AI-based contract management & contract analysis
Manage business relationships effectively, identify potential risks and opportunities: Structured contract management and contract analysis are crucial for companies. However, analyzing and evaluating contracts is time-consuming and requires corresponding resources. With the latest AI technology, many work steps can now be completely automated - AI-based contract management significantly increases efficiency in companies across a wide range of industries.
Natural Language Processing can be used to analyze contracts and transfer the information they contain as structured data into inventory systems. In a very short time, important information - such as contracting parties or deadlines - is evaluated from unstructured, long texts. Even very large volumes of documents can be processed quickly and with very high quality. AI reads texts on a human level, only faster and more precisely. Contract management becomes scalable. Contract management using AI means automation of workflows and more efficient business processes.
Detect relevant content with very high accuracy (> 96%): NLP-based contract analysis enables companies to analyze contracts in a precise and automated way. By identifying potentially critical clauses or contract terms, companies can minimize risks and maximize opportunities. The entire contract portfolio can be reviewed and evaluated quickly and in a structured manner. This enables strategic decisions to be made on the basis of facts.
Natural Language Processing (NLP)
Natural Language Processing (NLP) is a subfield of artificial intelligence. It involves developing AI software that analyzes (reads) and produces human-level language. The technology is used in a variety of applications - for example, chatbots, speech recognition, machine translation and sentiment analysis. And in particular, automated information extraction from documents using NLP technology is a great lever in the digitization and automation of business processes. At the heart of every NLP solution are AI models.
AI on the contracts
Scalable utilization of information even from complex contracts: AI reads contracts on a human level - but is faster, more accurate and more structured.
Based on Natural Language Processing (NLP) with Deep Learning methods, even long, complex and/or particularly large numbers of contracts can be processed - regardless of the format, the structure of the documents and the input channel.
Industries that particularly benefit
The automated reading and analysis of contracts using NLP technology offers great advantages to companies from a wide range of industries, especially those that have to process a large number of contracts on a regular basis.
Real estate industry
From process optimization in management to property evaluation and offer optimization to analysis of the entire contract portfolio for a solid basis for decision-making - the use of Natural Language Processing to process complex texts is revolutionizing real estate management and sales.
Insurance companies can use contract analytics to quickly and accurately analyze insurance terms and clauses. The technology can also help identify fraud patterns in insurance claims.
Retail companies can analyze contracts to ensure they are operating in compliance with regulations and legal requirements, for example in contracts with suppliers or consumers. In addition, the technology is predestined for use in the automated processing of orders.
Process optimization in the business units
Across industries, the use of Natural Language Processing to analyze contracts is a great lever for increasing efficiency in a wide variety of departments within companies.
Controlling & Finance
AI in contract administration and management
Until now, the structured management and analysis of contracts - especially in larger companies with many contracts - has been a complex, difficult and time-consuming undertaking.
The use of AI-based contract analysis makes it possible to significantly increase efficiency, improve data quality and not only work faster, but also identify potential, minimize risks and create a basis for important strategic decisions.
Across industries, companies and a wide variety of departments benefit from analyzing and evaluating contracts in a structured manner. The use of NLP technology creates competitive advantages and is scalable - this means sustainable digitization and future orientation.