Merlin Contract Discovery utilizes AI & ML to drive long-term efficiency gains while improving the depth & breadth of information captured. It is trained on hundreds of thousands of contracts; it recognizes patterns & extracts key variables like clauses, dates, parties, etc. By extracting, mapping, and understanding the intent of the terms & clauses, Merlin AI can review contracts and analyze risks in contracts much faster than conventional methods – activities that take a week or more can now be done in a couple of hours. With these AI-powered insights, you have better visibility into the semantic structure of each contract, thus, reducing risk & increasing compliance.
Merlin AI’s Contract Discovery Capabilities for Enterprise-wide Contracts:
1. Advanced Search & Extraction
- Metadata Extraction from Different File Formats – Searches & analyzes multiple contracts at a time and from different document formats like doc, pdf, image, etc. The Merlin engine goes beyond standard metadata extraction and accurately captures obligations & extracts the entitlements using advanced NLP algorithms.
- Metadata Normalization & Classification – Creates & classifies a structured outline of metadata, normalizes values for consistency from full-text search to make contract data portable for decision making.
- Pattern Recognition – Recognizes patterns & extracts key variables like clauses, dates, parties based on metadata elements.
2. Real-time insights
- Trends – Maps trends in key metadata elements like effective dates, average contract terms, payment terms, liabilities caps, etc.
- Alerts – Alarms and notifies stakeholders to stay on top of tons of extracted data as per their requirements like auto-renewals, terminations, over or under-payments, etc.
- Insights – Provides insights & intuitive visualization on all performance KPIs & obligations. Result exporting –Data and text are exportable in an intuitive and easy to consume format for further analysis.
- Results –Data and text are exportable in an intuitive and easy-to consume format for further analysis.
Benefits of Automation & AI in Analytics
One of the biggest advantages of Artificial Intelligence is that it can significantly reduce errors and increase accuracy and precision. With manual contracting processes, these errors are multi-fold due to long and complex cycle. Artificial Intelligence in contract operations has proven extremely efficient amongst the legal audience where the in-house counsels from large enterprises are able to automate their regular operational tasks related to contract management and focus on being strategic partners to the CEO.
Some of the clear and obvious areas of benefits for CLO, Counsels and Legal Ops with AI and automation are:
- Efficient contract drafting process with best first draft
- Reduced human errors in data capture from any legacy or third-party contracts
- Automated updates during contract review and redlining
- Quicker on-boarding with personalized system training
- Consistency in all agreements as per company laid standards.
- Gain better visibility on contractual terms such as price, volume, & discount.
- Forecast revenue accurately using contract data & usage trends.
- Saves time by automating contract review & negotiation process as per contract type or clause.
Why Merlin AI for Contract Discovery?
Get actionable contract metadata with Merlin AI, Efficiently & accurately.
Manual metadata extraction is extremely resource intensive and can be inaccurate. Once extracted, this metadata holds limited value and next to no insight. Merlin AI automates metadata extraction and gives meaning to data. Now you can accurately extract metadata in a matter of seconds rather than days while being able to monitor risk associated with each and every clause in the contract.
- Deep understanding of end-to-end contract lifecycle management across enterprise contracts right from request to post-award analytics.
- Advanced training algorithms built in-house as against using generic 3rd party AI tools – specially designed keeping contracts in mind.
- Built to support every department in your organization – equally adept at buy-side as well as sell-side contracts.
- Tested and proven ROI driven by the focus for minimal change management during implementation; provides unmatched flexibility and data visibility.
- Early adopter of bleeding-edge technologies that are specifically tweaked to meet the needs of the corporate legal function.
- Automate the manual metadata extraction process with a high degree of efficiency and process compliance.
- Increase operational use of information that was previously unreachable.
- Accelerated decision-making with the help of accurately captured data points.
To learn more about the role of AI in contract management, here’s a whitepaper “The Ultimate Guide to Artificial Intelligence in Contract Lifecycle Management”.
To experience the power of AI-powered iContract, please get in touch with one of our experts at contactus@zycusicontract.com
