Automating time-consuming tasks can save you time for more pressing matters
Artificial Intelligence, or AI, is benefiting businesses across all industries, allowing organisations to apply extremely valuable new technologies that can help them save on both time and money.
One such example of this digital revolution is the rise of contract intelligence. Any entrepreneur will tell you that sifting through reams of fine print within a contract is demanding, dull and time consuming. Contract management software systems can transform static documents into rich assets for better business management overall.
What is contract intelligence?
Contract intelligence is an accessible technology that can completely transform the way your organisation is managed, and how you use your time. It is at the core of modern contract management strategies, as it automates the process of analysing contracts in a way which is both efficient and accurate.
Contract intelligence can lead to improved contract oversight, proactive opportunity realisation, full risk mitigation and simplified data extraction. It works to systematically automate contract management, by streamlining the entire process.
With the help of specialists like Cortical.io, a growing number of organisations are now enjoying comprehensive contract intelligence services and support that can help save businessesreduce risk and added peace of mind.
The rise of machine learning
Machine learning is now an incredibly valuable tool in many different walks of life. From cancer prognosis to traffic predictions, self driving cars to malware filtering, the advantages of automated solutions that evolve and improve over time should not be underestimated. While contract analysis software featuring machine learning may not sound as impressive as an application in autonomous vehicles, the truth is that it can make a very significant, tangible difference to the speed, efficiency and accuracy of everyday work for thousands of enterprises.
Through machine learning, contract intelligence is able to identify and extract relevant clauses and requirements within a document. Contract intelligence systems draw on a wealth of knowledge based on thousands of contracts, making it easier and more effective than ever when it comes to creating iron-clad paperwork that ticks all of the necessary boxes.
Machine learning helps contract intelligence improve over time. Organisations can add text from clauses to training data to further this progress and improve future clause recognition. This entire process helps to enhance data entry accuracy and speed, ultimately improving workflow within your organisation. Contract management AI is able to intelligently categorise clauses into an organisation’s clause types.
What can contract intelligence provide for your business?
Contract intelligence stands out because not only is it efficient, but it’s smart too. It means you no longer have to worry about repeated human errors or any unwanted bias in your contracts. This helps to ensure that negotiations, partnerships and investments can be completed as swiftly and securely as possible.
This kind of technology uses advanced tools to intelligently structure any type of contract, and streamlines the process. It is able to link data such as entitlements and obligations to your critical business systems, including ERP, CRM and P2P. In this way it is possible to ensure that all agreements are in compliance, and that commitments are upheld throughout the lifespan of the contract. This is still the case even as conditions change, which helps you avoid both mistakes and delays that could end up being costly.
With every transaction, contract intelligence grows in value by generating new insights. You don’t have to rely on software updates, because contract intelligence decision making improves as the software gains more experience. It replaces manual processes in a way that can eliminate errors and free up resources.
With contract intelligence in place, you can put your time and effort into other tasks while staying safe in the knowledge that your machine learning technology is completing your contract analysis tasks to the very highest standards.