This blog was updated on April 15, 2021.
VISDOM® AI is CobbleStone Software's proprietary, AI based contract management engine with machine learning. VISDOM can simplify contract administration for a wide variety of industry professionals by unifying people and processes thanks to a seamless integration between AI and contracts. Learn the 4 main VISDOM features that can help contract management software system users maximize CobbleStone Software's acclaimed source-to-contract management software suite - Contract Insight® - in an evermore future-minded legal technology landscape.
AI based contract management with VISDOM allows Contract Insight users to systematically analyze contracts, promoting improved contract oversight, proactive opportunity realization, and visionary risk mitigation. Essentially, contract management professionals can do what would be hours of manual work in a few clicks of a button.
Benefits of AI Based Contract Management Software
The roles of contract managers are changing because of advancements in contract intelligence and contract management machine learning. As lawyers, procurement teams, paralegals, and a myriad of other contract professionals implement artificial intelligence in contracts, they can begin focusing less on monotonous, manual, and limited contract and document management methods and can instead pivot their efforts towards exploring detailed automated contract data extraction, risk assessment, and shaping contract strategy.
For many, the concept of using contract AI software to automate data extraction and machine learning - effectively "replacing" certain workplace processes - can be overwhelming at first. It’s important to understand, however, that contract automation can perform previously monotonous work while teams focus on more complex, analytical, and nuanced contract tasks.
There are many benefits to leveraging AI powered contract management software. Knowing what it can do for their teams can help leading industry professionals to understand why it is transforming so many processes across industries.
Maximizing VISDOM for AI Based Contract Management
VISDOM AI has various features and functionality that can grant contract managers better contract visibility, reduced contract risk, and proactive contract oversight.
Here are 4 ways organizations can benefit from utilizing features of VISDOM AI:
- Automated Data Extraction & Field Mapping – Organizations can reduce the time it takes to enter new contracts into a contract software system. Contract managers can avoid wasting time manually importing key data fields thanks to intelligent data extraction and field mapping. VISDOM can identify and classify key data like locations, dates, PII, PCI, monetary values, emails, phone numbers, counterparties, and bank routing numbers. Drag and drop contract creation allows for the rapid introduction of a contract to the system. Natural language processing (NLP) with VISDOM streamlines data pre-processing, automated data extraction, and automated fill of critical information within contract records. Document clause detection lets contract management software users compare clauses within their organization’s pre-approved library swiftly. Future-minded contract intelligence tools are highly configurable so that users can oversee how search algorithm preferences are set - and where contract management AI is implemented within their contract software system.
- Risk Assessment Mapping – When teams add a new contract to Contract Insight, VISDOM can help identify potential risk by systematically analyzing document text, allowing the system to identify both "good and bad" language in a contract per a rules-based sentiment. Graphic-based risk rating and mapping features of AI based contract management software provide valuable insight for assessing contract risk. An intuitive graphic such as a risk assessment matrix presents risk probability patterns and potential risk exposure. This level of risk visibility can aid teams in making informed risk management decisions with less hesitation.
Organization-wide accountability is based on an organizational “risk score” that details how consistently and efficiently an organization utilizes the future-minded features of its contract management software platform.
- Statistical Data Analysis – Contract managers and teams can identify positive, negative, or neutral facts about contracts in their systems to help with visibility and strategy. If a contract has a value that is X% greater than the average contract value in an organization's system, a message alert can be configured, as well as updated contract workflow automation processes.
- Immediate Recommendations Based on Real-Time Data - Intelligent contract workflow can provide contract managers with pre-configured, recurring on-screen recommendations and reports that give organizations overall more superior contract visibility. VISDOM can be configured to send automated notifications and alerts.
Get Started Today With Contract Management Excellence With VISDOM!
VISDOM provides a better user experience by doing the busy work for you. By maximizing contract AI for your simple day-to-day tasks, you’ll get time back in your day to work on the things you never find time for. As such, it's time you got started with CobbleStone Software's Contract Insight.
CobbleStone’s trusted, acclaimed, fully integrated contract management software suite streamlines the contract process with optimal governance, lower friction, and higher flexibility from requests to renewals. CobbleStone Software has been a visionary leader in CLM software solutions since the mid-1990s. CobbleStone’s user-friendly, robust, and scalable solution seamlessly integrates with mission-critical applications for unified and seamless contract management. It’s no wonder why Forrester names CobbleStone a Leader in CLM software!
Discover why thousands of contract managers trust CobbleStone Software with their contract management needs. To learn more about CobbleStone’s unparalleled contract management software, book a free demo with a Contract Insight expert today!
Are you interested in future-minded contract management software tools? In our blog - 6 Critical Contract Management Tools for 2021 – learn how to leverage industry-leading CLM software tools for streamlined, user-friendly, and low-friction contract lifecycle management success!