Contract lifecycle management provider Agiloft has introduced a new AI-driven feature, Obligation Management, to its suite of solutions. The tool is engineered to tackle the common problem of overlooking contractual commitments, a challenge that often leads to significant revenue losses, ranging from 5-9% annually, according to research conducted by PwC.
The Obligation Management functionality leverages artificial intelligence to comb through contracts and precisely extract essential commitments, encompassing service-level agreements, compliance mandates, renewal dates, payment terms, and milestone deliverables. This transforms static contractual language into dynamic, actionable data points, offering organizations a structured means to monitor and manage obligations across the entire contract lifecycle.
This feature builds on Agiloft’s strategic acquisition of Screens earlier in the year, enhancing Agiloft’s contract review and redlining capabilities through expertly crafted and AI-generated playbooks. The newly launched system is designed to strengthen enterprise operations by automating obligation tracking. Businesses can assign tasks, set deadlines, and monitor progress while benefitting from automated reminders and notifications for overdue tasks.
Key features of the system include:
- Automated Extraction: Contracts are analyzed using the new Screens Run Action for automatic obligation identification and information extraction.
- Categorized Obligations: A comprehensive library of obligation types is available, organized to suit procurement and legal teams’ needs, covering areas such as Financial, Delivery, Service Levels, and more.
- Customizable Tracking: Entities can tailor obligation categories and integrate data with other systems for seamless coverage without manual document scanning.
Andy Wishart, Agiloft’s Chief Product Officer, has stated that the Obligation Management feature provides enterprises with “data-rich tools for modern business transformation,” aiming to mitigate risks and optimize revenue by turning contractual obligations into actionable insights.
The culmination of these advancements is part of Agiloft’s broader strategy to innovate within the contract lifecycle management space, as the company continues to explore AI-driven solutions that enhance security, collaboration, and precision in contract handling. For further details, visit the full article.