contract analysis

Understand different ways to do contract summarization

Contract summarization plays a crucial role in contract management, helping organizations quickly extract key terms, obligations, and risks. Depending on business needs, companies can choose between manual, automatic, or hybrid summarization methods. Each approach offers distinct advantages, whether prioritizing accuracy, efficiency, or scalability. Manual Summarization This is the most common and traditional way of summarizing […]

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Why the hybrid solution is better than owning software for contract data extraction

Data Extraction from contracts The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. It is difficult to achieve very high accuracy from software and consistency from manual methods. Yet we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for

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Why there is a need for implementing a CLM solution?

Contract Management The role of contract management is evolving now. It’s not simply filing documents anymore; contract management entails understanding each facet of a contract’s lifecycle to extract purposeful insights. Business with contract lifecycle management efforts in place is able to serve their clients better, resulting in more revenue opportunities from existing and potential clients.

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Manage Contracts

Your first reaction when you see reams of paper or contract document files on your computer is often “How do I get a handle on this?”  The typical answer that comes to mind is “Let me get a system that manages contracts.” Then you start researching contract management systems vendors. Yes, that is the ultimate

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Contract analysis – why and how?

The analysis is the process of breaking a complex topic or substance into smaller parts to gain a better understanding of it. When we talk about ‘contract analysis’ plenty of questions come to mind – does it refer to the financial analysis of a contract or it is about cost-effectiveness, business analysis, or maybe price

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Find money in your contracts

Wow…what a concept!!  Finding money to add to your bottom line that you didn’t know you had.  How can that happen?!?  Vendor/Supplier contracts, as with many other types, have performance penalty clauses.  Often times, these are forgotten because contracts are drafted and filed away and these clauses often times, are forgotten and lost! If you

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Big Data Success is a Trio of Challenges – Storage, Abstraction and Analytics

In my last blog, I mentioned how current laws have not kept current with advances in technology. Let’s now focus on how new technology is playing an increasingly important role in Big Data. In the corporate world, timely, accurate, and secure access to critical business information is crucial to success. But there is so much

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