CLM | Brightleaf Solutions

As per a study by the Institute for Supply Management, a typical Fortune 1000 company manages anywhere between 20,000 to 40,000 active contracts at any given time. Additionally, there are legacy contracts to add to the number. Keeping track of all of these contracts can be a nightmare if done manually. Using Natural language processing [...] Read More →

Welcome to the Brightleaf CEO blog series on Legacy Contract Migration/Extraction. Explore why your business needs to extract and migrate its legacy contracts. Companies that are embarking on getting a handle around their contracts, tracking the salient terms and data points, creating templates for contract types and clause libraries, workflows, etc. often ask Brightleaf similar [...] Read More →

The larger the company, the more the contracts – that is a given. The larger the company, the more divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy-side and sell-side. When moving to a new enterprise or contract management lifecycle system no one wants to […]

This is the fourth of a ten-part series on contract migration and related data extraction, which will help your legal teams gain a better understanding of the information included in all of your contracts. This is the most asked, if not, assumed (as yes) question! And a very pertinent one. AI Software is a necessary condition […]

The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no […]

To continue operating profitably is always the primary focus of any enterprise. In today’s competitive corporate environment, the ability to effectively manage contracts is essential to surviving in the marketplace and achieving success. At different points in our lives, each of us would have or will, without exception, sign a contract. However, have we ever […]

Contracts are one among the difficult documents that ought to be evaluated befittingly, and if there isn’t a clear system for the solid review process in place the terms may be overlooked leaving a company in a weaker position. Across your business, whether in sales, legal, marketing, or vendor management, contracts help protect the company, […]

Contract Lifecycle Management is no longer a “nice to have” initiative, but rather a “need to have” business practice. With a direct impact on both revenue and expenses as well as the risk profile of a company, many businesses have an elevated interest in implementing automated solutions. The efficiencies introduced by an automated contract lifecycle […]

When clients are dealing with contracts or legacy contracts, NLP/AI technologies can be used to extract salient data points. This data is then loaded into a CLM (Contract Lifecycle Management System). Having good software for the extraction of data is essential, but it is not sufficient if any accuracy is desired. Why is accuracy a […]

Failure to gain contract insights can lead to negative results. Consequences might be a poor relationship with suppliers, and vendors, more risk, and lost opportunities. Critical information businesses need to make key decisions resides across all your executed contracts. Legal and contract departments often have thousands of paper documents stored in file cabinets or saved […]

To realize the benefits which exist after the contract has been signed, it’s necessary to not only understand the terms and provisions contained in your contract but to capture these for ongoing management. When a contract is signed, most organizations do a good job of tracking the contract’s basic operational requirements (e.g. renewal dates), but […]

The term “Migration” is used, sometimes loosely to describe getting contracts out of an existing system, or even file folders, into a CLM system. Contract Migration is the process that takes documents from older systems and puts them into a newer system. Scan – Scan the documents from paper to a file on a computer. […]

For a small organization with a quantum of 10-50 contracts, it is quite feasible to go back to their contracts and review their time and now, but as the volume and complexity increase, it becomes difficult to manage these contracts without the assistance of some kind of contract management tool. It can be a simple […]

To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated, and time-consuming. So what is the best answer? “Join Brightleaf and IACCM’s joint webinar on Overcoming the challenge of legacy agreements” Click here to register Date: September 20, […]

Contract Lifecycle Management (CLM) has become a top priority for C Level Executives worldwide. CLM systems are no longer a “nice to have” initiative, but rather a “need to have” business practice. The efficiencies introduced by an automated contract lifecycle solution are numerous – and, as the name suggests – it addresses the complete lifecycle […]

OUR THOUGHTS

Category: CLM

Transforming contract management process with NLP

CEO Blog 10: Legacy contract migration/data extraction

CEO Blog 6: How do I prepare my legacy documents for ease of migration into a CLM?

CEO Blog 4: Can AI software handle it all?

CEO Blog 2: What attributes do I extract and ingest into a CLM during the legacy contract migration process?

Why manage contracts?

How contract management software can help your sales team increase profitability?

Contract Lifecycle Management (CLM) is becoming a “need to have” priority for firms

Data extraction from contracts – in-house or outsourcing to a specialized firm

Reduce risk by unleashing contract insights

Are you getting the accuracy you need from your contract extraction services?

All you need to know about the contract migration process

An arduous step overlooked when initiating a CLM implementation

Challenges in migrating legacy agreements into a CLM system

Unlocking the Value of Your Existing Contracts