CIO Bulletin

Docskiff – Empowering Contract Management with Artificial Intelligence and Machine Learning

Contracts are difficult (or rather impossible) to sort. They are everywhere, distributed across many repositories, scattered across multiple locations. The inaccessibility of contracts makes the task of managing them cumbersome, leading to a risk of losing out important business opportunities that are buried in these resources. The manual handling of these contracts becomes even more difficult when it comes to deal with the amendments, terminations, and (the most important) renewals of the contracts. That’s how the need for digitizing contract management came into the picture with various contract lifecycle management (CLM) solutions coming up. Machine learning and AI help in the identification and analysis of clauses and other data. It can let companies review contracts more quickly, organize large scale of contract data more easily, can help in contract negotiations, and increase the volume of contracts it is able to negotiate and execute.

Docskiff is a spin-off from Standav Corp focused on Contract Analytics that brings the State of the Art NLP, Computer Vision, and other deep learning technologies together as a SAAS platform. The company has built this AI-powered platform for risk and obligations management and unearths dark data that is hidden in the commercial contracts. The platform empowers procurement, legal, and contract administrators to be super productive, and brings in cost & business process efficiencies at scale. Currently, being used by some of the Fortune 1000 companies for understanding the risks with third party paper, streamlining both buy-side and sell-side contracts, and integrated into the existing CLM and P2P systems.

Leveraging Best Contract Management Solutions

Global Contract Search: Smart Contract Analytics allows you to search through the digital contract repository in several ways. For a broader level search, you can search by Meta field and if you are looking for a more refined search then you can search for Meta data. Not just these specific searches, one can do a contextual search (aka semantic search) by just using a generic keyword and the AI / ML / NLP technologies of the platform will get you what you want and also what is related to what you want.

Smart Contract Analysis Platform: When considering an advanced Artificial Intelligence based contract analytics solution, the most important and primary task is to discover all the sources where executed contracts are stored and typically the contracts are distributed across multiple repositories like SharePoint, Google Drives, Drop Box, SFTPs, emails and so on. Smart Contract Analytics has in-built adapters to most popular storage repositories there by easily discovering and importing all the contracts to a single source

Compare Contracts For Deviations: Not only searching for specific keywords or terms across your contracts, the Smart Contract Analytics platform can help you and your legal teams to do a side by side comparison of any executed contract with the standard template to see where the deviations are visually. Not only this, you can also compare any two executed contracts and spot the differences in seconds making your contract review a lot quicker and easier.

Metadata Extraction: The Smart Contract Analytics platform enables users to configure the Meta data that need to be extracted from any document type. User has the choice to select the meta fields from the pre trained machine learning models that are already part of the platform or can add any number of new meta fields which are not part of the out of the box solution. Once the user finalizes the Meta fields to extract, the AI powered contract analytics engine automatically picks up all the configured meta fields and performs the extraction on selected documents.

Derive Contract Insights and Analytics: Smart Contract Analytics platform comes with an analytics dashboard and a few standards out of the box reports to help you analyze your contract data and make meaningful decisions for your business. The platform is scalable enough to build custom dashboards and reports to suit a particular business need.

The Formidable Leader

Siva Pullabhotla is the co-founder and Chief Executive Officer of Docskiff. He has over 25 years of industry experiences, split between the U.S. He worked with several IT start-ups at various senior levels. Siva founded Bimarian in the year of 2011 providing Outsourced Product Development (OPD) and big data analytics. Currently, Bimarian boasts of highly skilled engineers with experience in building big data solutions (Hadoop Ecosystem) and enterprise applications. Prior to this, Siva ran LiquidHub’s India office in the role of General Manager and built ODC from scratch to 300+ people in less than eight years.