AI Based Contract Analytics A must to mitigate Enterprise Risk
It is a known fact that the success of any organization is solely dependent on the volume of business they do in a fiscal year along with how they were able to effectively manage risks arising from the contracts they have signed with their vendors, customers, partners and employees
To start with, lets understand the various ways an Enterprise can be exposed to potential risks regarding the contracts.
Unable to trace the signed contract on time
Contracts are managed by various stake holders across the organization and several copies are rotated back and forth until the final contract is signed off by both parties. Most organizations who do not have a central repository of contract documents keep these signed contracts in several places that include Emails, Cloud storages like Google Drive, Drop box, file cabinets in case of paper based scanned documents, USB drives and so on. When there is a contract breach or dispute it becomes humanly impossible to go over so many places and sniff through the contracts and get to the right one on time.
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Last Update : Feb 24, 2020
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