The world has seen many challenges this past year. Covid-19 upended the way we live and work but we are adjusting our actions, making life convenient and safe, and striving for a better world. Many organizations have seen revenue disruptions during COVID-19, and companies faced increased pressure to recapture revenues.
Despite all this, Artificial intelligence successfully offered normalcy and process consistency for industries that rely upon automated contract management. Automated contract management did not emerge as an afterthought rather it forced organizations to re-evaluate their contract management methods and Contract Lifecycle Management (CLM) systems.
This revolution, however, has been on the cards for years, the pandemic just has accelerated the momentum, moving a modern-day CLM system from nice to have to the must-have bucket. This revolution will only result in a stronger, more capable, and more adaptive technology.
Embrace AI, and the new wave of contract management technology
Replacing paper and manual processes with CLM systems allows businesses to automatically collect, review and report the data hidden in the contracts. An AI-powered CLM platform converts legal language within the document into easily searchable text, making everything accessible and reportable.
How Brightleaf’s AI contract data extraction engine can help your organizations to find certainty in uncertain times.
Earlier extracting key attributes from contracts was time-consuming, but with AI-enabled digitization, this is narrowed down to just a few minutes. Brightleaf’s AI-enabled contract management software is powered by Natural Language Processing (NLP) technologies, Machine Learning (ML), and algorithms. This software platform helps in accurate attribute extraction and analyzing any and all commercial terms, legal provisions, and obligations from any text-based legal document.
This software understands linguistics, along with broad and multi-layered grammatical constructs, allowing it to parse complex legal language across any number of contracts and companion documents such as amendments, addendums, side letters, etc.
It further refines the results using custom rule sets, tailored by Brightleaf specifically for your documents, resulting in a highly detailed and accurate index of all your contract data. This enables companies to:
• Real-time information access extracts Key metadata
• Automated Alerts
• Ease in contract management either legacy or third-party contracts
• Automate laborious contract review process
• Get Comprehensive contract insights and reporting
To know more about how we can help you with your legacy and third-party contracts data extraction, contact us.