December 16, 2022

Demystify contracts with ContractAi

Let’s admit, reading a contract or agreement is rarely an exhilarating experience. Navigating those long and complex clauses running into several pages with heavy legalese is not for everyone. But like it or not, a contract agreement is here to stay!

Every business transaction is defined and governed by contracts. And every company has to deal with multiple contracts, sometimes thousands of them, to run their business. However, managing, comparing, or even tracking them manually is nearly impossible. That’s why many people don’t even know what’s in their contracts, resulting in undesirable “auto-renew” or “termination for convenience” going unnoticed. Furthermore, the management often lacks adequate visibility or insights to make strategic decisions, meet regulatory compliances, and acquire better negotiating power.

Today, advanced technologies such as Ai and Machine Learning (ML) enable organizations to sieve through a large number of contracts and derive actionable insights from them to deliver mission-critical decisions.

Keep an eye on that fine print with ContractAi

ContractAi uses AI, ML, and natural language processing (NLP) to automatically read, analyze and compare contracts putting business-critical insights at your fingertips. The product empowers you to take a strategic approach to procurement by actively ensuring compliance and comparing supplier contracts, including T&C in line with your organization’s business plan. ContractAi makes it easy for you to sift through and find the right contract and terms without having to read each one of them. You can compare terms between historical and current contracts for a given vendor or supplier to capture changing terms and seek flexibility or compare vendors against specific contractual terms to select the most suitable vendor for your business operations.

NLP-based Digitization

Struggling to make sense of several contracts? Relax, we’ve got you covered! ContractAi harnesses advanced Ai technologies such as Natural Language Processing (NLP) to extract, index, and classify relevant information that captures the intent, circumstances or context.

Key Events Notifications

With ContractAi, you will never miss critical dates of the agreement, such as contract reviews, renewals, or termination. Be on top of important milestones of a contract life cycle through regular updates and notifications.

Contract Querying

Go beyond keyword searches and get the right information at the right time with context, intent and conditions to make smart business decisions.

Vendor Contract Performance

Often companies, due to the lack of expertise in effectively assessing vendor performance, fail to maximize their negotiation capabilities. ContractAi allows organizations to compare and analyze multiple contracts, including historic ones for the same vendor to make critical business decisions.

Cross-vendor Negotiating Leverage

ContractAi empowers you to consolidate and negotiate the best payment terms and other important terms across multiple vendor contracts by accurately comparing multiple contracts. The insights you gather can help negotiate and develop better ones.

ElectrifAi: US' leading ML products provider

ElectrifAi is one of the US' leading ML products providers, with an extensive library of pre-built ML products enabling our clients to capture tangible benefits quickly. We work with the C-suite to understand and solve business problems through data and machine learning in diverse industries such as Higher Ed, BFSI, Life Sciences, Hospitality, Retail, Chemicals, Oil & Gas, Telecom, Insurance, etc. The insights generated by our ML products, such as ContactCenterAi, ReputationAi, InventoryOptimizationAi, RevCaptureAi and other products, have helped our clients realize consequential business outcomes in 6-8 weeks.

Our product does not require investment in a new platform or infrastructure. Instead, we leverage the data existing in your system to power the ML models to deliver business outcomes.

We are the last-mile product that sits on the top to solve specific business problems and bring about savings. Contact us to learn more!