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 negotiating the contract.
Brightleaf understands that all 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. Failure to gain contract insights can lead to negative results. Consequences might be a poor relationship with suppliers, and vendors, more risk, and lost opportunities. Critical information businesses need to make key decisions reside across all your executed contracts. Legal and contract departments often have thousands of paper documents stored in file cabinets or saved electronically as PDFs. Expensive software solutions only track a fraction of the operational and legal provisions and there hasn’t been a sensible way to access this information quickly when needed.
Getting sound, actionable information from these contracts demands a resource-intensive, manual process that requires lawyers to search every contract, then cut, paste, and organize the information the business needs to make informed decisions.
Contract data extraction has been too time-consuming for internal staff and costly to outsource. Many companies that do outsource abstraction see project costs going very high. Plus, providing oversight and checking results still, require a great deal of your staff’s time.
There is a solution to this:
Imagine a world where you can extract all the essential information from your contracts quickly and affordably. You can upload it easily into your contract management system, making your CMS far more valuable. The important provisions from all your contracts are available immediately for analysis, to profile risks, manage obligations, and improve compliance. Automated contract data extraction is the solution and is now a reality, with exceptional speed and accuracy.