Is contract intelligence the future?

By Carl Avery Aug9,2021

Technology is helping businesses save precious time

In recent years, there has been a rise in the use of Artificial intelligence, or AI, in businesses across all industries. This tech advancement has allowed organisations to save time and money, utilising specific programmes to improve efficiency.

Contract intelligence is a prime example. For businesses that need to regularly work through tricky clauses and fine print, contracts can be an incredibly time-consuming task, as well as being quite dull! That’s why many organisations are opting for contract management software systems that can transform static documents into rich assets with minimal effort.

Getting to grips with contract intelligence

Contract intelligence is designed to transform the way you use your time, by taking key tasks off your hands. As the core of modern contract management strategies, contract intelligence automates the entire process of analysing complex and detailed paperwork.

Improved contract oversight, proactive opportunity realisation, full risk mitigation and simplified data extraction are all made possible with advanced contract intelligence. Solutions providers like Cortical.io now provide forward-thinking companies with comprehensive contract intelligence services and support designed to help save time and resource, as well as provide peace of mind. This tech works to systematically automate contract management, streamlining the entire process and bringing it up to date with modern tech.

Contract intelligence and machine learning

As the name suggests, machine learning uses smart computer software to take on the most time-consuming tasks within your organisation. It’s a factor of AI which is proving increasingly useful for businesses, and contract analysis is a prime example of a task that can be successfully automated.

Contract intelligence is able to identify and extract contract clauses and requirements within a contract by making use of machine learning. These systems draw on a wide knowledge base and are created as a result of rigorous testing processes which includes millions of contracts. This makes it easier than ever before to create an iron-clad contract that are accurate and without errors.

Contract intelligence technology also uses machine learning to improve over time. You can add text from clauses to training data, which will improve the quality of the process even further. This can make future clause recognition more successful, enhancing data entry accuracy and speed.

How contract intelligence can help your business

Not only is contract intelligence efficient, it also cuts through the common issue of human error. As much as we would like to think that a trained eye won’t make mistakes, the reality is that people are always fallible in some instances. The absence of human error or bias is proven to help negotiations, partnerships and investments, ensuring that they can be carried out with minimal delay and fuss.

Advanced tools are used in contract intelligence to structure contracts and streamline agreements. By linking entitlements and obligations to your critical business systems, including ERP, CRM and P2P, you can introduce contract intelligence into your organisation with ease.

Contract intelligence can be used to ensure adherence to organisational compliance requirements, upholding commitments throughout the contract’s lifespan. Even as conditions change, you can enjoy peace of mind, avoiding any mistakes and delays that could end up being costly.

This kind of technology grows in value with every use by generating new insights, so there are no lengthy software updates to sit through. Like us, contract intelligence increases its intelligence as it gains more experience, freeing up resources and eliminating errors in the long run.

Related Post