Businesses are increasingly creating and storing incredibly high volumes of data. However, the ability to discover useful relationships and interact with all this data is often very limited. This has been especially true for contracts – with traditional contract storage and management, key insights were locked away and out of reach for general counsels, compliance officers, business executives, and other key stakeholders, leaving organizations with numerous challenges preventing them from fully understanding the risks and opportunities hidden within their contract portfolio:
The Icertis VisualizeAI application, built on top of the Icertis Contract Intelligence (ICI) platform, enables users to quickly find and load a large volume of contract data, navigate relationships and easily discover patterns. This app instantly gives users a much broader and more insightful view of the entire contract portfolio.
The app uses cognitive skills to derive contextual insights from contract data. It does this by first recognizing the patterns and relationships that exist within ICI contract data and then linking this data to outside sources like Dun & Bradstreet or LinkedIn. This enables users to group and link contracts based on their status, risk level, or other attributes and then navigate across the entire contract portfolio based on these insights. Users can then take direct action based on these insights.
Managing risk and reducing costs for an enterprise are goals at the forefront of every General Counsel’s mind these days. GCs are playing an increasingly strategic role in the C-suite and need to think proactively about how they can reduce their company’s exposure to reputational, financial, and legal risk while also improving the bottom line.
Cognitive search, powered by artificial intelligence, enables ICI to identify, evaluate, and discover the patterns and relationships that exist within contract attributes such as names, places, and organizations.
It quickly links and maps all the associations between contracts with the same characteristics across the entire contract portfolio
Building on these insights, the app seamlessly guides users through the process of discovering hidden insights as they traverse relationships between contracts and identify hidden insights.
The app can pull in relevant external data*, enabling users to test hypotheses and develop insights based on whatever data is needed, not just what’s stored in ICI.
Unlike simple reporting and visualization tools, the app enables users to take direct action with just a few clicks based on the insights they discover.
For example, they might leverage ICI to put a set of risky contracts on hold or send certain contracts for additional approvals–all without ever leaving the app.
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.