VISDOM® AI is Contract Insight’s proprietary, AI based contract management engine with machine learning. VISDOM can simplify contract administration for a wide variety of industry professionals by unifying people and processes thanks to a seamless integration between AI and contracts. Learn the 4 main VISDOM features that can help contract management software system users maximise Four’s acclaimed source-to-contract management software suite – Contract Insight® – in an ever more future-minded legal technology landscape.
AI based contract management with VISDOM allows Contract Insight users to systematically analyse contracts, promoting improved contract oversight, proactive opportunity realisation, and visionary risk mitigation. Essentially, contract management professionals can do what would be hours of manual work in a few clicks of a button.
Benefits of AI based contract management software
The roles of contract managers are changing because of advancements in contract intelligence and contract management machine learning. As lawyers, procurement teams, paralegals and a myriad of other contract professionals implement artificial intelligence in contracts, they can begin focusing less on monotonous, manual and limited contract and document management methods, and can instead pivot their efforts towards exploring detailed automated contract data extraction, risk assessment and shaping contract strategy.
For many, the concept of using contract AI software to automate data extraction and machine learning – effectively “replacing” certain workplace processes – can be overwhelming at first. It’s important to understand, however, that contract automation can perform previously monotonous work while teams focus on more complex, analytical and nuanced contract tasks.
There are many benefits to leveraging AI powered contract management software. Knowing what it can do for their teams can help leading industry professionals to understand why it is transforming so many processes across industries.
Maximizing VISDOM for AI based contract management
VISDOM AI has various features and functionality that can grant contract managers better contract visibility, reduced contract risk and proactive contract oversight.
Here are 4 ways organisations can benefit from utilising features of VISDOM AI:
- Automated data extraction and field mapping – Organisations can reduce the time it takes to enter new contracts into a contract software system. Contract managers can avoid wasting time manually importing key data fields thanks to intelligent data extraction and field mapping. VISDOM can identify and classify key data like locations, dates, PII, PCI, monetary values, emails, phone numbers, counterparties and bank routing numbers. Drag and drop contract creation allows for the rapid introduction of a contract to the system. Natural language processing (NLP) with VISDOM streamlines data pre-processing, automated data extraction, and automated fill of critical information within contract records. Document clause detection lets contract management software users compare clauses within their organisation’s pre-approved library swiftly. Future-minded contract intelligence tools are highly configurable so that users can oversee how search algorithm preferences are set – and where contract management AI is implemented within their contract software system.
- Risk assessment mapping – When teams add a new contract to Contract Insight, VISDOM can help identify potential risk by systematically analysing document text, allowing the system to identify both “good and bad” language in a contract per a rules-based sentiment. Graphic-based risk rating and mapping features of AI based contract management software provide valuable insight for assessing contract risk. An intuitive graphic such as a risk assessment matrix presents risk probability patterns and potential risk exposure. This level of risk visibility can aid teams in making informed risk management decisions with less hesitation.
Organisation-wide accountability is based on an organisational “risk score” that details how consistently and efficiently an organisation utilises the future-minded features of its contract management software platform.
- Statistical data analysis – Contract managers and teams can identify positive, negative or neutral facts about contracts in their systems to help with visibility and strategy. If a contract has a value that is X% greater than the average contract value in an organisation’s system, a message alert can be configured, as well as updated contract workflow automation processes.
- Immediate recommendations based on real-time data – Intelligent contract workflow can provide contract managers with pre-configured, recurring on-screen recommendations and reports that give organisations overall more superior contract visibility. VISDOM can be configured to send automated notifications and alerts.
Get started today with contract management excellence with VISDOM
VISDOM provides a better user experience by doing the busy work for you. By maximising contract AI for your simple day-to-day tasks, you’ll get time back in your day to work on the things you never find time for.
Contract Insight is a trusted, acclaimed, fully integrated contract management software suite streamlines the contract process with optimal governance, lower friction, and higher flexibility from requests to renewals.
Contract Insight from Four
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.