Artificial intelligence and machine learning are creating unparalleled efficiencies in contract lifecycle management (CLM). These high-powered tools can assist organizations that find themselves oversaturated by the volume of their own contract data. But equally overwhelming can be the question of where to get started with an AI focused CLM implementation.
Mainspring makes that decision easy. Mainspring is a CLM system integration firm devoted to helping clients derive the maximum value from its contracts. Mainspring has 20 years’ experience deploying CLM. One of our success criteria is to ensure user adoption. A way we accomplish this is to ensure there is no distinction in the richness of the data on historical contracts vs new contracts going forward. This results in increased user adoption and a reduction in workarounds when searching, reporting, and monitoring contracts.
Mainspring has teamed up with Coupa to bring AI into your contracting process and allow any user to OCR and automatically extract contract text and clauses directly within Coupa’s UI. With the use of Mainspring’s Intelligent Contract Analyzer, the machine learning technology combined with your Coupa environment will automate contract extraction.
This will enable organizations to upload fully completed contracts to capture data points directly into your Coupa CLM. The use of this machine learning technology will reduce the need for human intervention from standard templates or 3rd party agreements. Extracted data is stored in the Coupa Contract record and is available for data storage, visibility, reporting, & operationalizing in the P2P process.
Mainspring focuses on the end result by unlocking data to gain insights that enable clients to automate answers. The value that this brings to your organization is immense and some examples include:
- Seamlessly populating your repository with contract data
The Intelligence Contract Analyzer is used to give full visibility into all your contracted spend and contractual obligations in Coupa. This technology extracts language after signatures as part of the contract storage process to OCR the agreement and populate Coupa data fields used in searching and reporting.
- Understanding current and past obligations improves your negotiation position
In order to understand current and past obligations, organizations can review a reported summary of negotiated positions through the extraction of clauses. This allows teams to easily identify clauses that have been previously agreed to and use the insights to negotiate future suppliers and customers’ contracts.
- Save time manually reviewing contracts while increasing your accessible data
Data is quickly produced with contracts being converted to readable OCR documents and contract terms are presented back to the user within minutes. This allows the reader to much more efficiently review data. The user no longer wastes time opening a contract and extensively reading basic provisions in order to understand the agreement. This allows for time to be spent on more strategic activities and increases efficiencies within organizations.
- Pre-trained to extract over 100 contract provisions and legal clauses
With the Intelligent Contract Analyzer, you are able to tailor your extractions to provisions that you find important and then extract from PDF, Word, TIF, PNG, and 20+ other file type formats. Extraction text is stored in Coupa, unaltered from how it is presented in the contract; users can use this to map to standard drop down lists. Mainspring can also potentially train it to find additional clauses of interest.
- Operationalize contracts by having increased contract backed spend
By linking created contracts to purchase requisitions within Coupa, you now have the option to improve on your pre-approved spend. Third party agreements’ milestones and pricing can be extracted in order to manage your contractual obligations.
The machine learning software is available for data storage, visibility, reporting, & operationalizing in the P2P process. This is done with unparalleled accuracy. Project duration and cost is thus minimized due to the AI software being pre trained on important provisions. Flexibility in this process is extremely important to Mainspring. In order to do this, collaboration is needed to ensure that value is found with each individual company. If you are looking for a AI-powered CLM solution that can reduce risk across every aspect of the operations process and digitally transform your contracting process, contact us to schedule a demo here.