuring a large database in order to generate meaningful information. It encompasses discovering patterns and trends in the data sets and converting them into a comprehensible structure for further use. The goal is to extract the patterns which will help the organization to predict future trends, assist in taking

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Contract Lifecycle Management System (CLM) – a significant step ahead of a generic DMS

Contract Lifecycle Management Systems – are the systems that serve specifically to house all of an organization’s contracts. These systems, being specifically designed to manage contracts, come with built-in features that will assist you in getting all your contractual documents into one centralized location and tracking them. These systems are a breed of software, running

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Regulation a \”scary word\” which can lead to penalties

Regulation: An Authoritative Framework for Guiding Actions Regulation serves as the official framework established by authorities, encompassing a set of rules and trends. Generally, it is defined as the legislative measures imposed by government entities on individuals, both private and public firms, to oversee and modify economic elements. Navigating Compliance in the Legal Landscape Compliance

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