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Data Extraction

Category: Data Extraction

How AI is Transforming Contract Lifecycle Management

Up until recently, artificial intelligence (AI) was just another new buzzword I was seeing all over Twitter, Facebook, and pretty much every major publication. What came to mind when I would hear about AI was robots making my venti coffee at Starbucks (stay tuned I have a feeling about this one). What I didn't realize is that I was already using AI in my everyday life. Anyone heard of a miss Siri? How about those product recommendations on Amazon or Google’s language translator? Not only does AI play a role on my Amazon Prime membership but it is also making its way into my workplace.

The New Deal for General Counsel

The time has come for General Counsels and their teams to deliver true business value, by leveraging complete mastery over their organization's contract portfolio. For too long, contract management has been cast in the "too hard" and "so what?" baskets. And with good reason.

Contract management systems were too hard to implement - data capture was manual and slow, took staff away from their day jobs, and return on investment was questionable and impossible to quantify.

The Importance of Artificial Intelligence in Contract Management

Understanding your legacy risks

You are the chief underwriting officer of a multinational reinsurance firm. You have just been asked by your business leadership to quantify your organization's global property and excess liabilities as part of an across-the-board evaluation of broking standards, exposures and underwriting guidelines. You send your staff off to crunch the numbers from contract data in your data mart, yet you know that any analysis you do is skewed to the point of being useless in its predictive capabilities. This is because you most likely do not have access to much of the data within these contracts. Answers to questions like "how much liability it tied up in aggregate vs. per event, across geography and cedants going back 10 years?” This data is locked up in paper. In layers of contracts across multiple years from multiple jurisdictions. All of which requires a level of painstaking review to extract the data within them into a usable format.

Rise of the One True Contract Lifecycle Management Platform, Part 3

The Confluence of AI, Good Data, and a Mature CLM Vision

Welcome back for the third and final installment of this blog series. When we last left off, we were talking about me being floored by Jamie’s notion of the Universal Contract Model™(UCM). To re-iterate, the UCM is a simple, yet unparalleled line of thinking that not only lays the foundation for enterprise contract lifecycle management, but dictates how a contract management platform can grow and scale across the entire enterprise.

Rise of the One True Contract Lifecycle Management Platform, Part 1

The Confluence of AI, Good Data, and a Mature CLM Vision

For over a decade now, I've been searching for the one true contract lifecycle management (CLM) platform that can do it all.  The story that I'm going to tell over the next three blog posts is one derived from my experiences, a true passion for CLM, and a desire to see customers succeed in this field.  I will not try to impress you with flashy metrics, industry buzzwords, or the hottest new tech hype; I'm simply going to tell my story as it played out, why I landed where I am now, and how I believe AI and contract management are thankfully evolving and converging in some very exciting ways.

Are you ready to turn contract words into data?

If you’re reading the Exari blog, chances are good that you’re already a forward-thinker at an innovative company. And if you’ve been tracking the contract management market, I'm sure you'll agree that it has never been more exciting with major advancements happening at a quick pace. But. let’s be straight, it hasn’t always been this way. Organizations have lived through decades of less than stellar contract management initiatives with limited adoption and an incomplete understanding of their contracts.

Enterprise Contract Management Can Save You from Poor Contract Visibility

Here in Boston, we’re used to getting hit with major winter snow storms. It’s a New England ritual to head out to your car before work and start scraping layers of ice and snow from the windshield. If you’ve ever found yourself in this situation you know you’ll take any shortcut to keep your fingers from freezing. The ice will melt once your heater kicks in, right? Poor visibility, I hate to admit, is a risk most of us are willing to take.

AI: The Future of Contract Management

Whether you like it or not, Artificial Intelligence (AI) is here – and it’s not only here to stay, it’s here to thrive. In a recent Hubspot-led survey of more than 1,400 global consumers, it was found that 63% of people who use AI technology don't even realize they are using it. AI is that ingrained into our daily lives, both at home and in the office. Now, imagine the doors you could open (quite literally, in fact) through the conscious and purpose-driven use of AI. 

Eliminate Your Risk with 100% Contract Certainty™

Last week, Exari teamed up with IACCM for an insightful webinar to explore the meaning of “Contract Certainty” and how you and your business can work towards achieving it. Attendees also got a look into our Universal Contract Data Model™ and what’s in store for the future with the newly announced CMA Contiki and Exari combination.

Why Your Contract Data is Putting Your Company at Risk

I spent this week with our talented team in London and talking with leaders in both financial services and insurance. We've recently delivered a new Contract Model that enables companies to more effectively manage risk. Most of the leaders I spoke with expressed deep concerns about the risk embedded in their contracts- one top ten bank said "we have all the data, we just don't know if it's the right data".

Out With The Old

Are you still drafting thousands of contracts manually? In Word? Or storing multiple versions of paper contracts in a filing cabinet? Well, you’re not alone.

Why You Should Care About The Hub

Today we announced Exari Contracts Hub™, the newest offering to advance the practice of Contract Lifecycle Management. Who cares, you ask? Well, you should. Every business runs on contracts. And every business knows their customers (CRM) their accounts (financials) their suppliers (procurement) and their employees (HCM). What do all of these have in common? They are ruled and governed by contracts.

How Contract Data Adds Value Across Your Business

Scientia potentia est – Knowledge is power – it’s a trusted truism dating back thousands of years. In the business realm, knowledge means not merely understanding the demands of your industry and clients – it means knowing how to use the information you have to improve the overall health of your business.

Happy Birthday, Dodd-Frank!

Three years ago yesterday, Barack Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the reviews are decidedly mixed.

How to Fix Turnaround Times

The previous post ended by asking how banks could better handle unanticipated spikes in lending applications. Or more generically, how can a service provider respond effectively to an increase in client requests?

Business Banking’s Killer App?

A 2008 Online Banking Review newsletter article, Taking Internet banking beyond 101, contrasted Commonwealth Bank of Australia’s underwhelming new consumer internet banking features (such as finally giving customers the ability to view some information from different account types in one place) with non-bank online personal finance tools like Mint that automatically download, categorise, and report on all of a user’s finances every day, making it simple to reconcile transactions, set budgets and track cashflow.

Don’t mention the “K” Word

Lloyd’s has recently announced the new Lloyd’s Exchange initiative which is being established to provide two key aims: remove the future need to maintain multiple connections with other parties and suppliers in the market, and to ensure that one standard is enforced.

That's enough talk about me, let's talk about you, what do you think of me?

I've worked in and around the London Insurance Market for over 20 years and enjoy being in the middle of a vibrant marketplace where brokers and underwriters ply their trade. The market has traditionally traded face-to-face and technology is generally seen as a threat to that method of negotiation.