Executed contracts contain crucial information for you to be able to make critical business decisions. However, there is no easy way to access this data when you need it most. Finding information within hundreds, sometimes thousands of contracts over and over again requires a resource-intensive manual search. This often yields mistakes in the data found which can result in hurting the business.
Even the most sophisticated contract management systems are often incomplete or have erroneous legacy contract information and rarely track all the important provisions across all your contracts.
This is where Brightleaf comes in
Brightleaf automated contract abstraction and migration is a technology-enabled service that automates the entire process of abstracting information from all your contracts. Our proprietary software performs abstraction and migration with unprecedented speed and accuracy. The key is Brightleaf’s underlying semantic intelligence engine that applies breakthroughs in computer-based language analysis technology to legal documents. Like Google, our software “crawls” through all your contracts and creates an index of all the key terms, provisions, and obligations.
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Brightleaf eliminates the need for your lawyers or expensive outside firms to spend large amounts of time pouring through all your contracts to find, cut, copy, and paste key provisions. With Brightleaf, in-house lawyers, business executives, contract managers, and procurement professionals can instantly get the information they need.
-> Read the whitepaper to learn more about “Why Human Intervention is a Necessity for Contract Review & Abstraction”
Manage contracts with accuracy
Accurate contract data extraction is essential for ensuring compliance with contractual obligations, avoiding disputes, and identifying potential risks and opportunities within contracts. Managing contracts with accuracy require a consistent and structured approach to data extraction. By defining your requirements upfront, leveraging machine learning and AI, implementing a good contract lifecycle management system, and developing a quality control process, organizations can optimize their contract management process and improve business outcomes.
Brightleaf’s solution provides six-sigma-level accuracy through a combination of customized AI models, OCR, and NLP technology, a thorough review by our team of lawyers, and a quality control process. By leveraging these advanced technologies and processes, Brightleaf can extract data efficiently from a wide range of contract types, reducing errors, and improving efficiency.
Benefits
Revenue Recognition
Identify hidden and missed revenues from your legacy contracts
Compliance
Know your obligations, which is the first step to fulfilling them. Stay current with on-going changes in any industry.
Business Intelligence
Provides a global view of all your contracts and puts real-time business intelligence at your fingertips.
Risk Management
Identify assignability and any resulting obligations that come with inheriting contracts. Ensure compliance across your business even in the most transitional periods.
Acquisitions
Eliminate the need to deploy teams of lawyers to get crucial information to respond to regulatory changes, lawsuits, or new business initiatives. Automate the process!
Client Synopsis
Glimse of how companies use Brightleaf for extracting data from contracts
A top Web Services provider required an extraction project to help organize the site addresses and track obligations and risks throughout their agreements. Brightleaf was up to the challenge, balancing the different groups and helping everyone get on the same page. We extracted information from their MSA, Amendments, Work order, NDA.
A top customer experience management company started its contract management journey with a lot of expectations. Brightleaf extracted certain key information with respect to agreement terms, regulatory reporting, insurance obligations, audit requirements, limitation of liability, and financial obligations.
Brightleaf extracted vital information from the contracts ranging from Industrial Track Maintenance, Rail Crossing Agreements to Haulage, and Real Estate for a class 1 Railway company. There is a huge revenue realized after Brightleaf analyzed the documents and provided the information to the company. There were about 500 thousand legacy contracts, some of them even date back to the 19th century.
Blogs
Related Resources
What are legacy contracts and approach to manage
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Transforming contract management process with NLP
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CEO Blog 10: Legacy contract migration/data extraction
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CEO Blog 9: How do I extract contract obligations? And what do I do with the information?
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