What is contract intelligence?
Contract intelligence is the process of learning and utilizing knowledge gathered using AI-assisted contract analysis to transform contracts and agreements into valuable business assets. It empowers you to have contract visibility and take actionable insights from your contracts. It not only helps in providing transparency but also in monitoring key performance metrics so you can have control of your contracts and have actionable data.
Companies using Contract intelligence services have a better competitive advantage as they have knowledge of what’s in their contracts, understand it, act accordingly to meet regulatory requirements, and compliance policies, and recognize the better business worth.
Companies are run by contracts, buy-side as well as sell-side, and having access to them, including all the salient information within, can dramatically impact your ability to make informed decisions, find revenue, reduce risk, and ensure compliance. Contracts if not managed properly will lead to negative results and consequences could be a poor relationship with suppliers, and vendors, more risk, lost opportunities, and loss in revenue.
Gain access to business insights from your contracts by extracting key information in the next big step. Unlocking values from your contracts residing across multiple locations and in many repositories in an organization is difficult. But thanks to technologies like Artificial intelligence and Machine learning by which companies are redefining the potential of their contracts quickly, identifying business risks and opportunities.
Read more about when to do metadata extraction from contracts in house using AI software and when to consider outsourcing to a specialized firm
The underlying fact is that AI software can easily do the extraction but none of the software can give the accuracy you require from the data hidden in the contracts. In a contract management situation, nothing less than 99.99% accuracy is acceptable where risk and rewards are so critical. Software with human professional quality is the need of the time as you are assured of the quality outcome of your contractual data. Brightleaf is the perfect end-to-end solution for it with timely delivery and quality of output.