For hundreds of years the information and data contained in contracts has been sitting idle in dark archives. With the digital age there is a new wealth of information that can be extracted from your contracts. Without the ability to capture that data you are missing on out rich and insightful information on what is happening in your business.
I remember less than five years ago that I would print out contracts in paper and file the in a cupboard. Except for key operational contracts, usually those pieces of paper would never be looked at again — otherwise it meant a problem or litigation. Today it is unacceptable to not capture contract data and use it in business decisions whether it is finance, risk management, compliance, process design or determining staff levels.
It took me about four years to implement a process and technology where contract data is available at demand and being used for management decisions. Today the information is looked at using BI dashboards. Reviewing policy compliance and trends is a weekly activity. I receive automatic alerts when there is unusual behavior or information. All this means I can feel and understand the business and react quickly to any risks identified.
The approach taken to capture contract data today by most people and software providers is not efficient. They take a ”capture the information after the fact approach”. They do this by taking signed contracts and running them through natural language programming — sold as AI technology — and then create a report on what is there. My approach to extracting contract data is a before the fact approach. The best time to capture contract data is when the contract is being created since this is when people are looking at the contract.
After four years I have found a secret formula and design for no cost contract automation. One of the benefits of that formula is that it reduces legal work from 1 hour to 1 minute. However, the biggest business asset from my no cost contract automation is the data which is created during the process.
I am really excited to share my no cost contract automation with everybody since I believe that by changing the way you work will change your life. Your work life will have more meaning. Which in turn will give you more confidence and happiness in your personal life.