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:
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.
Reduction in contract turnaround time
Visibility into all customer obligations
Reduction in contract administration costs
Automatically convert images, tabular data and a variety of PDF documents into text using advanced optical character recognition (OCR) capabilities.
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.
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.
Perform bulk actions on large-scale batches of contracts as needed for regulatory changes and amendments.
Easily include all contracts in your centralized ICI reporting and Advanced Analytics dashboards.
Manage contract renewals, risks, and obligations natively in the ICI platform – backed by its powerful AI-enabled search and workflow capabilities.
DiscoverAI identifies contract attributes and clauses and semantically matches them directly to your contract type definitions and enterprise clause library in the platform. DiscoverAI seamlessly guides you through importing legacy and third-party contracts, managing clause deviations, and verifying attributes.