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AI Transforming Contracts from Remote History to Modern Metrics

Published: 02 Apr 2019 Average Rating: 4.5 / 5 Print
 

Author: Arthur Ragette, Peggy Barber

Contracts form the foundation of all business relationships. In fact, 60-80% of business transactions are governed by written contractual agreements and a typical Fortune 1000 company maintains 20,000-40,000 active contracts at any given point of time. Despite the large scale and criticality of contracts, once signed, they are often stored away in file cabinets and storage systems. With no concrete way to look them up or monitor their performance, they become dormant and remote history. This could have significant implications for companies including financial and reputational losses due to non-compliance, substandard delivery, auto-renewals, missed payments, penalties etc.

With an integrated, next-gen contract repository solution, these once neglected documents can be transformed into a powerhouse of contract efficiency. Advanced Contract Management solutions enable effective and accurate searching, tracking and evaluation of contracts through metric driven process streamlining post sign-off:

1. Effective Contract Performance

    • Increase contract visibility
    • Configure metrics and milestones
    • Track and measure contract performance

2. Accurate Contract Compliance

    • Stay on top of regulatory compliance
    • Avert risks with risk modeling/analysis
    • Fulfill contractual and commercial obligations

Speakers:

  • Arthur Raguette – EVP, Ultria
  • Peggy Barber - CEO Americas and General Counsel, IACCM