When facing economic uncertainty, executive teams find themselves asking, “How will this impact our customers, suppliers, and employees in the foreseeable future?” Before you can answer this question, you must first assess your risk, obligations, and business opportunities—all of which are deeply embedded within your contracts. With an AI contract management solution, you can access this information to support faster, strategic decision-making.
Using an AI contract management platform to uncover risk
Most companies have hundreds or thousands of contracts, making it difficult to comb through relevant data—but luckily, artificial intelligence (AI) solves this challenge. Imagine conducting a Google-like search within and across your contract database to surface exactly what you’re looking for. Our intelligent, searchable repository enables you to do just that. Simply bulk upload your executed contracts and our built-in machine learning models will summarize key terms and clauses. You can also create custom models to find terms and clauses unique to your business and industry. Our searchable repository enables you to automatically find relevant data, like force majeure, termination, and other commercial clauses. Plus, you can compare terms and clauses between contracts to weigh your options. This level of contract intelligence identifies your obligations and opportunities, enabling you to adapt to a rapidly evolving business landscape.
How can this apply to your business? Here’s how some of our existing clients are benefiting from our AI contract management platform.
Define contractual obligations
What are your third-party obligations? How much do they cost you? A searchable repository can consolidate this information, making it easier for you to:
- Understand how often cash flow is going out and determine if you can delay payments with or without penalty.
- IntelAgree’s machine learning and search can find: Billing Frequency, Payment Term, Late Payment Penalty
- Determine if you can conduct these services in house, re-negotiate rates, or assess if you can find cheaper alternatives in the market.
- IntelAgree’s machine learning and search can find: Scope of Services and Service Level Agreement
- Determine how long supplier obligations will exist and what your options are for termination. You can also assess the risk associated with a lapse in services.
- IntelAgree’s machine learning and search can find: Expiration Date, Evergreen Clause, Renewal Term Length, Termination clauses, Insurance clauses, and Force Majeure
- Identify which contracts need amendments based on evolving regulations and industry standards (e.g. Search all contracts without a Force Majeure clause so that you can quickly send amendments to relevant parties).
Discover your business opportunities
What are your opportunities to re-negotiate terms? Can you raise rates? A searchable repository gives you a holistic view of your client contracts, enabling you to:
- Identify cross-sell and up-sell opportunities with your existing clients.
- IntelAgree’s machine learning and search can find: Scope of Services
- Proactively manage contract renewals to negotiate more favorable rates and better terms.
- IntelAgree’s machine learning and search can find: Renewal Term Length, Evergreen Clause, Expiration Date, and Opt-out/Non-Renewal Notice Period
- Increase billing opportunities and ensure you’re consistently collecting cash. You can also identify opportunities to re-negotiate more favorable payment terms (e.g. shorter payment terms in exchange for a discount).
- IntelAgree’s machine learning and search can find: Payment Term, Billing Frequency, Late Payment Penalty, Fee Escalation Stipulation
Accelerate decision-making with an AI contract management platform
Contracts are the foundation of your business, representing all the challenges and possibilities in front of you. With an AI-powered searchable repository, you can accelerate your contract review process from hours to minutes—and in turn, make faster decisions. Discover how IntelAgree can accelerate your decision-making and enable you to respond to shifting economic conditions. Contact us to learn how we can help you understand your obligations and opportunities, and effectively manage risk.