ThoughtTrace’s adaptive Artificial Intelligence (AI) is what enables the platform to have contract analysis capabilities. An employee who is working on long and complicated contracts is able to thoroughly extract all the details needed to move the process along expeditiously. Some of the most complicated contracts that our platform can analyze include payment terms and schedules, auto-renewals, expiry and renewal dates and regulatory risks.
The platform provides visibility of the end-to-end process, but with the search functionality being robust and contextual, it makes analyzing contracts so much easier which in turn means that decision-making not only comes at faster rates, but with very few risks and little to no constraints. Historically the contract process life-cycle has been very long and arduous, but with ThoughtTrace’s solution coming into play, it has significantly reduced the amount time needed for contract analytics.
What is document intelligence?
Document intelligence is an AI-assisted solution that addresses basic functional needs document processing needs like document classification and indexing, all the way to industry-specific data extractions driven by the intent of the language. Document intelligence leverages optical character recognition (OCR), machine learning (ML), and natural language processing (NLP) to accurately and efficiently access critical insights from documents in real-time. Document intelligence is able to identify complex, nuanced concepts and related information that is not accessible to standard search engines. Document intelligence is a key component of document understanding. The outputs of an intelligent document understanding solution include useful, actionable metadata about the analyzed documents and a clear view into each document’s larger context and meaning.
How Contract Analytics Supports Compliance & Risk Management
Being that contracts are the foundation of how a business is run, drafting them also comes with their share of risk. It’s very easy to misinterpret a claus, termination dates can easily be missed if the right tracking methods are not in place, the window of opportunity can be easily missed to negotiate better terms, contracts take a long time to review thoroughly, regulations can be misinterpreted, or the risk management process could be ineffective. Because ThoughtTrace creates a thorough workflow process with very detailed steps that automatically notify as needed, steps don’t get missed, thus reducing risk significantly.
What is Contract Analytics?
Contract analytics is when analysis via the use of software is completed on legal documents through AI. The point is to obtain insight to be able to address relevant questions, make the necessary modifications when there are changes to regulations and compliance needs. It also reduces the need to perform manual audits internally.
Smart Contract Analytics
Contract analytics is effective through the use of underlying technologies including AI, machine learning (ML), natural language processing (NLP), and optical character recognition (OCR). All of these capabilities make it possible to analyze documents fairly fast, but without sacrificing quality in any way. In fact, contract analytics has a higher degree of accuracy as the functionality was built with the input of industry and legal experts.
Applications of Contract Analytics
ThoughtTrace has highly robust, accurate, and secure AI-powered solutions for contract analytics. Enterprise contracts and documents are almost always proprietary and demand stringent governance and security. With our platform, the highest level of security is always adhered to. We maintain a SOC 2 Type 2 Certification, which is the gold standard of a secure SaaS organization. ThoughtTrace is the only solution that can be implemented immediately as soon as your company makes the decision to go with our platform with minimal technical knowledge needed. This saves time, resources and brings immediate value. Additionally, since our platform is robust in features, there isn’t a need for your corporation to budget to outsource aspects of the analysis as we do this by “in-sourcing” the training of the A.I., freeing you to be able to put more energy into decision making and determining the direction in which to go. All of this reduces risk.
Benefits of Contract Analytics
Contract Analytics brings transparency to the entire contract process. It simplifies that which used to be very complicated. Tasks can be created to avoid missing renewal deadlines by sending a reminder before the due date. Contract Analytics then takes much of the heavy burden off the employees to also provide helpful insight in identifying when and where the opportunities are. All of this significantly reduces risk.
The ThoughtTrace platform is able to streamline all of your requirements and regulations to ensure that manual intervention is not required to remain in compliance. We can review the data profiles of your vendor partners to track risk. Our capabilities can easily automate questionnaires and as the responses come in, leverage the AI to assess them and apply them accordingly so that the contracts are quickly drafted and ready to be finalized in a very short window. Along with efficiency, our Machine Learning (ML) also has a high accuracy rate.
The visibility that is created by eliminating silos with having our platform be the central hub that syncs all your other applications enables you to connect dots, complete data analysis quickly, and reduced cost. In doing so, much of the risk is eliminated altogether, but if a risk is triggered, due to the transparency of the process, it is minimal at best. The search experience itself is incredibly flexible. It allows a user to span from simple metadata level queries and drill down down into highly technical language and context-based searches with just a few added mouse clicks.