Welcome to the Brightleaf CEO blog series on Legacy Contract Migration/Extraction. Explore why your business needs to extract and migrate its legacy contracts. Companies that are embarking on getting a handle around their contracts, tracking the salient terms and data points, creating templates for contract types and clause libraries, workflows, etc. often ask Brightleaf similar [...] Read More →

The larger the company, the more the contracts – that is a given. The larger the company, the more divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy-side and sell-side. When moving to a new enterprise or contract management lifecycle system no one wants to […]

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As part of the legacy contract migration/data extraction series of blogs, here is the 3rd one of the series. Can I extract and track my business-specific information? But of course! In fact, 30-40% of the information that Brightleaf extracts are our clients’ business-specific information. To give an example, for a Class 1 Railroad company, we [...] Read More →

The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no […]

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To kick off the series, let us first start with the simplest question – What is legacy contract migration and why do I need to do it? You are looking to install a Contract Lifecycle Management (CLM) system to get a handle on your contracts, what good is having a great CLM without any data? […]

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When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status, and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need. But beyond standard contract […]

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Lease extraction The process of retrieving relevant data points from your lease contracts can have a huge impact on your organization if not tracked properly. A summary of your lease contracts at your fingertips can save you time, money and mitigate the risk associated with non-compliance. The process of reviewing lease data for say asset […]

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Contracts are an integral part of any business relationship and staying on top is critical. Automated abstraction gives legal, contracts, and procurement professionals the ability to efficiently and cost-effectively abstract key information from their contracts and improve how they manage contractual obligations. Contract data abstraction means extracting important data points which include clauses, dates, and […]

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Extracting key data elements i.e. metadata from contracts is not an easy chore.  Done manually, you would need to open each and every contract (which in itself is a time-consuming task), search through the full document for many different types of language, and copy and paste it into a tool like Excel. What is Metadata? [...] Read More →

Once your company is ready to be sold your whole focus is shifted to restructuring a whole new business system. It includes certain activities which need to be taken care of such as what the company is buying and what obligations it is assuming, the nature and extent of the target company’s liabilities, contracts, litigation […]

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Artificial Intelligence is fast becoming an essential part of the technology industry, helping solve many challenging problems. AI is the ability to make a computer program or software think smartly and intelligently as humans think. It revolves around the use of algorithms, a set of defined instructions that a mechanical computer can execute. It is […]

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