There is so much talk about ChatGPT. A really revolutionary pre-trained AI model! So you wonder, can I use it for doing all my work for legacy contract data extraction including a matchup of masters with their amendments, removal of duplicate documents, removal of unsigned and unwanted documents, etc.? One way to look at it […]
CEO Blog 10: Legacy contract migration/data extraction Read More »
Aaah – a loaded question. There is much talk about software telling you if there is risk in your contracts. Well, what is a risk to you? That would be different than a risk to another company or someone else. To you, if the limitation of liability is capped to 2x the spend by the
CEO Blog 7: I want to know if my contracts are risky. How do I do that? Read More »
The larger the company, the more the contracts – that is a given. The larger the company, the more divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy-side and sell-side. When moving to a new enterprise or contract management lifecycle system no one wants to
CEO Blog 6: How do I prepare my legacy documents for ease of migration into a CLM? Read More »
As part of the legacy contract migration/data extraction series of blogs, here is the 3rd one of the series. Can I extract and track my business-specific information? But of course! In fact, 30-40% of the information Brightleaf extracts is our clients’ business-specific information. To give an example, for a Class 1 Railroad company, we extracted
CEO Blog 3: Can I extract and track my business specific information? Read More »
The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no
Companies often struggle to keep all their contracts in a central place with the goal of making them accessible to the appropriate people throughout the company. Oftentimes, new contracts are negotiated, executed, then filed away (and forgotten) in a drawer, or in a file folder on the computer of the business person in charge of
Reduce risk by unleashing contract insights Read More »
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 »
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 »
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 »
