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AI Document Analysis: A Modern Approach To Professional Services Agreements

Docugami
June 22, 2022 at 12:09 PM

 

Contracts Are The Cornerstone Of Every Professional Services Business.
 

As a Professional Services firm, your business is intricately linked to documents flowing between you and your customers. From Request For Proposal (RFP) responses, Master Service Agreements (MSAs), Statement of Work (SOW) documents, and other executed contracts, your work is controlled by legal documents that are highly varied and that evolve with changes in your business relationships.

These agreements hold both the opportunities and the risks central to operating your business. And yet, creating and reviewing all the variations often rely on entirely manual processes. They are typically handled by legal and business personnel, with better things to do than reading and re-reading or cutting and pasting data from long documents. This drives up costs, slows down business velocity and drags down valuable employee productivity. Modern ‘paperwork’ may be digital, but it is still complex, laborious, error-prone, and costly. 

Enter Docugami. With Docugami you can start modernizing by bringing artificial intelligence to your existing, dynamic processes without disrupting user workflows. No IT specialization is required to get started. While your business transforms other companies, now you can also transform yours.

 

See How it Works

Download our slide deck to learn how Docugami powers productivity from Day 1.

 

AI Document Engineering: The Modern Approach To Professional Services Agreements

Docugami is a multi-faceted AI solution that combines innovative AI techniques – like Deep Learning, Natural Language Processing (NLP), Bayesian, Evolutionary, computer vision, and others – to review, analyze, and connect document information crucial to business operations. The unique features of our business user-friendly tools and powerful Software-As-A-Service (SaaS) platform allow for a level of flexibility, efficiency, and seamless adaptation for your unique use case that has never been possible before now. 

Learn More: Business Users Can Be Immediately Productive with AI 

Docugami’s advanced AI-based document analysis follows a practical workflow.  It begins by simply uploading your documents in a secure manner for processing. Any content elements can then be represented in reports, used in authoring new documents, and easily connected to other systems.  

The user reviews 5-15% of the data results, and Docugami does the rest, automatically. At the same time, the data is automatically structured for computer systems to use, so that it can be connected to other processes without still more manual labor.   

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Applied to a Professional Services business, Docugami can help in many use cases. Let's unpack a few.

 

Process Master Services Agreements (MSAs) At Scale

Using its advanced machine learning algorithms, Docugami can recognize variations in groups of MSAs with very little manual effort, significantly reducing the time your legal team spends re-reading all the fine print. 

Docugami AI contract status bar

With Docugami, deviations across contracts can be spotted in quick, automated reports. This dramatically reduces the cost and time of internal review, generating insights that focus managers on what needs to change. 

  1. Instantly view variations and deviations across all MSAs. 
  2. Speed up internal legal review timelines and reduce cost. 
  3. Reveal opportunities, meet obligations, and manage risk. 

 

Examine and Respond to RFPs Using Best Practices

RFPs can appear repetitive when issued by the same entity, but identifying and responding to key details and variations often determine the winning bidder. Docugami’s AI-powered document analysis platform makes it easier to review RFPs in-depth, to reveal the variances and unique requirements. Further, key content blocks from RFPs can be extracted and made available for rapid re-use in proposal development to assure that the requirements are reflected in the response. 

Docugami's machine learning algorithms allow for smart data extraction from various document styles and formats. With 3rd party customer paper, documents rarely look the same, but if they are for the same purpose, the data elements can be compared. Docugami sees the underlying structure of the content, despite the differences in presentation. 

Write Compelling SOWs With AI Assistance

Creating a great response to an RFP requires not only a deep understanding of the ask, but also skill in articulating the Scope of Work. Leveraging previous projects can help speed up the process while making sure to fulfill the customer’s unique needs. Your SOW must be tailored to the customer's requirements, and yet be compliant and consistent with your capabilities and policies. 

Docugami’s Assisted Authoring support can help to produce a highly targeted Statement of Work, while reusing standard content from similar projects. Docugami can speed up the drafting process without complicating compliance or sacrificing consistency, by providing suggested clauses and values based on historical insights. These recommended contractual provisions are based on your organization’s own established best practices, as intelligently analyzed by Docugami – not simply drawn from a generic, one-size-fits-all contract template. 

Most of the time, only a few team members are relied on or qualified to produce compelling SOWs. Docugami’s Assisted Authoring will help to scale the team in a more distributed fashion, allowing the senior or central team to focus on more complex projects, reviews, and approvals. 

  1. Craft new SOWs with ease, thanks to Docugami’s AI-assisted recommendations. 
  2. Maintain your organization’s approved policies and best practices. 
  3. Minimize compliance headaches by effortlessly building compliance into your contract drafting process. 

 

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User-Friendly Workflow Automation That IT Loves

Business users can easily set up automation workflows based on low-code, no-code, and robotic process automation tools, to apply business-defined rules to manage renewals, approvals, reporting, information sharing, and routing and exports.  At the same time, for the IT Department, not only does Docugami meet all security, privacy, and data isolation requirements, it also gives autonomy to business users, while keeping some level of oversight to prevent chaos.

The IT department has the possibility to pick up where business users stop, by expanding integration with more advanced options through sophisticated data transfers and analysis, via standard database formats. Digital transformation processes can start from the source, from the content INSIDE documents, automatically. 

Go Beyond Contract Management

To Contract DATA Intelligence

Docugami will help you turn your Master Service Agreements into action, automatically gaining real-time data insights from them individually or as a portfolio, enabling you to expose deadlines and Service Level Agreements, identify risky contract terms and liabilities, conduct comprehensive audits, and improve compliance.

Contact us to learn more about how Docugami can unlock all your contract data and apply it in an easy and structured way. Easy to start. Powerful to use. Saves time and cost. Cuts risk. Strengthens your business,  by building on the very cornerstone of your work – your business agreements.

Oh, and a 30-minute demo session can start a free trial, to check it out.

 

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