Legacy contracts represent a major challenge for every enterprise. They are scattered everywhere–across geographies, across multiple repositories including shared folders and SharePoint, and in many different formats. They are hard (impossible sometimes) to search, and the risks and obligations are buried deep within dense clauses (till they awaken to bite!)
Managing renewals, assignments, terminations and amendments is extremely difficult and error-prone. By ignoring contracts, you are most likely taking risk, slowing down business and missing potential revenue opportunities hidden in these assets.
While these challenges are well understood, the huge, extremely manual workload involved in importing legacy contracts accurately and at scale into an enterprise contract management system has proven prohibitive to most companies.
At Icertis, we are focused on creating contract management software that solves the most difficult contract management challenges with the easiest to use platform. With this in mind, we are infusing artificial intelligence into the Icertis Contract Management (ICM) platform to turn static contracts into living, strategic business assets—including legacy contracts.
Icertis is uniquely positioned to unlock the power of AI in contract management because of insights gained from the processing of 5-plus million contracts, and related artifacts, in 40-plus languages, from 90-plus geographies and 25-plus verticals in the ICM platform today. These contracts and artifacts represent thousands of contract types and templates, and a unique taxonomy curated from hundreds of thousands of clauses mapped to our customers’ distinctive semantic structures.
Our new ICM DigitizeAI application lets users easily digitize legacy contracts and create a single repository for deep insights into historical contracts beyond simple text searches. Using bulk import directly into the ICM platform, users can quickly upload batches of contracts at scale, in Microsoft Word, PDF, and scanned image file formats, making them immediately accessible, searchable and reportable.
Extracting key attributes from contracts used to be time consuming, but with AI enabled digitization, this can now be done in a matter of minutes. From a technical stand point, training AI to recognize contract language and attributes is a very interesting problem to solve, and as with any AI/machine learning challenge, data is key. With the quantity, quality and variety of data available to Icertis thanks to our massive contract repository and a patent-pending pipeline of algorithms that automatically selects the right approach based on the contents, ICM’s bulk import is exceptionally accurate and scales well. Using this technology, the pain in the digitization of legacy contracts disappears.
Once extracted, key attributes are identified and organized in a Microsoft Excel spread sheet, color coded to help users quickly validate data accuracy. The contracts can then go directly into ICM in bulk.
When legacy contracts are imported onto ICM, users can manage them natively, including managing contract renewals, risks and obligations. Processed contracts are also immediately searchable and accessible via workflow processes.
Organizations can centrally report and analyze across all contracts, including both legacy and newly executed contracts, and perform bulk actions on legacy contracts for regulatory changes and amendments.
With the DigitizeAI app, enterprises can expect to speed up the digitization of legacy contracts by up to 80 percent, and improve contract performance once legacy contracts are managed on ICM.
For the first time in history, contracts are being digitized, allowing enterprises to reimagine contract management as the foundational system of record for their commercial relationships. The advent of digitization has enabled business to increase contract velocity, improve compliance and optimize commercial processes.
By bringing legacy contracts to life so they can interact with humans, surround systems and even other contracts, we are redefining how enterprise contract management systems deliver strategic value at global scale.