Procurement stake holders are always taxed with the objective of optimizing their vendor relationships and metrics from time to time and in order to do that they have to be on top of the key business information across their vendors. Across organizations such information is available in the procurement agreements which are either stored on network drives or emails or in the form of scanned and unsearchable pdf documents. Even if you do have access to the procurement agreements, unless there is a way to quickly know what is inside each of those agreements it will be a lot of futile effort to ..read more

Legal departments within an organization are always busy going over and reviewing a large volume of executed contracts, contracts that are ready for execution or reviewing third party paper the organization is accepting Most times they are trying to surface the following – Do we have contracts with auto-renewal clauses? – Are we putting the organization at risk by accepting third party paper? – Where are the amendments of a particular Master Service Agreement? Start looking at your legal teams to provide commercial and strategic advice rather than they spending a lot of their precious time ..read more

Organizations across the world, depending on their nature of business will have contracts located across repositories. Unless the contracts are digitized and brought into a central repository there is no way one can know what is inside these contracts and if there are any potential risks with any of these contracts. Traditional contract management processes fail in terms of speed, time and resources required to get to the bottom of each executed contract Here are some ways how AI can help manage risk and compliance across your contracts 1. Automatic classification and tagging of the documen ..read more

Contract Reviews are key to any organization (both during pre-execution and post-execution) in order to understand what obligations the organization is getting into and if there are any risks associated. Most organizations are still adopting manual review process to surface the risks and this not only involves a large amount of time but is also inefficient. Also, 75% of the budget spent by Fortune 1000 companies towards contract reviews is just spent in marking up contracts with semantically similar language. Using AI assisted contract review tools like Smart Contract Analytics can help org ..read more

Contract is the most important instrument in a business relationship that defines the obligations of the parties involved. It’s common to see that whenever a business is done, the two parties enter into an agreement with the most common terms of engagement (for ex, MSA) and then based on the MSA, multiple statement of works (SOW’s) could be executed. Apart from this, there is a possibility of several amendments getting executed on top of a signed MSA or SOW. When you extrapolate the situation across several customers or vendors we are talking about a lot of signed documents and most likely a ..read more

Insurance companies have a constant need to comply with upcoming regulatory changes. With each state having their own laws and guidelines it becomes very cumbersome and time consuming for the insurance providers to compare versions of the policy documents and come up with an acceptable format for Department of Insurance (DOI) submissions. Added to this there is a need to submit a 3 column excel format of the changes made in the policy in terms of additions, deletions and replacement. Also there is a need to show the new words added to the policy in Red color and deleted words shown as strike ..read more

Contract reviews are highly time consuming and tedious and takes away a lot of time of legal operations within any organization. While there are tools to help with the review process, most of them are either primitive or not very accurate when comparing the executed or to be executed contracts with the legal vetted standard templates.  At Docskiff, we researched and came up with a unique feature called Clause Analysis and scoring that uses Semantic AI to analyze each and every clause of the executed contract with the standard template and provide a deviance score. This deviance score is ..read more

Enterprise Cognitive Computing is the use of AI in enhancing and scaling business operations for any company and any industry. This involves incorporating AI into business process flows that accomplish certain tasks – typically these are the tasks that are well defined, repetitive and mundane in nature. For example, a cognitive automation process can help a mortgage loan officer to determine the loan eligibility of a borrower, which is a critical step in the home buying process and shortens the turnaround times. Typically, the borrower needs to submit pay stubs, employment letters, tax and ..read more

My team at Standav Corp built a great tool for legacy contract migration using Cognitive Automation tools and here is a great infographic: For those who are interested in the document analysis / legacy contract migrations , here is a great link from medium posted by omni-us: State of the Art in Document Analysis (omni:us at DAS 2018) Last week 3 of our scientific engineers took a trip to Vienna for 3 days to attend DAS 2018 in order to catch up with the most recent… This is a great area where deeplearning is being applied to solve several business problems and a great helper in dig ..read more

Symphony or Cacophony ? Are your Contract Life Cycle Management (CLM) and Procure to Pay (P2P) digital platforms producing the right music? Contracts are an integral part of any business relationship and being on top of your contracts is critical to the business. While working with some of the Fortune 500 organizations, we figured out  that there is a lot of streamlining needed across their business contracts executed with various suppliers and vendors. Also, irrespective of the verticals including Insurance, Pharma, Medical Devices, Retail, Telecom and Hi-Tech, we have identified some co ..read more