Managing supply chains has always been tough, detail-intensive work, and the last few years have been even more challenging than ever.
Supply chain managers use all the resources at their disposal to try to understand and master the myriad local, regional, and global forces that contribute to supply chain complexity and risk. One resource they have not been able to access effectively until now is all of the rich data contained in their contracts and other long-form documents.
Supply Chains Begin with Contracts
Like it or not, the supply chain world revolves around documents. Contracts, service level agreements, and other documents dictate every company’s obligations, and the risks and penalties associated with fulfilling or missing contractual commitments. These documents can be big or small – from one-page product invoices from product manufacturers to voluminous master transportation agreements, and everything in between. Regardless of their size or format, these supply chain contracts and other documents define who is responsible for every outcome, when goods need to be delivered, and at what price, as well as a wide range of contingencies, regulations, and other factors that affect contractual obligations and liabilities.
While it may sound clear cut, the fact is that the majority of these contracts and agreements are captured in long-form, unstructured documents, meaning that the vital information contained in these critical documents is locked away and unavailable to supply chain business systems. Indeed, some studies indicate that up to 85% of a company’s critical data is trapped in unstructured documents, inaccessible to frontline supply chain managers and business leaders to use efficiently in running the business.
Download Your Guide to Managing Unstructured Data in Supply Chain Services
How to Extract Essential Document Information?
What about Contract Lifecycle Management tools – can’t they surface the critical information in all of these contracts and agreements? Unfortunately, no. CLM systems can play a limited role in helping to streamline the creation of contracts and agreements, but they don’t have the horsepower to unlock all of the critical information in documents that have been executed, and make all of that rich information available to supply chain managers and line-of-business systems.
Even some of the most robust and forward-looking CLM solutions like Ironclad and Conga have limitations on how much data they can unlock efficiently from unstructured documents.
What about templates – can’t companies decide in advance what information is critical, then create forms to capture all that information? Unfortunately, no. First, decades of evidence show that people just don’t work effectively within the straitjacket of rigid templates. But more importantly, it’s difficult if not impossible to anticipate what information you will need from your documents months or years into the future, and create your templates accordingly. Things change in business, and pre-ordained templates don’t have the flexibility to change with the needs of business.
If supply chain companies can’t find a workable technology solution, they may either spend huge amounts of time and money trying to extract data manually from their documents (a notoriously difficult and error-prone process), or just forego the data and hope for the best.
Don't Just Extract Terms. Unlock Your Agreements.
What supply chain firms really need is a document solution that can automatically unlock ALL of the data from long-form unstructured documents, without any complex and costly set-up process, without a lengthy IT process, and without new tools and extensive training, delivering value to frontline workers and managers on Day One.
That’s what sets Docugami apart. Docugami combines a wide variety of artificial intelligence, machine learning, XML, and other technologies to automatically identify and extract all the data in your unstructured documents. Docugami can digest all your legacy contracts and other documents, whether they are your own first-party paper, or third-party paper from customers, suppliers, partners, or other entities. And Docugami isn’t limited to just a few key terms, it creates a semantic XML tree of all the information chunks in every document.
Best of all, Docugami’s bottom-up approach doesn’t require a big investment in new IT systems or expensive consultants or special training. Docugami is designed for frontline knowledge workers and managers. It works seamlessly with your existing tools, and it provides immediate value from the first day forward.
Simply link your documents to Docugami, and our breakthrough AI does the rest. Once Docugami has analyzed your documents, simply select the elements you need, and you can instantly generate reports, analyze key performance indicators from your contracts, evaluate risks and opportunities, or generate new contracts and other documents with improved consistency, efficiency, and regulatory compliance.
Harnessing the information and insights in your documents can ensure that your business is well positioned to overcome all the headwinds and succeed in today’s challenging supply chain environment.
A 30-minute demo session can start a free trial, to check it out.