Contracts are the bedrock of much of the business world and the glue that binds the economy. They cover various subjects, from service agreements to large-scale product orders. Knowing what's in a contract—and whether it conforms to expectations—is an essential function of legal teams. Today, with an exciting AI connector for the Kofax TotalAgility automation platform, you can revolutionize how your teams handle contract analysis.
What is Zuva?
A leading provider of AI instructed to recognize and understand business contracts. Its proprietary DocAI tool, trained by professionals and legal experts, currently recognizes over 1,300 distinct field types within contracts. That extensive capability can make it a potent tool for legal teams seeking to reduce the time it takes to analyze and approve business contracts. We'll explore use cases in a moment, but first, let's consider how you can factor AI and automation together.
Connecting Zuva Solutions to TotalAgility is Simple
TotalAgility allows for advanced intelligence process automation and offers a highly dynamic development environment. You can automate many steps regarding contracts with TotalAgility. For example, the system might monitor an inbox or a folder for the appearance of new contracts. When a new file arrives, an automatic workflow can begin.
With a secure connection to DocAI using the Zuva connector from the Kofax Marketplace, TotalAgility can pass the contract to the AI tool for extraction and analysis. Afterward, you can notify critical stakeholders of anomalies, forward contracts to stakeholders for signatures or move to the next step of your workflow.
Critical Use Cases for Applying AI to Contract Analysis
So you can connect automated document systems with a robust contracts AI—now what? Understanding the primary use cases shines a light on the potential value of this integration. Here's a quick look at four ways to apply AI and understand the contracts your organization must sign.
Identify critical clauses and extract data.
You may need to identify specific clauses within a contract that have a critical priority for review. Without AI and automation, a human must manually review the entire document, ignoring the boilerplate to extract the correct clauses. With a connection to Zuva DocAI, you can automate the identification of the clauses that need a high-priority review. The connector then brings the extracted data back into TotalAgility, where you can take additional actions based on your workflow.
Confirm whether contracts contain specific clauses.
Instead of extracting clauses to review, you might want to confirm whether a specific condition or item exists in the contract. This task is critical after a lengthy negotiation, especially if there is a contentious back and forth. It's also a wise step, even with regular contracts. You can set up field requests that use the AI tool to scan the document and find the specific clauses. If they don't exist, you can use TotalAgility to alert other members of the legal team or executives within the business to the anomaly.
Score the level of risk a contract represents.
How much risk will your business assume based on the contents of a new contract? That's a complex determination that can take time to make, which slows down the process of finalizing deals and agreements. With automation designed in TotalAgility and powered by the AI connector, you can automatically assign risk scores to items identified and extracted from the document. You could even use individual scores to generate an overall risk score, which the business can use to consider its options.
Automatically compare contracts to internal benchmarks.
Do you have specific guidelines or requirements that all contracts must meet before you send them for signature? How can you be sure that a contract matches those guidelines? You could configure your setup to intelligently compare extracted fields from contracts you write with your guidebook to best practices. This step ensures that contracts conform to all your expectations and don't contain terms unacceptable to the company's interests.
See How to Start Taking More Control Over Your Contracts
A single problematic clause overlooked during a manual contract review could significantly impact outcomes. Unfavorable terms can put a firm on the wrong footing and make it challenging to succeed in a deal. The potential issues are numerous and all too easy to imagine, especially when your business signs many contracts annually. Human error in this area can prove very costly.
With the Zuva AI connector for TotalAgility and other Marketplace solutions, you can accelerate your journey into the future while realizing critical benefits. With many potential use cases, including identifying unfavorable or unexpected clauses, DocAI and intelligent automation can transform this critical legal workflow. Consider what a difference that could make today.