Enterprises are losing millions of dollars due to flawed and inefficient contract analysis processes, resulting in revenue leakage, non-compliance, higher cost of operations etc. This is particularly true for those who have adopted a traditional approach to contract analysis by leveraging a team of lawyers or supplementing them with template or rule-based software to semi-automate the process. Such approaches have gaping flaws such as inflexibility, inaccuracy, inability to learn from reviewer-corrections, being non-scalable and more. To know more about such challenges, I would urge you to read my earlier blog . In that blog, it is recommended to switch to an effective Artificial Intelligence (AI) based contract analysis tool, which can progressively learn, adapt, accurately predict and extract the key elements of the contract, mitigate risks and more. This blog focuses on how AI Enabled XtractEdge Contract Analysis business solution can help enterprises realize value in their contract-analysis journey.
XtractEdge Contract Analysis is an AI enabled business solution, built on XtractEdge, which leverages Machine learning (ML), Semantic Modelling and Deep Learning to automate and transform the process of analysing and reviewing contracts. This application identifies pre-defined legal clauses in contracts, determines contentious clauses, and scores each contract clause for risk in the given context. A front-end conversational interface allows end-users to infer, search, query, and reason with the model using natural language. It uses parallel neural pathways with text and vision-based learning to enhance model prediction.
XtractEdge Contract Analysis has been helping organizations realize significant business values in their contract analysis and review journey, through improved compliance rates, prevention of losses, reduced cost of operations, risk mitigation, elimination of contracts’ inefficiencies, improved staff productivity and employee satisfaction. Some of the actual examples are as follows:
There are many more success stories on how XtractEdge Contract Analysis has been helping enterprises in their contract analysis journey. Its well-defined yet flexible roadmap, and periodic releases signify that its new upcoming features will continue to help enterprises in their value realization and stay ahead of the curve.