VISDOM®: simple, AI-based contract record creation
Discover how easy contract creation can be with the new AI-based drag and drop feature, complete with auto-extraction backed by natural language processing (NLP)
Contract creation has never been easier with Contract Insight’s drag and drop record initiation. Available out-of-the-box, this new VISDOM-integrated feature allows system users to easily import a variety of file types (such as MS Word and PDF documents) harnessing contract creation with one click of a button.
Once a file is dropped, Contract Insight users can choose the contract type they want to create. Using built-in natural language processing functionality, VISDOM’s data pre-processing engine auto-extracts and auto-fills pieces of key information in an easy-to-read set of tables. Clauses detected within the document are also displayed with the ability to easily compare to clauses within your library. Natural language processing is configurable, so system administrators can arrange the tool for the needs and purposes of their organisation.
System administrators can leverage the VISDOM configuration area to establish search algorithm preferences, as well as where and when VISDOM is used within Contract Insight. Contract creation is made easy for administrators who can configure drag and drop record creation to be enabled in all six major system areas (Contracts, Requests, Bids, Purchase Orders, Employees and Vendor Records).
Streamlined electronic signing
For streamlined contract creation, Contract Insight’s electronic signatures now include a ‘Sign Now’ option, which expedites the signing process and allows users to sign PDF and MS Word attachments directly from their document toolbox. Further enhancing the signing process are the improved eSign reminders. System administrators can set reminders for those involved in the signing process who, in turn, receive email prompts to sign. These reminders are configurable, so administrators can specify the number of days before the first reminder is sent, and arrange the timing and quantity of subsequent notices.
Contract Insight’s signing portal has also been enhanced to support additional signing options. Along with the previously available saved signatures, typed signatures and drawn signatures, Contract Insight offers the following new signing options:
- insert a date
- sign with initials
- add additional text to your signature
- use previously saved user title.
An additional new signing feature allows for the configuration of a terms and conditions prompt on a client’s signing portal, which must be accepted before signing parties are allowed to sign a document. With this useful verification feature, the date and time at which a signing party has accepted terms and conditions will be logged.
Executive graphical dashboards
With the release of Contract Insight version 17.3.1, the user experience was enhanced with Dashboard Launch Pads. Now, with version 17.5.0, users have even more dashboard configuration options for a next-level user experience.
When creating a new dashboard, system administrators will be prompted to choose between the established standard dashboard orthe brand-new executive dashboard.
The new executive dashboard option presents visually engaging graphics that allow users to view valuable information at a glance. Contract Insight Enterprise users have valuable information at their fingertips as soon as they log into their system, with pre-configured executive dashboards such as:
- contract overviews
- contract KPIs
- legal dashboards
- bid overviews
- vendor management
- counts by department
- year analysis.
Executive dashboards can be created for both system dashboards and personalised user dashboards.
Simplified contract writing
With Contract Insight 17.5.0, users can more easily create contracts from established document templates. Document merging takes place straight from the Contract Details page. The user simply needs to select a template to merge with contract data, and an MS Word contract will be created.
Note: this feature is available on the six main areas of the core system: contracts, requests, eSourcing, purchases, employees and companies.
Easier pricing and data entry on the vendor gateway
The improved Vendor/Client Gateway allows approved vendors and counterparties to add and modify items in their catalogue. The Gateway now comes with an easy-to-use catalogue template out-of-the-box. Vendors simply need to complete their selected template and upload it. Next, the catalog’s data is processed and sent for internal approval.
Administrative audit log history is also improved. When a vendor or counterparty performs the tasks listed below within the Vendor/Client Gateway, admins will be notified with audit log entries:
- contract file downloads
- request file downloads
- purchase order file downloads
- sourcing file downloads
Easier data entry in sub tables
With Contract Insight Enterprise version 17.5.0, users can bulk add records into sub tables for a significantly expedited record addition process. For example, if you need to add ten line items to his pricing section, you can now create these ten records on one page and add them together, rather than input each item individually.
Explore these features and more
In addition to the excellent tools for contract creation mentioned above, Contract Insight version 17.5.0 also offers:
- REST API’s for improved integration security and flexibility
- dynamic field display options
- more robust dashboard management options
- survey enhancements
- advanced permissions
- iCal Downloads for the Sourcing Gateway.
Contract Insight from Four Business Solutions
Contract Insight can help you easily create contracts and manage an entire contract portfolio with intelligent workflow, automated alerts, AI-based contract management, data extraction, audit trails, contract reporting and analytics.
Four helps small and multi-national organisations enrich the way they work. From supply chain to procurement and contract management, we have decades of experience helping companies forge ahead in the global market. If you’d like a demo of Contract Insight or simply to find out more about what we do, please call John O’Brien at Four Business Solutions 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 and Operations, across a broad range of industries.