How to validate and manage contracts efficiently using workflow automation
Managing contracts is difficult. Contracts evolve. For example, there might be amendments due to new terms and contract renewals—or changes due to new regulations. Many contract management systems (CMS) have difficulties keeping up with this evolution. But it is not only these systems that struggle.
Traditionally, employees have to evaluate long contract paragraphs, then laboriously extract relevant information, and finally, compare this data with other in-house databases. But, employees frequently overlook the required updates or modifications in all systems involved.
This video will show how the Automation Hero platform, workflow automation, and AI capabilities support employees in staying on top of these tasks and completing them faster than ever before with increased quality and data integrity.
We will briefly run through Automation Hero’s highly configurable human-in-the-loop interface that is part of the automation workflow and how it provides a clear insight into important contract data. Using the contract document itself, we also show how our human-in-the-loop interface allows employees to quickly review contracts and approve changes to all relevant systems with the click of a button.
Additionally, we will provide a deeper look into text extraction using artificial intelligence. We will show you how to set up AI components effortlessly in a conversational way so that when you propose a question,the AI extracts the answer and provides it for further use in an automation workflow.
We have achieved two vital company goals using AI-based text extraction and workflow automation. On the one hand, we freed up valuable time our employees can now spend on performing higher-value tasks. On the other hand, we ensure consistent updates across all relevant systems, which is an essential compliance requirement.