Adopting AI: What is Contract Understanding with AI
Contract Understanding with Artificial Intelligence (AI) is a revolutionary tool designed to address the real need for effective contract management. By adopting AI, this tool is changing the way organizations manage their contracts.
Why Adopting AI is Changing the Contract Management Game
A substantial amount of time and money is spent negotiating the terms of a contract which, once signed, is simply filed away and the terms forgotten. As reported by Gartner, organizations are increasingly looking for better regulatory compliance and faster contractual cycle times, leading to a growing demand for contract management software that incorporates AI. Implementing the right software can lead to significant improvements in revenue management, cost savings, and efficiency. Therefore, adopting AI supported software, like Contract Understanding can vastly improve your organization’s contract management cycle.
Contract Understanding with AI uses advanced AI technology to analyze and interpret the terms and conditions of a contract, ensuring that obligations and benefits are never forgotten after the negotiation and signature stages are completed. The tool utilizes AI algorithms and machine learning techniques to extract key information from contracts, classify different terms and provisions, and provide a high-level understanding of the agreements.
Additionally, AI-based contract management systems can help organizations to better track and monitor their obligations and rights under different contracts, by providing alerts or notifications when certain provisions are triggered, or deadlines are approaching. This can help organizations to stay compliant and avoid potential penalties or disputes.
Adopting AI for contract management can be a valuable tool for businesses and organizations looking to optimize their contractual processes and reduce the risk of errors or oversights. By using Contract Understanding, organizations can streamline their contract management cycle and improve their revenues, cost savings and efficiencies.
Features of Contract Understanding with AI
Contract management can be a tedious and time-consuming task, especially when it comes to keeping track of important dates and deadlines related to contract renewals and cancellations. If these dates are missed, contracts may automatically renew or be cancelled, causing confusion and potential issues.
That’s where Contract Understanding comes in. By using AI, this innovative tool is designed to assist organizations in staying on top of their contract management tasks. With Contract Understanding, businesses can set up notifications and reminders that will automatically alert them of upcoming deadlines such as contract renewals or cancellations.
By automating the process of tracking these dates, adopting AI can help organizations to avoid missing deadlines or letting contracts automatically renew or cancel when they are not intended to. This way, businesses can focus on their core activities and let Contract Understanding take care of the contract management. Additionally, Contract Understanding also provides notifications and reminders to help organizations stay informed and take action when necessary.
Avoiding administrative intensive tasks is what Contract Understanding is all about, with complete workflows that are automatically triggered by known events. These include events like renewals, terminations, price escalations, force majeure, cancellation, breach, etc. All workflows can be completely configured and are tracked automatically and escalated when needed. All associated documents and correspondence are stored with the related contract.
Security is paramount when it comes to contracts. Contract Understanding keeps access to your contracts secure by hosting all information in Azure, SSL is standard, sign on is mandatory and users’ access can be controlled.
Offering a central contracts database allows for seamless access and easy searching capabilities, anywhere, anytime. All documentation, correspondence, renewals and amendments are stored with the related contract.
Customizable dashboards, grids, and a powerful search engine provide a clear, high-level overview of your contracts and make it easy to quickly find answers to FAQs. Grids can be exported to Excel for presentation and reporting purposes, if needed.
