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
The process of contract data migration starts either from an old contract management system or a repository; or from scratch i.e. from paper documents to a new advanced CLM. Click here to get more insight into the various benefits derived from data migration.
The ability to manage your contracts through a process such as this will allow you to leverage the knowledge in your existing contracts, report on the extracted data, even recover hidden revenue (e.g. by policing penalty clauses in your supplier agreements) and comply with current and upcoming regulations.
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.
Steps and Best Practices for Legacy Contract Management & Migration
Whitepaper
Read steps and best practices for legacy contract management & migration
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Brightleaf - IACCM Webinar
Webinar
Watch our webinar on overcoming the challenge of legacy agreements
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Gain insights into your contracts with automated contract abstraction
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How 6 corporations are performing abstractions rapidly and affordably.
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Medical Contracts
Sample Abstraction
Download a sample abstraction of hospital consulting agreements.
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