How Can A Document Engineering Startup Help Companies Adapt To The COVID-19 Reality?
We are all living through a devastating global pandemic, tragic human and economic losses, searing protests over systemic racism and inequity, and ongoing economic uncertainty. This year has brought challenges unlike any we’ve seen in our lifetimes.
The COVID-19 pandemic has disrupted every sector and every company, large or small. As a result, companies must review and revise nearly every commercial agreement to reflect the new realities.
For many companies, this is a difficult, expensive, and time-consuming task. At a time when resources and people are overtaxed, reviewing all of your contracts, agreements, and other critical business documents to identify and renegotiate individual provisions can be overwhelming.
Companies may try a variety of tactics to find and fix terms that no longer work — contract lifecycle management, data mining, document assembly, document automation, or even manual labor or offshoring. But each of these has significant gaps, costs, or other shortcomings.
Not a ‘one size fits all’ challenge.
There is no simple, boilerplate approach to deal with the commercial disruption wrought by COVID-19. Even organizations that are thriving will need to consider how the crisis affects their employees, suppliers, customers, partners, and regulatory requirements, and make the decisions that are right for them.
Issues may involve supplier delays, non-payment risk, government-mandated closures, remote work, worker safety, premises safety, legal liabilities, government support, insurance negotiations, financial obligations, immigration changes, and more. The ripple effects are enormous, and every business (and every region or jurisdiction) can be affected differently.
Here are just a few examples of the challenges facing various sectors, and these are just the tip of the iceberg:
- Commercial real estate and property management companies need to understand the obligations of both tenants and property owners, to help clients adapt to the ongoing changes.
- Commercial insurers need to thoroughly examine all their customers’ and prospects’ policies, to help them respond to radically changing exposure, risks and coverage.
- Professional services firms need to pivot immediately to new schedules, requirements, scopes, risk exposure, liabilities, and customer opportunities.
- Financial organizations need to review and revise credit terms, forbearance, covenant exposure, M&A diligence, and compliance with federal programs across their consumer and commercial lines of business.
- Health care and life sciences companies need to cut through the tsunami of paperwork, when time and resources are stretched thinner than ever.
COVID-19 has made ‘document dysfunction’ in business even worse
Even before COVID-19, many companies were struggling to access their most vital business information. Studies indicate that 80–93% of a company’s critical business information is so-called “dark data,” buried in documents and not readily accessible to drive business impact or improve efficiency.*
We call this “document dysfunction,” and we published an open letter to the software industry last year about how advances in AI, cloud computing, and other technologies now make it possible to solve these long-standing issues.
And the COVID-19 crisis has only made this problem worse, with even more digital documents, emails, and videoconferences stacking up, making it harder for front-line personnel to accomplish key tasks and business decisionmakers to access the critical information they need.
Our AI assistance can help. You stay in control.
Docugami’s AI-assisted document engineering provides a fast, efficient, powerful way to cut through “document dysfunction.” Our AI-assisted reporting turns your documents into data, unlocking new insights. Our AI-assisted authoring allows your team to create or update contracts and other documents with far greater efficiency, precision, and consistency — to reflect your new business requirements.
Docugami’s AI does not provide cookie-cutter legal or business advice or rigid templates. We use your ‘small data’, not outside ‘big data,’ and we rigorously protect your privacy and confidentiality.
Our AI system understands how your documents are composed and structured, so that your team can decide how best to go forward. And best of all, our software is designed to work with your existing systems and workflows, so you can put it to use immediately, without the need for developers or IT support or expensive consultants or extensive training.
As we’ve talked to customers, it’s clear there is a huge market for AI-assisted document engineering. Here are just a few industry examples of how our AI can help organizations of all sectors and all sizes adapt to their unique COVID-19 reality:
- Employment agreements can be reviewed en masse, and then re-tuned based on your company’s policies around COVID-19 health and safety, remote work, equipment changes, job renewal, unemployment, re-employment, and more.
- Supply partnership agreements can be reviewed and renewed with your updated key performance indicators, such as delivery milestones, production, and sales.
- Sales agreements can be created in a flash, remotely, in accordance with your latest terms and guidance.
- Legal departments and legal firms are often on the front lines of this process of revising agreements on behalf of their internal or external clients across all industries. Docugami’s AI assistance can be an attorney’s best friend when swamped with change.
Put us to work helping you revamp your business agreements to meet your new reality.
With support from Silicon Valley VCs, luminaries in the document engineering field, and prominent angel investors, we are building a company that will help businesses and organizations of all sizes turn their documents into data, for greater productivity, compliance, and strategic insight.
Docugami is actively seeking early evaluation customers, to challenge our technology across a variety of scenarios.
We are committed to easing our customers’ contract review and renewal processes, while we refine our SaaS product.
Simply sign up for Early Access here and we will contact you discuss how we can help. If it’s a good match of our capabilities to your needs, you can put our team and our technology to work for you.
We look forward to working with you.
The Docugami team