Legal technology provider, Exigent, has released the latest update to its Contract Management Solution to include AI-based auto-extraction and contextual search for increased speed to data, accuracy and business impact. Exigent’s AI auto-extraction tool, Scarlett, is powered by a machine learning engine set up and trained by legal professionals, financial experts, and data scientists, creating faster and more accurate outcomes.
Using Exigent’s new CMS automates the once costly, slow and error-ridden manual extraction and input of contract data. The solution extracts smartly selected business and legal terms quickly, automatically placing them into a data lake and making key data accessible at all times in a universal format. All extracted information is then aggregated on dashboards or included in easily buildable reports in seconds. Scarlett has unlimited applications across many industries and departments: the tool can be used by legal, procurement, and other departments across an organization to auto-extract and structure data for powerful, customized analysis. Information is aggregated and used to review and enhance performance, as well as predict business outcomes. Scarlett’s power is already being used by Exigent’s clients for more efficient contract review, to tackle LIBOR transition and for compliance in general (GDPR, POPI, CCPA and any other clauses that need attention in a contract).
The new search functionality provides more than just traditional keyword searches. Designed to look for patterns around the words searched to give them meaning in context, the solution not only uncovers relevant phrases, sentences and paragraphs in a document that would otherwise not be discoverable, it also delivers results in just milliseconds. This leads to speed to answers, reducing the risks associated with not having a central repository and eliminating missed documents and time-consuming manual searches for relevant information.
“AI has changed the contract management game and it’s time legal and procurement face the music– they’ve been deaf for too long. There are no more excuses for not having your contracts in digital form and all in one central, secure place. And it’s wrong to not use the data to manage risk and improve business performance” said David Holme, CEO of Exigent. “The first forays into AI for contract management have been uninspiring– and often deficient– exercises in speed, so we wanted to offer a solution that made the process all-around better– smarter, not just faster. From where AI stands at the moment, it means adding humans to train the system. We put the best legal minds together with business professionals and machine learning experts to create a solution that truly empowers businesses to make better decisions,” Holme concluded.
About Exigent’s Contract Management Solution
Secure, centralized contract repository: the suite includes contract management modules that provide a powerful centralized display of organization-wide information. This gives visibility across the contract portfolio, including family and amendment views, and related documents feature that instantly highlight areas for concern, mitigating risks.
Customizable, captivating data visualization: the easy-to-navigate dashboards are fully customizable and allow teams to see key terms and conditions, and amendments. You get visibility into your entire contract base providing a holistic view of metrics and key performance indicators (KPIs). These highlight areas of concern, mitigating risks and ensures you make better, more informed decisions.
Cross-departmental dynamic data configuration: The AI tool is multi-purpose and can be used across the legal, sales or procurement departments. It can auto-extract, amalgamate and analyze data, removing silos of data from across the business and giving you a greater perspective into your entire organization.
Live alerts and reports: Receive real-time alerts to manage contractual obligations and milestones such as price review triggers and ensure contract renewals are executed on time with automated user-friendly reports reducing risk and improving terms.