An estimated 80% of business-to-business transactions are underpinned by legally binding contracts and agreements. Though many of these contracts contain clauses, terms, conditions, commitments and milestones that need to be tracked and managed over the contract’s life to maximize business benefits and minimize associated costs or risks, most organizations never actively manage their contracts during the agreement period. Contracts are archived away in departmental filing cabinets never to be reviewed again until a problem arises or the contract has already expired.
Research firm, Faulkener Information Services estimates that as many as 10% of contract documents are lost each year.
Some of the world’s most respected companies have contract management practices that leave much to be desired. Many companies do not simply have control over contracted commitments, milestones or obligations because key business stakeholders are not able to readily access relevant or timely information about what is contained within contracts because the contract documents are either lost or hard to find.
It is common for General Counsels and other contracting professionals to express frustration that they do not know how many contracts their organisation has or what commercial terms and commitments are contained within them. Contract Management software systems play a significant role in gaining control over the contracting process, but they largely ignore the issue of capturing existing or legacy contract contracts and data.
Dolphin AutoCapture is a unique Contract Discovery solution that makes use of advanced search and artificial intelligence-based technologies to conduct an instant and automated audit of your contract landscape.
Starting at as little as $15,000, Dolphin AutoCapture will automatically locate lost or hard to find contracts in Windows File Shares and computer desktops, identify duplicate documents and tell you exactly how many contract documents (and by type) you have throughout your organisation. Dolphin AutoCapture also extracts key contract milestone data from recovered contracts (like start/termination/renewal dates, contract parties, locations, values, currencies, right to assign, etc) and presents this data instantly for Legal, Finance and other contracting professionals to analyse and interrogate.
To find out more about Dolphin AutoCapture, visit http://www.dolphin-software.com/autocapture.htm and navigate around your contract icebergs.