Artificial intelligence (AI) is positively impacting organisations across a vast array of industries. Developments in AI are proving incredibly valuable as they apply to contract management software systems. Contract management AI can transform static documents into dynamic assets for better contract lifecycle management. Here’s how to step into the future of contract management with powerful contract intelligence.
What is contract intelligence?
AI-based contract management – with the help of trusted contract intelligence tools – is at the core of a contemporary contract management strategy. It can result in improved contract oversight, simplified data extraction, proactive opportunity realisation and comprehensive risk mitigation.
Leading-edge contract management AI, backed by machine learning, can systematically automate source-to-contract management. Embedded within a contract management software system as a proprietary tool, contract intelligence streamlines and modernises contract management, vendor management, eProcurement and eSourcing.
AI-based data extraction and classification
Natural language processing (NLP) with a contract intelligence engine allows for data pre-processing, automated data extraction and auto-fill of crucial information within contract records. Document clause detection allows contract management software users to easily compare clauses within their organisation’s pre-approved clause library.
Reliable contract intelligence tools are configurable so that users can control the way search algorithm preferences are established, and where contract management AI is implemented within their contract management system.
Contract creation with contract intelligence
Trusted contract management AI makes contract creation easy. With drag and drop or MS Outlook record initiation users can import a variety of file types – such as MS Word and PDFs.
After that, users can choose the type of contract record they would like to create with the simple click of a button.
Contract intelligence and machine learning
Intelligent clause identification and extraction expand and improve machine learning. Contract management software users can leverage machine learning that finds common contract clauses within a document when that contract document is added into a system.
Organisations can also add text from clauses to training data for further machine learning – namely, the improvement of future clause recognition.
This functionality is beneficial because it can continuously help enhance data entry accuracy and speed. It can assist with contract management reporting and workflow as well. Contract management AI can intelligently categorise clauses into an organisation’s clause types while presenting a percentage of confidence in that categorisation.
Identifying and protecting sensitive data
With cutting edge contract intelligence, organisations can define rules for the identification and security of selected data points. This process establishes data parameters while consolidating and categorising sensitive data. Organisations can save time by allowing contract management AI to process tedious tasks and data import analysis.
Streamlining contract workflow
Credible contract intelligence tools provide intelligent automated workflow for task performance monitoring. Workflow analytics and notifications increase visibility, and contract management AI helps teams to identify bottlenecks and anomalies within their workflow process. This process can help reduce contract lifecycle management inefficiencies.
Understanding and visualising risk
Graphic-based risk rating and mapping features of contract intelligence software provide valuable insight for assessing risk. An intuitive graphic such as a risk assessment matrix presents risk probability patterns and risk exposure. This level of risk visibility can help teams to make informed risk management decisions quickly.
Contract management AI supports best practices through risk mitigation. Accountability is based on an organisational ‘risk score’ that measures how consistently and effectively an organisation leverages the vital features of its contract management software platform. Risk scoring promotes enhanced risk mitigation, and users can take advantage of an expanse of innovative functionality for better source-to-contract management.
Embrace smarter contract management
It’s plain to see that future-minded contract intelligence software is a critical component of next-level contract lifecycle management. As such, organisations must make sure that they are equipped with proven contract management AI that improves data identification and protection, streamlines data extraction, increases risk management best practices, promotes machine learning and provides risk visualisation.
VISDOM AI ®
The winning solution organizations need is VISDOM AI® – Contract Insight’s proprietary contract intelligence tool.
Discover the power of VISDOM AI and machine learning. See how Contract Insight’s leading enterprise contract lifecycle management suite can help convert stagnant documents into dynamic building blocks for improved opportunity identification and risk management.
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.