Technology is ever-evolving. We have been discovering new and better ways of doing things since the beginning of civilization. Today, modern companies face an extremely competitive environment where innovation is absolutely necessary to avoid falling behind or becoming irrelevant.
The old phrase, “If it ain’t broke, don’t fix it” no longer applies. Enterprises must optimize existing technologies and explore new products to survive. This is especially important in how companies contract with customers and procure services with suppliers. Profitability, regulatory compliance, and an organization’s reputation are all at stake.
“Reluctance to innovate can crush a business,” warns Bianca Miller Cole in Forbes. Now, more than ever in the midst of the Covid-19 Global Crisis, the turn to smart technologies is no longer optional. It is a means of survival.
Those who have been early adopters of smart technologies are suddenly ahead of the game by leaps and bounds. According to Statista, 20% of U.S. adults are working from home during COVID-19. It goes without saying that organizations with the right tools in place are adjusting more easily to remote work than those who’ve been slow to adopt those innovations in the last few years.
The need for innovation can’t be swept under a rug forever.
The Fourth Industrial Revolution is underway. Those who do not quickly adopt accelerated technologies will be left behind. Organizations armed with yesterday’s tools are ill-equipped to deal with the challenges we face today—let alone those we will face in the future.
Complex decisions in business are common. But those decisions are exacerbated when companies lack contract visibility—a clear understanding of what’s within their own contracts. In enterprises, contracts are used multiple times per day, yet contract operations and management has remained relatively the same in most companies for decades.
A lack of innovation in this area is costing organizations millions. Companies that do not deploy smart contract products experience increased risk, penalties, revenue loss, and damages to their brand. This is not an issue of “Contract Lifecycle Management” but of knowing what is in your contracts and being connecting to that information when it is needed in a quick and agile manner.
In “Innovation Insight for Advanced Contract Analytics,” published on January 25, 2019, and refreshed on March 4, 2020, Gartner reports that despite growing complexity, risk, and need, many stand-alone contract products on the market lack maturity. These tools are not optimized for extracting terms and analyzing data, and few excel at all stages of the life cycle.
Despite the emerging market for smart contract tools, Gartner sees a competitive advantage for organizations that focus on contract risk control. Gartner further recommends that leaders responsible for contract management deploy a contract analytics product to identify risk, improve compliance, and build a competitive advantage.
Innovative and powerful Ai-based products offer the ultimate upgrade to any legacy contract management tool. Insights and full visibility of your contract landscape at your fingertips will help any large organization solve their most pressing and difficult problems.
Products like CLM, ECM, or document storage unfortunately fall short in handling diverse contract types, data locations and operational support situations. Leading enterprises find they must adopt multiple tools to manage varied contracts across their organizations. More tools, more products, and more fragmentation of data—not to mention, the manual tedium of people combing contracts one at a time—is inefficient and expensive.
In the age of self-driving cars, smart speakers, and Uber, shouldn’t a tool as old as business contracts be streamlined and more accurate by now?
ContractAi activates your organization’s contract landscape by providing insights you need at exactly the moment you need them.
ContractAi is extremely accurate in reading and understanding the nuances of contract language. It boasts sophisticated Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) to help your organization rapidly discover and extract contract clauses to determine risk, renewal, termination and dozens of other details with industry-leading precision.
Powerful on its own, ContractAi also integrates with other ElectrifAi products such as SpendAi and WorkforceAi to to connect contract data with other data to produce more detailed insights. With just ContractAi your organization can quickly and intelligently leverage insights with zero process bottlenecks, when combined with other tools our customers are seeing unprecedented enterprise agility in dozes of use cases. For example, stopping cash leakage, recapturing lost savings, understanding data breach risks, avoiding unexpected costs, maximizing discounts, optimizing working capital, understanding account profitability and many, many more. Enterprises need a contract product which works regardless of the complexity of the underlying data and on all of an organization’s contracts. Contract intelligence and agility is no longer an ”Organizational Bonus.” It is a critical enterprise tool. In other words, knowing precisely what’s in your organization’s contracts and having access right when you need it empowers you to make intelligent decisions that keep your organization innovating today and into the future.
To learn more, contact info@electrifAi.net.
