Contract management is changing the way the world’s largest companies do business. How you may ask? By employing AI-driven technologies to better organize and operationalize their contracts, allowing them to save money, mitigate risk, and drive significant organizational efficiencies.
The first step you need to take in order to reap these benefits is getting every contract – and every piece of vital or supporting data – into a central repository. Only then can your contract portfolio be securely stored, easily accessed, and thoroughly analyzed. This is simple enough for a single contract - read it, enter the data, and save it to the right folder – but how would you handle a thousand contracts? Or, a hundred thousand contracts?
Well, don’t worry. There’s technology for that.
In the past, getting your contracts and its data into a central repository meant months of manual entry. Months of billable hours. Months of employees unable to tackle other priorities. Thankfully, those days are behind us. Artificial intelligence has made its way into contract management, making it easier than ever to take advantage of a CLM solution.
Now, instead of needing a person to read each contract and enter its details line-by-line, you have an intelligent tool that can process hundreds or thousands of contracts at once with greater accuracy and no upfront preparation.
With Exari, you can get up-and-running in no time with our new bulk import solution, DocQ.
Simply drag-and-drop your contracts into the DocQ system and our AI-powered data capture engine will immediately go to work, scanning each document and extracting the most important metadata – including the contract type, title, parties, and effective date – necessary to classify each contract. Once classified, you can then send each contract and the relevant metadata to your preferred transaction site within Exari’s centralized repository.
But that’s not all. Using the extracted metadata, Exari’s sophisticated AI is able to identify documents that are part of the same transaction and automatically send those documents to the appropriate site. Not only that, the system will order the documents based on the contract hierarchy, starting with master agreements, followed by supporting documents like amendments and orders.
With your contracts in one place, you can start operationalizing them in ways never thought possible. With your vital documents off disparate desktops and in a central repository, you can rest assured that you have instant access to any contract, any time you need it.
This also means that the data within your contracts is stored securely, keeping business details confidential and ensuring that the personal data of your customers and employees is handled with the care required by laws like the EU’s GDPR.
Finally, you are now in a position to report on every contract in your portfolio. These types of insights allow you to identify inefficiencies across your organization; understand where your risk lives and how to mitigate it; and pinpoint the dates and obligations you need to know to stay ahead of your deadlines and in compliance.
For more information about how Exari DocQ can help you realize your contract management goals, schedule a demonstration today.