Situation
In an ever-evolving business landscape, legal and procurement teams are at the forefront of navigating complex contract negotiations and compliance requirements, including future regulations yet to come. Understanding contractual coverage and identifying contracts lacking crucial language present ongoing challenges. Uncovering these gaps and ensuring compliance across a growing number of contracts demands significant time and resources. Teams must continuously strike a delicate balance between safeguarding their organizations and maximizing future competitive advantages. Repetitive tasks like contract redlining continue to consume valuable time, hindering efficiency and impeding progress on strategic initiatives. Furthermore, the need to extract insights from vast unstructured data, such as contracts and legal documents, adds complexity to the process. A forward-looking solution is essential to enable swift and accurate contract analysis, uncover hidden insights, and proactively address emerging compliance requirements.
Solution
To address the evolving challenges faced by legal and procurement teams, a cutting-edge AI application, ContractAI, powered by the AO Platform can be implemented. By incorporating Easy Answers, NLQ module that enable interaction in plain English, the application empowers teams to efficiently analyze contract documents, uncover esoteric patterns, and identify missing language pertaining to both existing and future compliance requirements. The solution’s dynamic and rich visualizations provide a comprehensive understanding of contractual coverage, empowering teams to make informed decisions and proactively mitigate risks. Leveraging no code/low code architecture of the AO Platform, the AI application can be swiftly developed and deployed within 8-12 weeks. This state-of-the-art solution enhances efficiency, ensures ongoing compliance readiness, and provides a competitive advantage through proactive risk management and procurement processes.
Outcomes
The combination of ContractAI with Easy Answers unlocks transformative benefits for legal and procurement teams. Streamline the analysis of a growing number of contracts, enabling the identification of missing language and proactive compliance with future regulations. Through rich visualizations, teams gain comprehensive insights into contractual coverage, resulting in enhanced risk mitigation and favorable procurement outcomes. Teams can improve compliance management, a significant reduction of up to 80% in legal and procurement time, and a sustained competitive edge in the ever-changing business landscape. ContractAI eliminates the need for time-consuming contract redlining, expediting the review process and optimizing resource allocation. Swift access to critical insights on risk positions and contract clauses empowers teams to effectively advise business partners, ensuring mutually beneficial terms. In addition, the solution brings a range of benefits, including accelerated contract completion, streamlined processes, and improved contract management, providing legal and procurement teams with a distinct advantage in an increasingly competitive environment.
