Contract abstraction, a process which is typically too time consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face project costing of hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time. Through […]

Extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing at these days. Managing this complex and massive data […]

To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated and time-consuming. So what is the best answer? “Join Brightleaf and IACCM’s joint webinar on Overcoming the challenge of legacy agreements”  Click here to register Date: September 20, […]

The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard […]

Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: To honor your […]

In contract management, review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors which might have occurred a) at […]

It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be […]

With contracts, always in a state of flux, being renewed or newly negotiated it may seem like a good idea at first to buy software for your in-house system. However, you need to buy, install and train and then maintain that software. And it’s not just one software package, it’s a number of different ones […]

Contracts come in an endless variety of forms and complexity. Some contracts are dozens of pages long and comprehensible only to those with specialized skills, therefore they are critical. Each and every contract can be different and usually is, therefore capturing information hidden in these contracts is not that straightforward. Clauses can be expressed differently […]

Contracts are all structured and worded differently, attributes can be phrased in different ways, there can by ambiguities and data can be presented in various forms. Most contracts are in text form that is non-computer searchable. So, it needs to be put into a format that a computer can read. You will think of a […]

If you use manual search and data entry for essential contract attributes (i.e. the things you need to search on) how do you know you have them all? The answer is in their semantic relationship, which indicates the meaning of words between different phrases, or between the meanings of different sentences. Semantic data extraction seeks out all […]

When you go into a contract management system, from what point in time do you start entering contracts? Most think from today because legacy contracts are too difficult. But that can expose you to risk and lost opportunity. Every contract is important, especially if it contains opportunity or risk. Older contracts have the same essential […]