With the outbreak of the coronavirus pandemic, contractual arrangements have come under extreme scrutiny, with companies revisiting relationships both from a client and vendor standpoint. In these uncertain times, support functions, such as legal, play a key role in determining an enterprise’s financial health.
The challenge — The sheer volume of contracts is just the tip of the iceberg. In addition to ensuring the contracts are compliant with the relevant regulations, companies also need to understand how the contracts are linked.
When it comes to contract management, AI-based contract analysis helps companies overcome the challenges, from eliminating OCR error-rates to the extraction of clauses from procurement contracts. Combined with NLP and computer vision, advanced Machine Learning techniques extract information from unstructured contracts, thus improving efficiency and reducing manual effort.
At EdgeVerve, the implementation of AI-based contract analysis for clients has resulted in a 90% increase in cost savings per contract while driving a 9x increase in productivity.
Download the whitepaper to learn how AI technologies can help enterprises unlock value from contracts. The paper also outlines how the application of AI-powered technologies, such as Machine Learning and NLP in contract review and analysis, can revolutionize business opportunities down the road.