Microsoft Cognitive Services and AI for Contract Management

Microsoft Cognitive Services and AI for Contract Management

Dock has integrated with Microsoft Azure Cognitive Search, supporting your team with AI-powered search to rapidly gain detailed contract insights. In this manner, you’ll drastically reduce turnaround times during negotiations and cut down on risks.

Revive your contracts and your contract management procedures by introducing artificial intelligence (AI). Tap into unrecognized contract value with AI, empowering your business to extract more results than ever and simplify the complexities involved in the modern contract lifecycle. Make it easy for your team to gain clarity on your ongoing business relationships with AI-powered search and data analysis capabilities.

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Overview of Microsoft Cognitive Services and AI for Contracts

Enhance your current contract management infrastructure with Azure Cognitive Search to synthesize unstructured contract metadata and files to support communication and analysis of contract compliance, risky terms, and clauses.

Microsoft Cognitive Services helps businesses leverage leading AI technology for streamlined contract lifecycle management. In summary, implementing Microsoft Cognitive Services allows users to simplify several tasks and contract activities. For example, users can upload contracts into their contract management system and extract key pieces of contract metadata rapidly.

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AI Contract Management in Action

Let’s take a non-disclosure agreement for example. First, you will upload the agreement and will be met with a button requesting to extract your contract metadata. You’ll allow the system to extract the data, and according to what you have trained your AI to do, it will pull out specific contract information. This might look like extracting your counterparty’s name, business address, or other associated contract metadata. Instead of having to enter all of your contract metadata manually and increase the likelihood of human error and manual entry discrepancies, allowing AI to take over can both streamline and substantially cut down on risks. Now, the software is able to auto populate selected metadata into your smart fields for easy and accurate contract drafting. In your system, you can customize exact keywords and clauses to be pulled. You’ll also be able to configure other specified variables to extract.

AI supports contract management by way of clause management. With the ability to extract clauses, label various clause types, and sort clauses based off of their labels, the AI can use your clause reports to easily sort through, categorize, and retrieve exact clauses. If you wish to review a specific clause type (i.e., termination clause, exclusion clause, etc.) or all of your contracts that contain an exact clause, you can easily filter through your metadata and locate exactly what you need within a clause report.

With artificial intelligence, you develop a robust contract experience that can work in association with humans and other digital business solutions to retrieve powerful contract insights and simultaneously boost business results. If you’ve already digitized your supply chain management, customer relationship management, and HR strategy, then it’s time to do the same with your contract lifecycle management approach. Cloud-based contract lifecycle management software built for small businesses, enterprise-level organizations, and all company sizes in between, supports contract transformation via increased contract accuracy, improved risk mitigation, and increased contract opportunities. Expedite contract negotiations and close more deals in the same amount of time or less with a cloud-powered, AI-supported CLM solution.

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Maximize Your Contract Searching with AI Capabilities

Microsoft’s Azure Cognitive Search simplifies data extraction and contract retrieval with AI’s cognitive skills. AI can pinpoint exact contract information, leveraging that data to increase the accuracy and precision of your contract search procedures. Azure’s Cognitive Search allows users to extract data according to name recognition, where the AI can identify exact names, people, locations, and company names within contracts. AI can additionally recognize clauses, keywords, and phrases to flag or alert users of various rights, terms, or risky clauses.

Microsoft’s Cognitive Services is a modern AI solution that provides software developers with the ability to leverage advanced AI capabilities to expedite data-driven decision-making and extraction of critical contract metadata. Cognitive Services offers so much to digital contracting. For one, Cognitive Services is powered by pretrained models and leading research in AI, custom-built for your business solution. Cognitive Services is built into a cloud, so it’s easily accessible no matter the time, location, or device.

Cognitive Services collects information from both unstructured and structured data, and in the context of contract lifecycle management, you can easily accumulate metadata from various user guides, pricing structure documents, reports, and associated documents. With the AI, you can identify patterns and broaden the depth of understanding of your contract performance and monitoring. With your contract content, you can easily extract keywords and specific phrases, use entity and optical character recognition (OCR), and custom models to alert users of risks. Data exploration is enhanced with detailed metadata visualizations, reporting dashboards, and so much more.

 

What AI Offers Modern Contract Management

The combination of artificial intelligence (AI) with a dedicated contract lifecycle management solution can help you realize a whole host of unrecognized opportunities by demonstrating what’s possible with your contracts.

Transform your unstructured data and contracts into structured data that support results. With AI as a key player in your approach to contract lifecycle management, you support your risk mitigation strategy and your ability to recognized unrealized business opportunities. AI can observe and learn from contract language and clauses to work in concert with humans for a pain-free, dynamic contracting experience.

Artificial intelligence and machine learning support rapid and accurate analysis, synthesis, and identification of contract metadata and clauses. This means faster and more productive contract lifecycles from reviews, to approvals, to negotiations, etc. You’ll find that categorizing and sorting your contract metadata is streamlined, directly increasing the efficiency of your negotiations and management of a large contract portfolio. You’ll be able to effortlessly maintain a high volume of complex contracts with the support of AI.

In summary, AI can do the following to optimize and streamline contract lifecycle management for your organization:

Classify contracts: efficiently sift through various contract types according to clause content

Classify clauses: scan the contract for clause types and classify or tag them accordingly

Flag clauses: alert contract managers of key contract information included in the clause

Learn from clauses: observe and learn from cumulative contract metadata over time to increase security and accuracy of clause categorization

Adapt to various needs: retrain your AI based on discrepancies, improper clause categorization, and other errors so that the AI can recognize the errors moving forward according to what the user has configured the AI to do

Classify similar files: categorize contracts containing similar information

Contract Lifecycle Management Using Microsoft 365 - Free contract webinar

 

Automate Metadata Extraction and Categorization

Automate your procedures for extracting contract information using AI algorithms and machine learning for maximum efficiency in data extraction. Migrate, abstract, and learn from contract information with unparalleled precision and speed. You’ll also be able to design indexes based on all of your contract’s obligations, key terms, and other information. This means you can rapidly pull key contract metadata within minutes, making it easy to retrieve key dates like auto renewal dates, expiries, and payment deadlines. Tag all of your contracts with associated labels like company names, key dates, and other information to simplify all of your data extraction activities.

 

AI Constantly Improves Contract Management Over Time

With AI algorithms and machine learning, your solution can easily identify contract and clause names. A well-trained AI system can accurately tag your files and anticipate which metadata (take clauses for instance) are improperly tagged. Then when the metadata is corrected, the AI will continually adjust and improve its tagging capabilities after a few tries of that given piece of metadata.

How Adopting a Contract Management System Can Help - Contract Webinar

 

Conclusion

The advantages of artificial intelligence in the sphere of contract lifecycle management are extraordinary. The significance of artificial intelligence has evolved exponentially in recent years, providing modern enterprises an advanced solution to working with their company contracts and attaining a competitive advantage.

Dock 365 is a trusted Microsoft Partner, and we understand the importance of AI capabilities and cloud-based contract lifecycle management for the most value-driven contracting experience. We can help you with all of your contract management needs and goals today.

Learn more about our Dock 365 Contract Management System here.

Learn more about Contract Lifecyle Management (CLM) Software here.

For more information, we would like to welcome you to schedule a free demo with us today.

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