Nearly everyone today spends time dealing with contracts, whether in procurement, finance, legal, human resources, sales, marketing or a hundred other roles. You may have never heard or paid attention to the term ‘document engineering’, but it is technology you will be hearing a lot about in the future, because it is ready to make our lives a lot easier.
Contracts are the lifeblood of business, government, and organizations. But contracts are painful to create, hard to manage, and all-too-difficult to integrate into strategy and execution.
Right now, there are software tools that try to help with contracts, but they don’t go nearly far enough. Contract automation or contract assembly software tries to use pre-fabricated blocks of text to build contracts. Contract management or contract workflow software focuses on the process and internal handoffs involved in authoring and storing documents. Contract review and contract analytics software use data mining to simply find words or phrases.
None of the existing solutions goes far enough to address the true pain of working with contracts – and true potential of integrating all the insights and information contained in your contracts into every aspect of your business strategy and execution.
An article in the Harvard Business Review summarized the horizon in 2018 by saying, “The use of AI contracting software has the potential to improve how all firms contract." In the interim we have seen the gamut: tools that mine data for legalese or names, dates, and amounts, tools that match generic clauses with contracts, and of course, hype that “AI” will completely take over the jobs of knowledge workers.
Docugami’s unique approach of advancing and combining multiple types of artificial intelligence, visual recognition, natural language processing, declarative markup, and other technologies has finally made it possible to truly unlock all the critical information trapped in documents and convert it into data that can fuel greater business insights, productivity, and execution. We are advancing the field of Document Engineering, to bring big new practical benefits to people and their businesses.
Accessing and leveraging the complex information locked away in documents will dramatically improve the efficiency and job satisfaction of frontline information workers, reducing repetitive tasks and freeing them up to focus on higher-value work.
For managers and executives, the ability to easily aggregate, analyze, and connect the rich data directly from their documents will usher in greater strategic awareness, operational improvements, and business and regulatory compliance.
Today, the process of writing a new contract is more difficult, time-consuming, tedious, expensive, and error-prone than it should be. Usually, the process starts with grabbing an old contract and editing it to reflect the new transaction or relationship. Of course, no two situations are the same, so you must determine what changes or new provisions are necessary. Then you go searching in other documents to try to find alternative language. You might camp on the virtual doorstep of your legal team, burning precious time and resources. They might scour every word of old contracts to make sure the language you choose doesn’t include something irrelevant or inappropriate. And God forbid you miss any instances of the named parties from your previous contract.
Or maybe your organization uses contract templates or contract assembly software. All too often, contract templates can turn into straitjackets that don’t fit the demands of the situation. Cookie-cutter contract assembly services can make your contracts operate generically, when your business is anything but generic.
Now, instead, imagine sitting down to write a new contract, and having your software instantly pull recommendations together for you, with all the unique terms and clauses preferred by your organization. As you scan through your draft contract, alternate language that your organization uses is magically at your fingertips. With Docugami’s groundbreaking AI, writing contracts is faster, easier, and far more precise.
The terms, conditions, dates, and deadlines contained in your contracts are critical information that can and should be always available to help drive your business strategy and execution. But all too often, getting the key data out of contracts and into your business systems is far more difficult than it should be. Best case, someone has to manually go through every individual contract, identify the information deemed necessary that particular day, then input it into multiple business systems or spreadsheets. This task often falls to someone who is not the person who wrote the contract, resulting in a process that can be repetitive, tedious, and error-prone. Worst case, the contract is filed away, and not integrated into the core business systems and processes at all.
Now instead, imagine that your software is intelligent enough to identify and organize the critical data from your contracts for review and integration into every business system and process your organization uses to get work done. Imagine creating a summary of critical terms and provisions in 50 or 100 contracts with a few keystrokes, rather than having to laboriously pull data from each individual document. Imagine generating a list of every contract coming up for renewal, or every contract with a value range, or every contract’s obligations and deadlines available, in a matter of minutes. Imagine being able to review your entire portfolio of contracts automatically and identify every clause that is affected by a change in government regulations or a change in economic conditions.
The field of Document Engineering has been about “the principles, tools and processes that improve our ability to create, manage, and maintain documents." We believe that now it can transform how companies and organizations of all sizes operate their business.
Documents are written for humans; but computers and business systems run on data. Our Document Engineering uses artificial intelligence and other technologies to turn documents written for humans into data that can be used by computers, and the results can be remarkable.
Docugami’s software detects the substance, structure, and relationships contained in your contracts and other key documents. It then creates a data version of all the information, which can be used by your data systems and business processes in a myriad of ways:
Docugami’s Document Engineering approach can help you get more done, faster, better. Let us show you how! We have an extensive free trial period available to allow you to explore without any obligation.