Ultria, a leading provider of enterprise contract lifecycle management in the cloud, is extending their Contract Management software to include Artificial Intelligence Contract Parsing and Data Extraction. It demonstrates how neural networks in combination with machine-based learning help in-house legal teams to solve complex regulatory challenges, manage constant geopolitical change, and reduce risk.
“With our integrated and expanded AI approaches, Ultria CLM drives increased productivity and effectiveness in deriving useful information from legacy and unstructured contract data-stores. Or in more business friendly terms, Ultria CLM enables legal and compliance teams to quickly and accurately assess the state of their contract repository and create action plans to address non-compliance.” said Arthur Raguette, Executive Vice President, Ultria.
“The expanded use of neural networks as a complement to our established machine based learning and natural language processing algorithms has yielded even higher levels of initial and recall accuracies.” Says Digesh Panchal, Ultria’s Vice President. He continues to remark “While no AI solution may have perfect results every time, we have reached demonstrable levels of accuracy that consistently perform.”
Ultria’s Contract Lifecycle Management is an end-to-end contract management solution which reduces creation cycle time, centralizes contract storage, and tracks compliance across multiple dimensions. Ultria CLM’s integral External Party Portals and Request Portals, when combined with CRM and ERP integration delivers streamlined contract management with Artificial Intelligence driven contract parsing and predictive risk analysis.