DiscoverAI
Discover and Digitize All Legacy and Third-Party Contracts Automatically
Digitize Your Third-Party Contracts with Icertis DiscoverAI
The app seamlessly guides you through importing third-party contracts, managing clause deviations, and verifying attributes. With AI-powered insights, you have better visibility into all components in the contract, reducing risk and increasing compliance.
The Challenge
Managing contracts manually
Legacy and ongoing contracts often form the foundation of critical business relationships.
These contracts typically remain outside the enterprise data pool, leaving revenue and risk hidden from view.
This leaves businesses with several common challenges when it comes to ensuring that these legacy and third-party contracts surface their data.
Common challenges with legacy and third-party contracts include:
- Digitizing and then manually reviewing these contracts without the benefit of automation is labor-intensive and requires significant time to confirm the structure of each contract.
- Third-party contract clauses cannot be easily compared to standard clauses, and extracting contract attributes with the correct semantic meaning is extremely difficult.
- Important clauses cannot be tracked for deviations when they are redlined during negotiations, introducing the risk that critical changes could be overlooked.
- Structured data in contracts like pricing, discounts and commissions, part descriptions and quantities, and SLAs appear as tables in contracts; this data is important, but very hard to extract manually
The Solution
ICI DiscoverAI
Built on the Icertis Contract Intelligence (ICI) platform, the ICI DiscoverAI application addresses these challenges by using the power of AI/ML to quickly and efficiently discover attributes and clauses and surface them in the ICI platform, ensuring that the foundations for an AI-driven contracting business process are laid across the entire contracting portfolio. By matching contract language in legacy and third-party contracts to library clauses using fuzzy matching techniques, it can provide a more complete picture of how a contract compares to a company’s standard terms.
Continuous learning, gained from millions of contracts and user interactions, drives the AI algorithms in ICI that parse contracts into their building blocks. The inbuilt discovery model in the app automatically extracts key metadata and clauses, semantically mapping them to your contract definitions, standard clauses, and clause categories for further analysis. With these AI-powered insights, you have better visibility into the semantic structure of each contract, accelerating contract turnaround time, reducing risk, and increasing compliance.
40%
Reduction in contract turnaround time
100%
Visibility into all customer obligations
50%
Reduction in contract administration costs
The Benefits
Accelerate Contract Turnaround Time, Reduce Risk, and Increase Compliance.
- Process all contracts faster while reducing risk and improving contract performance.
- Gain faster access to critical information discovered by DiscoverAI by running natural language search queries.
- Save time when importing historical contract data in bulk and automatically confirm previously discovered clauses in agreements.
- Improve the accuracy of attribute and clause extraction, identify risky clauses and calculate agreement risk scores.
- Recognize table data automatically in PDF or Docx agreements using a pre-trained model, providing structured data in the form of contract associations.
- Eliminate errors by automating key aspects of the contract review process.
- Increase business velocity and avoid risks with better contract visibility and search.
- Benefit from redlining, versioning, approval rules, and workflows for third-party paper as you would with your own paper.
- Respond quickly when due diligence is required for new batches of contracts during mergers & acquisitions or throughout phased rollouts of ICI.
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Image/PDF Conversion
Automatically convert images, tabular data and a variety of PDF documents into text using advanced optical character recognition (OCR) capabilities.
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Inbuilt Clause, Attribute and Table Discovery
Quickly discover attributes, clauses, and tables by leveraging the inbuilt discovery model and highlight important terms after the contract is imported without resource-intensive manual review. Identify risky attributes or clauses in a contract to enable the calculation of agreement risk scores. Extract structured data contained in tables to associations to enable seamless business processes for pricing negotiations, discounting, and better integration with downstream systems.
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Clause Matching, Comparison and Deviation Tracking
Accurately match discovered clauses to your own taxonomy, swiftly compare each clause to the closest match in the clause library, and track deviations from accepted language.
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Bulk Contract Actions
Perform bulk actions on large-scale batches of contracts as needed for regulatory changes and amendments.
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Seamless Contract Analysis
Easily include all contracts in your centralized ICI reporting and Advanced Analytics dashboards.
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Native Management in the ICI Platform
Manage contract renewals, risks, and obligations natively in the ICI platform – backed by its powerful AI-enabled search and workflow capabilities.
Next Steps
Explore Icertis Contract Intelligence
Icertis Contract Intelligence
Standardize, streamline, and automate every contract – everywhere
Transforming contracts into structured, connected, and on-demand data is just the beginning. Discover the power of intelligent contract creation, automation, and insights to realize the full intent and maximize the value of every contract, clause, and obligation across the enterprise.
NegotiateAI
Negotiate Better Outcomes with AI-Powered Insights
Optimize your contractual negotiations with NegotiateAI to easily analyze high volumes of contracts, understand their component terms and clauses, and find similar precedents from across your company’s entire contract repository.