Agile contract abstraction enabling deliverable and obligation management for enhanced contract governance
Enterprise customer contracts contain critical information that business users need to access to make informed decisions. Accessing relevant information from these contracts is challenging, with lawyers and experts manually searching every contract, sub-contract, and addendum, reading each sentence, gathering required data and organizing information into their contract lifecycle management system.
Contracts are typically stored in the form of scanned PDFs. Manual abstraction leads to loss of important data points, resulting in an incomplete view of the organization’s deliverables and obligations.
Wipro HOLMESTM automates understanding of lengthy and complex legal contracts, extraction of clauses, and identification of deliverables and obligations. HOLMES understands the domain context and identifies all clauses to ensure completeness of information, delivering over 40-50% cost savings in contract servicing and abstraction. It ensures contract governance and minimizes penalties and deviations, while empowering business users.