How Contract Understanding Leverages AI To Provide Comprehensive Contractual Solutions
How Contract Understanding Leverages AI To Provide Comprehensive Contractual Solutions. Contract Understanding is a game-changing AI-powered Software-as-a-Service (SaaS) solution designed for organizations across diverse industries. It empowers these organizations to securely, and efficiently, handle contracts once they’re signed. With Contract Understanding, businesses gain full control over their contract benefits, obligations, and renewal processes. The platform leverages cutting-edge AI technology to analyze and extract vital data from each contract, providing comprehensive visibility into an organization’s entire contract portfolio. The company’s subscription-based model is flexible, accommodating both beginners and advanced users, enabling them to seamlessly navigate contracts post-signature in a way that best suits their unique business needs.
Norman Kretzmer is the founder and CEO of Contract Understanding. Contract Understanding began as a response to the challenges and hurdles faced by entrepreneurs operating medium-sized businesses. These challenges included the cumbersome management of contracts after they were signed. The company personally experienced the frustration of losing track of physical paperwork, missing critical renewal deadlines, unintentionally allowing contracts to auto-renew, overlooking benefits like incentives and discounts specified in contracts, and even facing penalties for contract non-compliance. Considering these experiences, Contract Understanding was founded with the mission of assisting other businesses in optimizing their contract management processes. The company’s goal is to help them avoid these potentially costly pitfalls and streamline their contract management practices effectively
Several global players focus on different aspects of contract management, including document creation, e-signatures, document storage, data extraction, and more. However, based on its understanding, none of these companies provides a holistic, subscription-based solution designed specifically for medium-sized organizations to effectively manage contracts after they’ve been signed.
What sets Contract Understanding apart is its unique approach. It distinguishes itself from competitors by offering a comprehensive post-signature contract management solution that is: Subscription-Based: the company’s model is designed to be accessible and cost-effective, ensuring that efficient contract management is within reach for a broader range of organizations. Tailored for Medium-Sized Entities: the company understands the specific needs and challenges that mid-sized businesses face when it comes to contract management. Its solution is finely tuned to address these needs.
Contract Understanding employs advanced optical character recognition (OCR) technology to efficiently extract and repurpose text from scanned or emailed PDF documents. After a contract is uploaded, the company’s AI algorithms and machine-learning capabilities swing into action. They meticulously extract essential data from the text and furnish clients with a comprehensive overview of their agreements. This empowering feature allows them to configure tailor-made automated workflows, aligning perfectly with their unique requirements and significantly enhancing their contract management capabilities.
