Artificial Intelligence Machine Learning (AIML)
Artificial Intelligence includes:
- The Digitize Artificial Intelligence (AI) Application that allows you to digitize unstructured legacy contracts into live contracts directly into the Icertis Contract Management (ICM) platform, making it easier to manage, scale and convert them into strategic assets for your organization.
- The Discover AI Application (App) that allows you to automatically digitize and analyze third-party contracts as you manage your own contracts, giving you better visibility into the semantic structure of the contract, reducing risk and increasing compliance.
Digitize Artificial Intelligence (AI) Application
The Challenge
Due to the inherently unstructured nature of contracts, it has been difficult for companies to manage them and use them as assets. The process of manually digitizing legacy contracts can be costly and time consuming for organizations.
Some of the key challenges faced include:
- Siloed legacy contracts in different formats, geographies and repositories
- Inability to search and report on legacy contracts
- Extremely limited view into the inherent risks and obligations within legacy contracts due to the lack of central management
- Limited capability to manage legacy contract workflows, including Renewals, Terminations, Amendments and Assignments
The Solution
The ICM Digitize AI App lets you digitize legacy documents in PDF, Microsoft Word, TIFF and other formats, and then automatically extract Attributes and Clauses, at scale, directly into the ICM platform. This allows you to gain new insights into legacy contracts, save time, and improve compliance.
Once extracted, key metadata is identified and organized in a Microsoft Excel spread sheet, color coded to help you quickly validate data accuracy and ensure that the digitization process is fast, efficient and accurate. The discovered Attributes and Clauses can then be quickly uploaded to ICM, where they seamlessly become part of your business processes.
ICM includes important capabilities to help you manage legacy contracts using Artificial Intelligence (AI). To manage them effectively, ICM supports:
- Converting legacy contracts (PDF, Microsoft Word, TIFF and other formats) into machine searchable documents
- Converting unstructured contracts into structured contracts by identifying key metadata Attributes (including String, Data, Date, Email, Boolean, User, and Lookup) into an organized Microsoft Excel spreadsheet
- Extracting Attributes using the Bulk Upload capability, quickly validate data accuracy and ensure that the digitization process is fast, efficient and accurate
- Color coding Clauses to help you identify Clauses based on the AI confidence of the extracted information in Excel
- Finding relevant contracts through a powerful search on text or metadata, and analyze the presence or absence of Clauses to identify hidden risks
- Performing lifecycle actions such as Renewals, Terminations, Amendments, Assignments, as well as perform Bulk Actions to comply with changing regulations
The Capabilities
The ICM Digitize AI App offers these powerful capabilities for legacy contracts:
- Image/PDF Conversion: Automatically convert image and PDF documents into text using advanced optical character recognition (OCR) capabilities
- Batch Import of Contracts: Quickly and accurately import and digitize large scale batches of legacy contracts
- Seamless Contract Analysis: Easily include legacy contracts in all your centralized reporting and analytics
- Bulk Contract Actions: Perform bulk actions on legacy contracts as needed for regulatory changes and amendments
- Native Management in the ICM Platform: Once imported, manage legacy contract renewals, risks and obligations as if they had been created within ICM, including powerful search and workflow capabilities
The Benefits
The key benefits of using the ICM Digitize AI App include:
- Save time when importing legacy contracts
- Increase accuracy of Attribute and Clause extraction
- Contextually search through legacy contracts, including Full Text search
- Increase enterprise agility to import batches over time, through phased roll-outs or mergers and acquisitions
- Reduce enterprise contract risk
- Centrally report on all contract assets
The ICM Discover AI Application
The Discover AI App allows you to manage your Third Party contracts the same way that you manage your Own contracts, with Icertis’ AI-powered Clause and Attribute discovery.
The Challenge
Every enterprise today, works with Third Party Contracts. While these Contracts form the foundation of business relationships, they can also present serious risks and are difficult to manage compared to your Own paper. Some of the key challenges faced include:
- Reviewing contracts without the benefit of automation is labor-intensive and requires significant time to identify the key structures of the Contract
- Third Party Contract Clauses cannot be easily compared to standard Clauses
- Extracting contract Attributes with correct semantic meaning is extremely difficult and prone to errors
- Important Clauses cannot be tracked for deviations when they are red-lined during negotiations, introducing the risk of critical changes being overlooked
The Solution
The Discover AI App on the ICM platform includes important capabilities that address using Artificial Intelligence. To address these challenges, ICM supports:
- Automatic digitization and analysis of Third Party Contracts
- Applying the learnings gained from millions of contracts to drive AI algorithms in the ICM platform that parse Third Party contracts into their building blocks
- Extracting key metadata and Clauses
- Mapping the metadata and Clauses to your contract definitions, standard Clauses, and Clause categories for further analysis, thus changes and deviations can now be tracked as the negotiation progresses
- Giving better visibility into the semantic structure of the contract, reducing risk and increasing compliance
The Capabilities
The ICM Discover AI App offers these powerful capabilities for Third Party Contracts:
- Image/PDF Conversion: Automatically convert image and PDF documents into text using advanced Optical Character Recognition (OCR) capabilities
- Clause and Attribute Discovery: Easily discover Attributes and Clauses after the Contract is imported without resource-intensive manual review
- Clause Matching: Accurately match discovered Clauses to the industry standard or your own taxonomy
- Clause Comparison and Deviation Tracking: Quickly compare each Clause to the closest match in the Clause library, and track and analyze deviations from accepted language
- Native management in the ICM Platform: Discovered Clauses and Attributes can now be managed as part of the entire Contract record, just like your Own paper
The Benefits
The key benefits of using the ICM Discover AI App include:
- Processing Third Party Contracts faster while reducing risk and improving Contract performance
- Reducing cycle-time by automating aspects of the Contract review process and eliminating errors
- Increasing velocity and avoid risks with better visibility
- Automating deviation analysis and approvals
- Benefitting from redlining, versioning, approval rules, and workflow exactly as you would with your Own paper
Related Topics: Managing US Federal Contracts | Contract Digitalization | Bulk Upload with Clause Discovery | Negotiate AI| Obligation AI | Visualize AI
