It is estimated that enterprises are losing over $153 million due to contract inefficiencies, yet they are making significant investments on contract review and analysis. Despite these investments, current processes are still driven by manual efforts in time consuming tasks which endure contract inefficiencies. Furthermore, this ultimately becomes complex for enterprises, making it difficult to access and repurpose contract knowledge, which inhibits their flexibility to adapt to business environment changes.
Enterprises can now optimize contract processing by leveraging AI technologies that capture knowledge. Nia Contracts Analysis utilizes Machine Learning, Semantic Modeling, and Deep Learning to transform the process of analyzing and reviewing contracts. The application identifies legal clauses in new contracts and determines whether the text in a clause is contentious or indicates risk in the given context. By doing so, Nia Contracts Analysis prevents losses and eliminates contracts’ inefficiencies.