It’s important to be on top of your contracts and have all the relevant documents in place. It reduces the chance of missing the relevant and documents that are of high importance and saves time and effort on the documents that are not relevant. As a company growth graph moves upward, having a contract lifecycle management system in place is the way to manage all your contracts. Reports generated through these systems help businesses to make better-informed decisions. Real-time data is now available to your contract professionals so that contractual obligations and risks can be managed more effectively.
With the below 5 simple steps, this integration can help your organization to extract, review and analyze critical information from executed contracts, and that too with just one click.
According to research by IAACM, good contract development and management can improve profitability by the equivalent of a massive 9% of annual revenue. With a blend of a good CLM system and an automated extraction process in place, the system will have the ability to extract the required information fast for quick and informed decision making, and clause comparisons.
Employing Brightleaf’s technology for your ongoing extraction is an effective approach to ensuring that all of your necessary information is captured within the CLM system for proper contract management and resolution. As part of the contract extraction process, the meta-data is automatically “tagged” i.e. information is extracted and populated into the correct fields in the CLM associated with that contract.