VISDOM AI for innovative contract management
What is VISDOM AI?
VISDOM contract artificial intelligence (AI) is an innovative new feature of Four’s Contract Insight Contract Management Software. It simplifies contract administration for legal, risk, and procurement professionals. VISDOM has four main features that will help system users leverage Contract Insight for better contract management.
VISDOM systematically analyses contracts, giving users improved contract oversight, proactive opportunity, and risk mitigation. Essentially, it does hours of manual work in a few clicks of a button.
What’s good about AI in Contract Management?
Because of AI the role of contract management is changing. As lawyers, procurement teams, and other contract professionals implement AI in their contract management systems, they can focus less on monotonous document details, and more on exploring risk assessment. VISDOM AI has many benefits that can lead to better contract visibility and reduced risk.
The concept of using AI to assess data and replace workplace processes can be a bit overwhelming at first. It’s important to understand what the technology can do for you and how you can use it to get more out of your working day.
Four ways organisations can benefit from VISDOM AI and machine learning
- Automated data entry– reduce the time it takes to enter new contracts in your system. Don’t waste time manually importing field data when VISDOM can do it for you. It can display key data like locations, dates, monetary values, emails, phone numbers, counterparties, and bank details.
- Risk assessment mapping – when adding a new contract to Contract Insight, VISDOM helps identify potential risk by analysing document text, allowing the system to identify both good and bad language.
- Statistical data analysis – determine positive, negative, or neutral facts about each contract in your system to help with visibility and strategy. If a contract has a value that is a certain percentage (determined by you) greater than the average contract value in your system, a message alert can be triggered as well as updated contract workflow processes.
- Immediate recommendations based on real-time data – intelligent workflows provide you with set, recurring on-screen recommendations and reports to give you and your team overall visibility of all the contracts within your system. The system can automatically send notification alerts based on the key dates VISDOM identifies in the document.
Contract Insight from Four Business Solutions
Four Business Solutions offer Contract Insight to help you better manage and secure your business. If you’d like a free trial to understand how Contract Insight can boost your cyber security, and to find out more about VISDOM AI, please call me on 0800 6250 025.
John O’Brien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain & Operations, across a broad range of industries.