Contract intelligence harvests data from contracts and systems of record, transforming them into structured, connected, on-demand data that drives critical business processes. It reveals opportunities, risks, and compliance gaps at the enterprise scale.
Streamline your contracting processes, negotiate faster, and avoid compliance risks with visibility into spend insights and supplier satisfaction ratings.
Contract intelligence automates the collection, management, and organization of contract data. It provides a single source of truth that empowers teams to optimize contract framing and execution.
Sifting through pages of clauses, sections, and obligations to find non-compliant contracts can take days for legal and compliance teams. AI tools in contract intelligence can identify discrepancies between regulatory rules and contracts and flag them immediately for rectification.
AI tools can also scrub sensitive information from contracts and sift for words violating confidentiality laws, protecting the business from potential fines and lawsuits. This can be particularly valuable for companies that deal with regulated industries like healthcare.
A smart contract management solution can bake fallback clauses into templates, set up conditions, and pull contract data from systems of record using integrations to speed up the process. It can also provide advanced analytics and predictive insights so teams can evaluate contract patterns, spot trends, and foresee issues before they become risks or pitfalls.
Identifying High-Risk Clauses
Contracting teams must analyze contracts for high-risk provisions, clauses, and terms. They also need to understand the provisions within a contract so they can negotiate better deals, manage spend, and mitigate risk. This information can be found in contracts, but it’s often time-consuming to manually process them.
With contract intelligence, you can automate contract analysis to identify and flag these issues. The intelligent software is trained on millions of contracts, and ML technology makes it continue to learn as it processes more data.
An AI-powered contract management platform is flexible enough to adapt to users’ contracting processes and workflows, allowing different teams to access the information they need on demand. Additionally, features like built-in approval workflows, document synching with external repositories, e-signatures, parent-child matching, and preventing duplicates streamline agreements’ creation, renewal, and management. This means legal, procurement, sales, finance, and other departments can work together to negotiate more streamlined contracts, increase efficiency, and generate insights.
Identifying Missing Obligations
Contract intelligence tools provide visibility and insights into the business impact of contracts, enabling leadership to make informed decisions.
This helps reduce the time spent reviewing contracts, freeing resources to focus on higher-value activities. It also allows teams to identify potential risk exposures and opportunities for improved efficiency and quality.
AI-based contract management solutions use natural language processing to analyze contract data and discover patterns in clauses. These solutions then learn from the analysis, expediting future review processes.
Contract intelligence automatically extracts key commercial terms, obligations, and SLAs from agreements and makes them immediately accessible via role-based dashboards. This enables leaders to manage performance, track supplier compliance, avoid revenue leakage, and achieve governance goals more efficiently. It also speeds up the contract initiation and approval process by eliminating manual steps, accelerating the onboarding of new employees or business service providers, eliminating redundant work through automated parent-child matching, and preventing duplicates. This also reduces risk by ensuring that critical clauses are reviewed and approved.
Identifying Duplicate Clauses
With a powerful clause detection system, AI can help companies review contracts more quickly and organize large scales of contract data more easily. AI can also classify documents based on their contents, identify the important parts of a clause, and learn about new clauses.
Moreover, AI tools can make it easy to upload contracts previously living outside the company’s CLM system — on paper or in a SharePoint folder — into the CLM for analysis. This can save time and money and protect stakeholders from contract breach risks.
By combining automated review and insight, AI for contract management ensures the intent behind every agreement is captured in the document and realized in the business. Ultimately, it drives business performance, enabling sales contracts to drive revenue and supply chain deals to deliver savings. It maximizes the impact of compliance efforts with visibility to risk allocation and effective compliance monitoring. In short, it helps organizations become leaders in their industry.