It is not often that companies awaken to the stark realization of maintaining a sound contract management system until revenues are lost, opportunities or milestones are missed on account of poor management of contracts. The conventional systems, due to their inherent inadequacies, were limited and incapable of appropriately addressing these issues. This led to the development of the current advanced systems.
Brightleaf along with its partners provides one such solution to meet end-to-end contract management needs which includes classification of contracts, extraction of key data elements, loading them on a CLM, and ongoing management of contracts on the CLM system.
The word ‘contract migration’ itself means moving to a more evolved operating system. Brightleaf with its highly sensitive artificial intelligence, optical character recognition, and natural language processing technology overcomes the challenges posed to organizations having no or an obsolete system of managing and organizing existing and legacy contracts. Download the strategy brief on to load your legacy contracts into a new CLM system”.
Proven enterprise benefits
- Single and unified repository
- Identification and mitigation of risks
- Better informed decisions
- Management reporting
- Insight into key provisions at fingertips
- Compliance
- Access to all financials in one place from multiple concurrent locations
Client story
Legacy Data Consolidation
They have a very well-defined process to train the client and engage with us to take us thru. They were always available to answer queries and it was very comforting to and that the lawyers and functional curators were very well qualified and understood what the business teams were saying (which most technical teams at the IT services providers totally lack). They were able to scan and extract almost everything we asked for and classify it with uncanny accuracy, which was why we felt they were highly qualified
Andy Fitzsimon
Global Brand Manager
Extract Contract Metadata
Capture Metadata To Make Your CLM Most Effective
Contract metadata extraction is a process of automatically extracting important information from contracts, such as parties, dates and key clauses. Using AI-enabled technologies, this task can be automated to great extent. The extracted metadata can then be used to manage contracts securely and efficiently.
AI-assisted contract metadata extraction helps organizations migrate legacy contracts quickly and accurately. It also helps them gain insights into their contractual obligations as well as spot trends in their agreements over time. This allows them to make more informed decisions when signing new deals or managing existing ones.
Blogs
Resources
What are legacy contracts and approach to manage
Transforming contract management process with NLP
CEO Blog 10: Legacy contract migration/data extraction
