For any organization, managing the contract lifecycle is critical and any inefficiency in the process may lead to losing out important business opportunities, penalties and compliance issues. Wipro HOLMESTM Contract Intelligence transforms the legal function by leveraging artificial intelligence capabilities such as Machine Learning, Natural Language Processing (NLP) and Smart OCR in the pre-signing and post-signing activities. It helps in many ways, viz.
- Auto-classifies documents in the legal docket, identifies document relationships, provides version control and enables searching for specific information in the documents or contracts.
- Streamlines the contract review process by handling emails & documents in the redlining process ensuring standard position of the company across contracts.
- Automatically abstracts critical attributes, deliverables & obligations, and clauses from unstructured contracts of various formats, uncovers hidden risks and generates alerts.
- Ensures adherence to regulatory frameworks like IFRS & ASC and generates actionable intelligence from data.