Automation is changing “nice to have” into “must have” requirement

In the last few years, all industries have been benefiting from an increase in automation, from robotics to software and Artificial Intelligence (AI) solutions to automated processes and tasks. According to different estimations, in the next decade, Artificial Intelligence is thought to replace 16% of jobs. Technologists are busy in their labs innovating advanced versions

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The era of automated contract abstraction – quick and affordable method

Contract abstraction is a process that is typically too time-consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face projects costing hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time. Through automated

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3 V’s of Big Data

The extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing these days. Managing this complex and massive data

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Challenges in migrating legacy agreements into a CLM system

To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated, and time-consuming. So what is the best answer? \”Join Brightleaf and IACCM\’s joint webinar on Overcoming the challenge of legacy agreements\”  Click here to register Date: September 20,

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Can software alone be the answer for your contract abstraction needs?

The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard

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Track and manage your contracts

Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: Knowing your obligations

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Do you check every element, or does “Review” mean spot-checking for you?

Contract review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors that might have occurred a) at the time

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A hybrid solution is better than owning just software for contract data abstraction

It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be

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