Contracts are all structured and worded differently, attributes can be phrased in different ways, there can be ambiguities and data can be presented in various forms. Most contracts are in text form that is non-computer searchable. So, it needs to be put into a format that a computer can read. You will think of software […]
Getting accuracy from contract data extraction Read More »
[vc_row][vc_column][vc_column_text]Legacy data is the data from your legacy or your older contracts. These are contracts that have been executed prior to today. They may be current and still relevant or may not be (expired). It is important to track legacy data for the following reasons: Information- much knowledge of the old contracts. This is lost
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As a company\’s growth graph moves upward, having a Contract lifecycle management (CLM) system in place is the way to manage all your contracts. It is a single unified repository to track contracts better. Reports generated through these systems help businesses to make better-informed decisions. A contract lifecycle management system enables you to: Report and
Takeaways from CLM system Read More »
Contract Lifecycle Management (CLM) has become a top priority for C Level Executives worldwide. CLM systems are no longer a “nice to have” initiative, but rather a “need to have” business practice. The efficiencies introduced by an automated contract lifecycle solution are numerous – and, as the name suggests – it addresses the complete lifecycle
Unlocking the Value of Your Existing Contracts Read More »
Monitoring various legal, and financial risks within contracts is definitely a need for the day and migrating abstracted data into a CLM to monitor and manage your contracts is the focal point of the process. Organizations can have a number of legacy contracts residing across the company divisions, shared folders, and other repositories, which might
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There can be multiple contracts strewn across various parts of an organization, and even if they are collected and housed in a central repository, the key information in these contracts remains buried away. Brightleaf understands that companies are primarily run by contracts, buy-side as well as sell-side, and having access to them, including all the
Ways to get arms around your contracts Read More »
Having a Contract Lifecycle Management (CLM) system in place is only effective if it contains the essential information in an accessible format. The CLM is not an end in itself but a means to an end, in that it can provide the essential information on demand, or triggered by a previously flagged event/activity, but to
Reasons to upload your legacy contracts into a CLM Read More »
If you use manual search and data entry for essential contract attributes (i.e. the things you need to search on) how do you know you have them all? The answer is in their semantic relationship, which indicates the meaning of words between different phrases, or between the meanings of different sentences. Semantic data extraction seeks
Understanding semantic relationships in your contracts Read More »
When you go into a contract management system, from what point in time do you start entering contracts? Most think from today because legacy contracts are too difficult. But that can expose you to risk and lost opportunity. Every contract is important, especially if it contains opportunity or risk. Older contracts have the same essential
The wisdom of capturing all your legacy contracts, not just those from today forward Read More »
The larger the company, the more the contracts – that is a given. The larger the company, the more the divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy side and sell side. How can you organize all the contracts? One way is to put
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