Exari was recently named a leader in contract lifecycle management in “The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2019” report, issued by Forrester Research. Although the evaluated vendors designations, including Exari’s, are based on multiple criteria, including guided contract authoring and contract approval, one area where we believe we truly shine is in our platform’s ability to analyze existing contracts to gain actionable, data-driven insights. As Exari’s vendor profile in the report states “[Exari] has become a leader in AI-enabled importing and disaggregating contracts into constituent parts, using a contract data model that allows deeper analytics of a company’s overall contract portfolio.”
In short, Exari’s use of AI-driven data extraction is a major contributor to the company exceeding expectations and, in our opinion, being named a Leader in the CLM marketplace.
To determine which CLM vendors are Leaders, Forrester used a defined series of 30 different criteria to evaluate features and performance in several key areas, including contract process analysis. In fact, we think the use of AI-driven technologies was a significant contributor to the scores, with Exari earning the highest possible score in the “Artificial Intelligence Strategy” criterion.
More specifically, Exari scored a 5/5 (which is defined as “superior capabilities relative to others included in the evaluations”) in the following criteria:
Guided Contract Authoring, specifically the guided authoring of contract documents with automatic evaluation of risk and workflow assignments, automated linking of associations based on metadata-based predefined rules, automated updates to workflows based on terms and conditions libraries, and the ability to make mass changes to libraries and contracts as necessary.
Contract Types Supported, including tools for importing pre-existing or third-party contracts and applying metadata tags as necessary.
Contract Repository that allows for the ongoing access to and analysis of existing contracts. This includes the capability to run full-text queries and create detailed graphics and dashboards that provide additional insights into the data.
Exari earned the highest scores possible on more than half (17 of 30) of Forrester’s evaluation criteria, but what specifically contributed to that impressive showing?
For starters, we believe one contributing factor is Exari’s patented contract drafting technology, Exari DocGen™. Using an intuitive, wizard-based interview to gather information to populate contract templates, DocGen automatically evaluates the draft document for risk and triggers approval workflows to allow for fast and secure contract creation.
Exari Vision is, in our opinion, another element to Exari’s status as a leader in CLM. This is where the rubber meets the road in terms of turning documents into data. Vision is Exari’s AI-powered data extraction engine that scans contracts, identifies the relevant data, and then captures and structures that data. What’s more, Vision allows for data extraction in bulk with unprecedented speed and accuracy.
And finally, Exari’s contract repository allows users to hierarchically store and organize the contract documents and data for each deal. For example, the orders and amendments for a specific deal will be positioned below the master agreement. With this intelligent structuring, the terms from amendments and orders roll-up to the master agreement to provide immediate access to the current and prevailing terms. Compliance is not a concern with Exari, either, as our contract management platform gives users the ability to quickly and comprehensively set-up alerts and task reminders via our Compliance Manager. Additionally, users can run standard or ad hoc reports in seconds across specific departments, geographies, contract types, etc. That means no more missed deadlines, forgotten obligations, or late renegotiations.
From streamlined document generation; approval workflows; risk, performance, and compliance reports and alerts; and powerful, AI-powered data extraction and modeling, Exari provides companies complete visibility into their entire contract portfolio. We believe our position as a leader is proof positive that Exari continues to exceed expectations in terms of data analysis and artificial intelligence.
And we’re not done yet. As the needs of the market and the sophistication of technology evolves, we will continue to develop and refine our platform. We’ve only scratched the surface of the potential of artificial intelligence and its application to contracting, and Exari plans to continue innovating and leading the way for years to come.
To better understand how Exari can help you automate your contracting and operationalize your portfolio, download your complimentary copy of the Forrester Wave Report today!