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Why Contract Analytics is the Next Knowledge Frontier for Enterprises

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Contracts are the next most-promising frontier of knowledge management. Adlib has been a pioneer since the late 1990s in transforming unstructured data into intelligent data for enterprises. Lately, we have escalated our efforts to focus on contract analytics, for three reasons:

Contracts are vital to business and loaded with valuable data.

Every enterprise has contracts that are essential to business operations. Across many functions—legal, finance, corporate development, operations, supply chain, procurement—contracts define how business is to be done. Surprisingly, most contracts and contract-related correspondence are contained in “unintelli- gent” formats such as PDF, MS Word and email. So, the data is effectively entombed.

Contract data can hurt you when hidden.

Increasingly, comprehensive contract reviews are needed to uncover regulatory risk. An example: IBOR (InterBank Offered Rate), the long-used benchmark exchange rate, is being phased out. Reference to IBOR is buried in millions of contracts that need to be reviewed, verified and amended. To do that manually is a nightmare of resource diversion and cost over many months. Adlib is helping banks make visible, review, and amend IBOR-related contracts in a matter of days. The savings are immense.

Contracts when made “intelligent” are not just defensive but also an engine of growth.

The Adlib contract analytics platform reduces costs, creates data-driven business decisions, and propels growth. If that sounds like a form of superpower - it is. Consider Adlib’s global pharma- ceutical customers; When marshalling data to gain rapid vaccine approval from the FDA in 2020 they were able to automate and accelerate massive content flows involving thousands of clinical trials, documents and contracts, because the company has made digital knowledge transformation a priority.

The Next Knowledge Frontier is Now. Supercharge Your Enterprise with Adlib

For any enterprise where risk is unacceptable and decision speed is essential (consider M&A, Supply Chain disruption and regulatory compliance including IFRS 17, Solvency 11, GDPR, FINRA, CCAR, Dodd-Frank Act), contract analytics should be an ongoing corporate competence. Adlib’s many clients have that edge. They have cleaned up legacy documentation and can now ensure that all data is captured as it’s created. They are ready for whatever comes next.

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About Adlib:

Our purpose is to create intelligent data that amplifies human potential and maximizes business performance. Our content intelligence and automation solutions help global enterprises harness the true power of intelligent data. For more information, contact us at info@adlibsoftware.com or visit adlibsoftware.com.

 

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