Smart Contract Analytics

AI-Powered Contract Analytics Software and Review | Smart Contract Analytics

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Organizations follow different methods in handling their contract management process. Some use Microsoft word capabilities and store executed contracts in cloud repositories while some use contract management systems for end to end management of their contracts. Whatever could be the process, every organization will have certain volume of legacy, paper based and also third party contracts and not getting full visibility and insights from these contracts can put the organization at risk. OCR (Optical Character Recognition) tools play a vital role in digitizing these legacy / paper based contracts. Check this full blog to get an idea of what "OCR" is and how it can help in better contract management

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Lapses in adherence to contractual obligations can have adverse cost and legal implications, making it imperative for enterprises to implement a robust contracts management process. The presence of diverse systems and the absence of a consolidated view into contracts existing in silos make it difficult to track milestones, resulting in delayed renewals, inconsistent pricing, and loss of revenue. Our Smart Contract Analytics, a comprehensive contract discovery and analytics platform powered by AI & ML, provides 360-degree insights into contracts and related documents, to help enterprises make data-driven decisions.

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Every business around the world irrespective of location, size and nature of business has been deeply impacted with the unprecedented situation we are in with Covid-19. This has greatly challenged businesses with supply chain, business continuity and performing the contractual obligations With uncertainity prevailing all over, it is time for all businesses to relook into their contracts to understand what are their obligations across their contracts and the amount of risk they can be entitled if they fail to perform as per the agreed provisions.

Gartner defines dark data as the information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes (for example, analytics, business relationships and direct monetizing). Similar to dark matter in physics, dark data often comprises most organizations’ universe of information assets. These assets include emails, contractual documents, multimedia, and other intellectual property. Parsing, tagging, linking and searching all this dark data is the greatest immediate opportunity for most businesses to unlock the value. With the advances in NLP and Machine learning, making sense out of this data and generating actionable insights to surface the risk, liabilities, and opportunities to renegotiate contractual terms is a low hanging fruit to prove the ROI of the AI initiatives in a company. It’s a good idea to enrich an organization’s data with external data sources that will help in creating new services. The data from Experian, Nielsen and other data aggregators are being used by companies that provide identity theft management, social lending platforms, and others to make instant decisions by applying various machine learning models.