Legal Contract Abstraction And Analytics With Artificial Intelligence And Machine Learning
We can’t imagine survival of any modern organization without legal contracts. Very existence of modern organizations stems from contracts they get into. Be it external contracts or internal contracts or any other obligatory contracts, they all affect functioning of organization in present and in future. Astonishingly, more than 80% business transactions in organizations are bounded by contracts. All relations in organization are dictated by contracts organization and other parties get into.
Why It Is Vital To Supervise Organization’s Legal Contracts?
When was the last time you checked your organizations contract document? It would be hard to recall! Do you have system in place trough which you get to know which contracts are up for negotiation? Answer would be NO! It is a common observation that most organizations do not manage and supervise contracts during their operational life, even though it is vital to monitor key aspects of contract.
As per EY report on contract optimization, managing contracts through their operation life can save 5% to 15% to organizations on contract cost itself. Moreover, failing on legal and regulatory compliance due to mediocre contract management system, can have far severe consequences.
Imagine that, after renewal of your critical service contract yesterday, you realized that you could have negotiated some price factors, saving huge cost. You could have done it easily, if you had some system in place to manage and supervise contract during its lifetime. Same way, you may not have any clue about 100s of such contracts your organizations has got into! Hence, it is vital to manage and supervise legal contracts!
Why Organizations Fail To Manage And Supervise Their Legal Contracts?
There are several reasons for organizations failing to establish sound contract management system. But most significant ones are as below:
a. ‘Sign And Forget’
This attitude is prevalent across most of the stakeholders. Once signed, contracts become just another documents in store room. In case of emergency or renewal they are open
b. Lack of Dedicated And Internal Legal Team
In today’s economy where conserving cash and reducing cost are the priority, legal team for managing contracts can be an unnecessary overhead.
c. Manual Contract Management
Even if organizations are managing contracts, the process is manual and laborious. Manual process is highly prone to errors, creating risk in long term.
d. Lack of RobustTech Based Legal Contract Management Solution
Though, organizations want to look for tech based alternative for this, they don’t know how and where to begin. There are not many option available.
And this is how contracts become most neglected documents in organization!
Time To Embrace Artificial Intelligence!
Now, the time has come to embrace technological advancement to manage one of the critical aspect of your organization…Contracts!
At Ellicium, we reckon that empowering contract management with Artificial Intelligence and Machine Learning, is the way forward. Leveraging Ellicium’ Gadfly, an AI and ML based unstructured data analytics platform, modern organizations can reap the benefits of technologically robust contract management system. We have built an unique business application in Gadfly to specifically for smoother contract management and supervision.
An Artificial Intelligence Enabled Contract Management And Supervision System
A mid-sized organization typically has hundreds or thousands of contracts. These are, many a times, manually stored, managed, and mined. As mentioned earlier, hence managing this become a cumbersome task and remains ignored.
Following are some of the features through which Ellicium’s Gadfly solves these problems:
a. Automated Contract Abstraction
Ellicium’s Gadfly automates the process of mining, managing and tracking contracts. This is based on our robotic process automation methodology. Once you fed in all your contracts in scanned format to Gadfly, it abstract important terms out of them.
Ex. You get alerts when your contract is up for negotiation.
b. Contract Analytics And Visualization
Which contracts are prone to risk? Which contracts needs to be renegotiated? What is the general trend? What are the insights out of all contract your organization is getting into? This feature can answer many of such question
Business stakeholder can gauge the performance of all organization contracts through analytics report,
Ellicium’s Gadfly also offers rich visualization. Through various engaging graphs and charts, you can get great insights on all contracts.
c. Integration With Other Business Systems
Ellicium’s Gadfly can integrate with organization’s business system, helping speedy decision making.
In coming days, we aim to provide functionalities in line with Contract Lifecycle Management, empowered with artificial intelligence and machine learning.
Traditionally, contracts have perceived as dull documents which are retrieved only to renew or to solve dispute. We hope to change this with Gadfly. We are passionately building a contract management system for enterprises in 21st century, helping them to get the most out of contracts.
To share your thoughts and to schedule one on one demo, mail me here: firstname.lastname@example.org
(If your organization has tonnes of contracts and if you are managing it all manually, then we should talk! You are most welcome to schedule a demo by filling this quick form: http://bit.ly/2xwJ8XK )