Published on August 8th, 2021 | by Bibhuranjan0
4 Benefits of Contract Intelligence
Taking advantage of contract intelligence is a fantastic way to save time and effort in your organization
Technological innovation has progressed at a rapid pace in the last decade across a broad range of different industries and sectors. Whether it’s smartphones or medical surgery, finding ways to do things quicker, better, more efficiently and (crucially) more cost effectively has revolutionized the way that things were done even at the turn of the 21st century.
While some innovations are big and brash – think electric cars and Augmented Reality – others are impressive because of the way they seamlessly streamline the way that day-to-day business takes place. Contract intelligence is certainly one such technological development. Rather than investing endless time, effort and money into manually analyzing every line of every new contract created, contract intelligence is offering organizations the opportunity to automate one of the most time-consuming aspects of the workplace with unrivaled accuracy and reliability.
The growing popularity of contract intelligence software is down to the ability of businesses like Cortical.io to provide high quality machine learning solutions for a variety of businesses. Contract intelligence uses advanced tools to intelligently structure any kind of contract and streamline processes. The result is that companies can invest their time and resources in more valuable fee-earning endeavors, and leave the fine-toothed comb work to a machine that is far less fallible than the human eye.
Let’s take a closer look at some of the key benefits that contract intelligence can provide for your business.
Time is of the essence when it comes to contract analysis. There’s no getting around the fact that studying page after page of fine print within a contract is both tedious and time-consuming, and you can never let your concentration waver for fear of missing something vital.
That’s why contract intelligence is proving so popular. Machine learning contract intelligence streamlines and automates every step of the process, allowing organizations to keep paperwork moving and not have to pause projects, partnerships or investments over the desire to double check every detail.
Contract intelligence is, well, intelligent. It learns what a business’s requirements are and how analysis of a contract should be performed, without leaving room for human error or bias. In many instances, contract analysis can be used to ensure that all entitlements are realized, which in term reduces time and money spent on management and legal fees. By shortening negotiation cycles, contract intelligence can also improve the likelihood of contacts being signed, deals done and sales closed.
This technology has the ability to improve every new contract by automatically suggesting optimal terms and preventing unwanted renewals and expired agreements.
Contract intelligence tools are trained and tested on thousands of contracts, which is a scale that is simply not achievable through manual contract analysis. This kind of technology continues to learn and improve as an organization grows, protecting brands and businesses by proactively monitoring their contractual obligations.
It represents the easiest way to ensure compliance with all terms and requirements, responding in real-time to regulation changes. Contract intelligence builds a database of up-to-date language that can be utilized in every contract, while also flagging exceptions that require independent review. This guarantees that agreements are met even as conditions evolve and transform.
Artificial Intelligence (AI) is fast becoming a go-to tool for businesses across an array of industries,
and, combined with natural Language Understanding (NLU) it can greatly amplify the power of contract intelligence. Those more advanced systems are able to interpret the meaning of clauses and provisions, and classify them even if they don’t use the same formulation.
This raises both the speed and the accuracy of the contract analysis process, helping organizations make better and quicker decisions, and enjoy a smoother process throughout.
Photo by Kevin Ku on Unsplash