Contracts are the foundation of businesses and in today’s fast paced world, they are being digitized. Organizations across Retail, Consumer Goods, Manufacturing and Healthcare are struggling to develop and maintain contracts in an effective, and efficient manner.
Some of the challenges firms face during Contract Management include:
The rising popularity of AI-led Smart Contract Management has tremendous potential to improve how businesses manage contracts. Modern technologies like AI have the potential to reduce the manpower required and optimize the entire contracting process, adding significant business value to the entire organization.
Kloud9’s AI-led Smart Contract Management solutions leverages AI/ML capabilities to deliver enhanced efficiency and compliance to customers. The use of Kloud9’s AI-led Intelligent Contract Management solutions will improve how enterprises run their contract management processes.
Improve payment terms (identify early, on-time, late payments) and add alerts/triggers for any event that has a revenue impact (e.g., service credits, chargebacks, etc.)
Decrease the potential for contract disputes (and antagonistic contract negotiations)
Review contracts more rapidly, organize and locate large amounts of interconnected contract data more easily
Efficiently read contracts in any shape/form, recognize patterns & extract key variables (clauses, dates, etc.) without manipulating your source system(s)
Extract contractual terms, clauses, and provisions, large amounts of data can be extracted to provide a 360° view of the entire portfolio of contracts
Quickly assess regulatory risks in contracts (performing the risk analysis much faster than a team of lawyers) by identifying omitted clauses / provisions that are mandated by your state/local regulations
Offers prediction mechanisms enabling 360° view of contracts and takes a statistical rather than heuristic approach for contract due diligence
The end result of using Kloud9’s AI-led Smart Contract Management system is an accelerated pace of doing business, increased compliance, and more efficient employees.
Kloud9’s team of digital experts, specializing in AI-led Smart Contract Management enable implementation and help bridge the gap between technology and innovation teams and the legal function.
Kloud9 is continuously innovating to build the next generation of AI-led Smart Contract Management solutions. Want to know more about how Kloud9 can help your organization to streamline your entire contract management lifecycle? Contact Us.
