The signed contracts are scanned and stored in various contract repositories across the organization like Google drives, SharePoint, FTP locations, file folders etc or are stored in the digital repository of the contract management system being used. This means every organization will have a certain volume of legacy contracts in-spite of using contract management software.
Here comes the situation where you are not able to get deeper visibility within your legacy contracts and a lot of manual efforts are involved to dig out important information. Due to this, most organizations just push these legacy contracts to the filing cabinets or the best some organizations do is to scan and store them in different repositories. Since the contracts are now scanned there is no way to digitally extract the information from these image-based documents unless technologies are used.
Most contract life cycle management software’s are focused on helping organizations get into the digital transformation of their contracting process but not about bringing the already existing legacy contracts into their digital ecosystem.
We have designed and developed an Artificial Intelligence and Machine learning based Contract Discovery and Analytics platform which sits as an intelligent layer on top of any contract management systems, digest any type of legacy contracts, applies OCR, and unlock the real value from these contracts.
Not only can we digitize the legacy contracts but using the power of Artificial intelligence and machine learning we also have the ability to get deeper into not only the legacy contracts data but also be able to analyze the data from your digital contract repository or the repository of your existing contract life cycle management software.