Whitepapers
Simplicity Through Sophistication: AI-enabled Contract Extraction
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Contracts are a valuable resource for any enterprise. They define obligations, manage risk, and set the stage for fruitful business relationships. However, enterprises often struggle to find contracts when they need them the most and the fact that businesses usually have thousands of contracts with heterogeneous structures and formats further complicates matters. In addition, searching through hundreds of pages of legal verbiage and manually extracting data drives up overhead costs.
Traditional contract extraction is largely suited for drawing out only high-level metadata and ignores important underlying information such as clauses, obligations, service levels and price books. As a result, it barely manages to provide adequate visibility and analytical insights, increasing risk exposure and failing to plug value leakage.
Enter SirionAE. With SirionAE’s AI-powered auto-extraction, you can now start bringing all your legacy contracts back to life. Our self-service module leverages a combination of OCR and NLP to help you convert legacy documents into searchable, digital objects, which can be accessed and retrieved easily. Contract metadata as well as clauses, obligations, service levels and even price books are captured by the system, based on which it provides insights to enable better business decisioning. In addition, learnings from every extraction cycle are fed back to the system to continuously enrich its AI core with historical data, patterns, and user feedback to improve extraction accuracy further.
There are multiple business scenarios where SirionAE’s advanced contract analytics can play a crucial role in achieving desired outcomes.
Respond faster and smarter to unforeseen events to mitigate risks and reduce adverse business impact.
While an event like COVID 19 is a once-in-a-lifetime scenario, there are smaller but equally disastrous events such as earthquakes, floods, wildfires, storms and acts of terrorism, which can have a disruptive effect on your business. However, when one of these rare events does occur, there is hardly enough time to manually review and analyze contracts.
SirionAE helps you:
Manage risk and compliance with better visibility on missing and deviating contract clauses.
Regulations impact virtually every enterprise irrespective of the industry and geography you operate in. Whether it’s country-specific local laws, global standards such as the GDPR and IFRS-16, or major economic events such as Brexit and the LIBOR phaseout, failure to keep up and keep in line could result in major financial penalties, license cancellation and loss of reputation.
SirionAE helps you:
Keep track of your contractual commitments and make better business decisions with contract analytics.
Often seen as the owner or manager of enterprise contracts, procurement is not only responsible for ensuring active contract obligations are adhered to but making sure that optimal terms and conditions are incorporated into all new supplier agreements.
SirionAE helps you:
Streamline your M&A process for more successful outcomes with contract auto-extraction.
While M&As are a critical component of an enterprise’s growth roadmap, they are among the most complex events an organization can face. Entire business systems need to be integrated and hundreds of due diligence queries need to be answered.
SirionAE helps you:
Adopt a smarter view to manage key account relationships with contract auto-extraction.
Sales is all about sealing the deal as it is the source of all revenue and the lifeblood of your business. As a result, there is a lot of pressure to close deals, which often leads to extended phases of negotiating a contract.
SirionAE helps you:
Up to 80% reduction in extraction time at 50% lower cost as compared to traditional options
Make better business decisions by interrogating contract data. Mitigate risk by analyzing and flagging missing and deviating contract elements like clauses and obligations
Extracted data is governance-ready and flows into downstream Sirion modules for ongoing performance monitoring and invoice validation, and SirionBI for analytics
Discover the technology powering Sirion's contract analytics capability
LEARN MORESirionAE can not only pull out simple contract metadata but also extracts clauses, obligations, SLAs, price books, and more. In addition, it also performs multi-line, multicolumn, multi-table, multi-language data extractions on both handwritten and digital documents.
SirionAE works on neural network technology. Unlike traditional systems, which work on rule-based AI and need to be trained, Sirion’s AI works by analyzing patterns in extracted data and self-improving, continuously learning as more data is extracted.
Drag and drop documents to seamlessly upload, review, and analyze them in an easy-to-use interface with configurable workflows and access control features
SirionAE extracts documents and performs clustering analysis to flag similar or duplicate documents.
SirionAE is an integration-ready solution. Extracted data can flow into upstream modules such as contract authoring for future negotiations, as well as downstream governance modules, or even third-party P2P, ERP and CRM systems.
Compute contract risk scores and gain insights into missing clauses and clause deviations such as position and attribute changes and alert all stakeholders of potential penalties and losses.
“Sirion delivers a cost-effective, fast and accurate platform for digitizing thousands of contracts each year with self-service extraction.”
“Artificial intelligence is helping the process of reporting and analysis of unanticipated issues.”
“Sirion ensures better quality control, usage of approved contractual content, and increased transparency about the contracting process.”
