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 electronically as PDFs. Expensive software solutions only track a fraction of the operational and legal provisions and there hasn’t been a sensible way to access this information quickly when needed.
Getting useful, actionable information from these contracts demands a resource-intensive, manual process that requires lawyers to search every contract, then cut, paste, and organize the information the business needs to make informed decisions.
Contract abstraction has been too time-consuming for internal staff, and too cost-prohibitive to outsource. Many companies that do outsource abstraction see project costs going very high. Plus, providing oversight and checking results still, require a great deal of your staff’s time.
There is a solution to this:
Imagine a world where you can abstract all the essential information from your contracts quickly and affordably. You can upload it easily into your contract management system, making your CMS far more valuable. The important provisions from all your contracts are available immediately for analysis, to profile risks, manage obligations, and improve compliance. Automated contract abstraction is the solution and now a reality, with exceptional speed and accuracy.