A low-risk contract from draft to negotiation to signature, costs a business an average of $6900, finds a study by the International Association for Contract & Commercial Management (IACCM).
Enterprises process thousands of contracts each year, if not more. Over several years, across thousands of contracts, and tens of thousands of related documents, the operational risks of manually performing contract analysis grow multi-fold. When a trigger eventually occurs—as it often happens—employing lawyers to analyze historical data, from myriad sources, in disparate formats, across geographies is an avoidable expense, if only enterprises had taken a tech-enabled proactive approach to contract analysis.
In order to enforce contracts on time and in their entirety, enterprises need visibility—A clear, accessible, searchable visibility into each clause and related terms in their contracts. To be compliant and prevent compliance failures, enterprises need to automate risk compliance, and perform redlining compliance and risk assessment on their contracts.
This is where a cognitive, AI and ML based solution like Nia Contracts Analysis is helpful. Nia Contracts Analysis is a cognitive solution that automates the process of reviewing contracts, extracting key contractual obligations and performing surgical abstraction of key terms and conditions, to protect enterprises from operational risks, revenue leakages and regulatory compliance.
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