As businesses grow and evolve, managing an ever-increasing volume of contracts can become overwhelming. How can you extract relevant information when handling hundreds – or even thousands – of contracts?
DiliTrust understands these challenges. We have been developing our proprietary AI for years and have added a feature to our contract lifecycle management (CLM) solution that revolutionizes the way organizations handle contracts: the summary sheet.
Precision, Efficiency, and Insight at Your Fingertips
When handling huge volumes of data, retrieving a specific piece of information can be a real pain. Imagine you need to extract the expiration date of a series of contracts. It takes hours to open the contract, browse through it to finally find the data you’re looking for.
This is where our summary sheet comes in. This cutting-edge feature uses AI to analyze and extract key information (including elements specific to your business and your organization) and compile it into a concise and easy-to-read summary giving access to all relevant data at a glance.
Automated Extraction: How Does It Work?
Our extractive AI technology scans your contracts whatever their format (Word, PDF, PNG, etc.). Thanks to OCR (Optic Character Recognition) our technology recognizes and identifies key data points, such as dates, parties involved, terms, and obligations. This data is then automatically compiled into a summary sheet, ensuring you have a comprehensive overview without the need for manual intervention.
How summary sheets will simplify your life
Collaborating with 2,400+ customers, we are aware of the hassle legal departments are facing when managing huge volumes of documents. We have identified four main pain points:
Time-Consuming Manual Reviews
Traditional contract review processes are labor-intensive and prone to human error. Our extractive AI reduces the time spent on manual reviews to provide a clear, uncluttered view of key contract information in minutes, not hours.
Information Overload
Finding that one piece of information among dozens of clauses is like seeking a needle in a haystack.
With clear, concise summary sheets, you have all the information you need to make faster, informed decisions.
Inconsistent Summarization
Manual summarization often leads to inconsistencies and missing data.
Our feature offers AI-driven summarization to ensure consistency and accuracy, minimizing the risk of overlooking crucial details.
Data security
You may be tempted to use an external AI to search your documents, which can lead to data breaches.
DiliTrust has developed its own AI technologies and infrastructures, meaning that your data remains completely confidential.
Real-life examples
Curious yet? Here are some concrete examples of how our summary sheets can help you.
Use Case 1: Quick Contract Reviews
You need to review multiple contracts before a crucial meeting. With DiliTrust Extractive AI, you can quickly generate summary sheets for each contract, highlighting the most important information and making it available at a glance. This enables you to prepare your meetings more efficiently and effectively.
Use Case 2: Risk Management
For legal teams, identifying potential risks in contracts is a top priority. Our AI-driven summary sheets flag critical terms and conditions, helping you assess and mitigate risks promptly. This proactive approach ensures compliance and protects your organization from potential liabilities.
Use Case 3: Audit and Compliance
During audits, accurate and easily accessible contract summaries are invaluable. Extractive AI allows you to filter contract types very precisely to provide auditors with a clear overview of your contractual obligations, ensuring transparency and simplifying the audit process.
Conclusion
DiliTrust’s Extractive AI for summary sheets is a game-changer in contract lifecycle management. By automating the analysis and extracting key information, our summary sheet feature saves time, enhances accuracy, and empowers your team with the insights needed for effective decision-making. Experience the future of contract management with DiliTrust and transform how you handle your contracts.
Discover the power of DiliTrust Extractive AI today: Request a demo!
