Zycus Transforms the CLM Landscape with Contract Metadata Bot Powered by the Zycus Merlin AI Platform
Zycus Merlin AI Platform lets you utilize the latest innovation and techniques around artificial intelligence, machine learning, and robotic process automation across the entire Source-to-Pay suite. With its pioneering technology, the Zycus Contract Metadata Extraction Bot will enable customers to automate a very manual process and provide a high degree of efficiency and process compliance.
Zycus Contract Metadata Extraction Bot will enable customers to automate a very manual process and provide a high degree of efficiency and process compliance.
The Zycus Merlin Contract Metadata Extraction Bot has the ability to identify standard metadata (like Contracting Party, Effective Date, Expiry Date, Contract Title, Currency, Payment Terms, Contract Value, Renewal Terms, etc.) and customer-specific metadata from different types of contracts like commercial and sales contracts, vendor agreements, leases, NDAs, purchase agreements, SOWs, MSAs, etc. The contracts can be uploaded as machine-readable documents or even as scanned images, with a very high degree of accuracy.
The Merlin AI Bot is strongly integrated with the Zycus iContract application and thus allows Zycus customers to run the bot from the CLM application or easily take the extracted metadata into Zycus iContract. However, other customers can also leverage the benefits of Merlin to integrate the extracted data into their non-Zycus contract applications.
The Merlin iContract Metadata Extraction Bot will have a tremendous impact on the CLM space as it will significantly reduce the extraction time, improve accuracy, and enable practitioners to take better decisions based on well-classified, cleaner data.
“Today AI is used very flippantly in the industry, but what makes Zycus’ AI initiative really stand out is our very significant investment in people and technology, access to real customers’ data for training, and our deep understanding of the domain,” says Kanishka Ghosh, Director of Product Management at Zycus.