Today many organizations spend countless hours and resources reviewing and analyzing their contracts.
One of the main challenges with contract analysis is that it requires a re-source that is not only familiar with contracts but also the type of contracts that are being reviewed. This can be time-consuming, error-prone, and costly, especially when dealing with a high volume of documents.
Understanding the contents of contracts and how they may affect high-level operations, including the day-to-day, is essential. Without this under-standing, some risks can include violating a vendor agreement, not fully understanding the terms of your credit agreements, or becoming non-compliant. Even negotiating a contract can be a challenging, time-consuming task that takes weeks or months due to the complexity.
Other Common Customer Challenges
Key Data & Clause Extraction (helps drive better decision making, as well as more efficient and cost-effective operations)
- Contract analysis and review is a time-consuming, error-prone, and costly task, especially when processing hundreds or thousands of documents.
- This solution helps people process and analyze large volumes of documents in significantly less time to complete the first round of analysis. Zuva specializes in extracting valuable information out of contracts and related documents, with more than 1,300 built-in AI fields.
File Naming Conventions (helps drive more efficient and cost-effective operations)
- It can be difficult and time-consuming to find files with critical information in your document library (which can have tens of thousands of documents). This is because most documents have been named in random, non-uniform ways by different employees.
- Having a file naming convention helps you stay organized and makes it easier to identify your documents (saving time).
- Establishing an effective practice is an investment of time and effort, but (this solution) can help automate that process and maintain it as new documents are uploaded in the future.
File Metadata Enrichment (helps drive more efficient and cost-effective operations)
- Document Management Systems store large volumes of documents and rely on document metadata to help its users search and find what they need—but it can be difficult to get users to add metadata manual-ly to the DMS when they add documents to it.
- This solution makes the metadata enrichment task easier by extracting key information and populating document properties automatically.
- Zuva can automatically identify DMS-relevant metadata like agreement type, title, parties, date, governing law, parties, and more—including key clauses.
Today, it doesn't have to be that way. Advances in automation and AI technology make it easier for organizations to review and analyze con-tracts. Starting with an intelligent automation platform such as Kofax To-talAgility and connecting it to the Zuva platform lets you leverage the pow-er of artificial intelligence to gain insights about your contracts, saving you time and money.
Getting Started with the Zuva Connector for TotalAgility is Simple
The Zuva Connector is a paid offering, so we recommend that Kofax To-talAgility customers contact Zuva or Kofax to get set up with the installation package and purchase the Zuva API package that best suits your organization’s needs based on the number of contracts to be processed. The Zuva Connector for TotalAgility works with both TotalAgility Cloud and On-Prem instances. Simply import the Zuva package in your TotalAgility instance and then follow the install guide to configure the connector. Once configured, you can explore a few of the test Business Process that are included with the setup process to help you get up to speed on this functionality. After, you can start building your own workflows that incorporate Zuva’s Contracts AI functionality.
A Quick Look at the Benefits of Zuva and TotalAgility Integration
It's hard to list all the benefits of having a convenient method to manage your contracts, but there are many. Using them lets you position your business for success. With this integration, you can expect to enjoy bene-fits such as the following:
- Identify and extract specific elements from contracts for review without needing hours of legal work.
- Improve contract interpretation by highlighting key words and phrases.
- Negotiate from a position of knowledge and strength.
- Easily and quickly understand your obligations in existing con-tracts.
- Identify opportunities for renegotiation or improvement in future contract periods.
- Ensure your compliance and governance teams have the right tools in hand.
- Verify the validity of contracts.
How to Maximize the Value of Your Integration
Once deployed, how can you be sure you're moving quickly towards a ro-bust ROI on this choice? There are a few essential considerations to make.
- Involve your key stakeholders, not just those at a high level, but workers at all levels who may use this process. Gather input and learn about how AI assistance can streamline your work.
- Analyze where your contract workflows need improvement. Have a plan for using AI to reduce or eliminate these problems.
- Apply this process to more than just understanding contracts. Use your connection to enhance your negotiating power by better understanding contract jargon.
Embrace the power of the new Zuva Connector with Contracts AI to streamline contract management, enhance operational efficiency, and achieve significant cost savings. Let us help you overcome these common challenges and revolutionize the way you handle contract data!
Zuva has developed one of the world's first and most innovative AIs explicitly trained to understand contracts. Using training data developed by qualified lawyers and nearly a decade of work behind the scenes, the DocAI system has extensive capabilities for parsing and analyzing contracts.
According to Zuva, this includes a built-in ability to recognize more than 1,300 distinct types of contracts, including specific clauses, words, and more. More than just a tool for extracting this information, it has extensive capabilities for presenting and organizing such data for review. You can compare documents, see how contracts relate, score them for risk, or even turn image-based contract documents into full-text files.
It's not hard to imagine how such a tool could be transformative, especially for legal teams who often face high demands in short time frames. With a custom-built connector available in the Kofax Marketplace, you can add extend your existing TotalAgility deployment by adding in a contracts-related workflow.
Getting Started is Simple
Zuva and TotalAgility are both low-code/no-code environments that simplify con-figuring your setup. The Zuva connector package has been designed to integrate quickly using TotalAgility's base support for plugins and connectors. Log in to your Marketplace account, visit the connector page, and purchase. Once enabled, you can explore a few test use cases pre-configured to help you get up to speed on this functionality. After, you can start specifying your own workflows.
Take More Control Over Your Contracts Today
Understanding the layers of nuance and meaning present in every contract your business signs or negotiates is essential to long-term stability and success. A better understanding of contracts can not only streamline the process of hammering out new agreements but also provide increased insight and visibility into your existing contracts. Instead of hiring an army of lawyers to decipher the legalese, Zuva, TotalAgility, and the power of modern AI can do the heavy lifting.
Building custom workflows and automation in TotalAgility using the Zuva Connector is simple. With Kofax solutions from the Marketplace, such as the Zuva connector, your business can go beyond better contract management to achieve more.
Use it to gain greater insight into how your organization works and identify improvement opportunities. This simple connector can help you ensure you're getting the best deal possible and holding up your side of the bar-gain, too. Get it for your business today.