Fabasoft presents AI-based contract management
Released on 17. November 2020
Fabasoft Contracts sets a milestone for simple and efficient contract management
Fabasoft Contracts, the company’s standard product for intelligent contract management, simplifies the way businesses create, process, and manage contracts by leveraging artificial intelligence methods.
Especially now, with working from home on the rise, companies are faced with the challenge of maintaining a complete overview of all signed contracts, their obligations and of making the information from these contracts accessible to all parties involved. Fabasoft Contracts provides a cost-effective and time-saving way to import existing contracts using drag and drop, analyze them with the power of AI-based contract analytics, and make them accessible in a secure cloud environment to all relevant parties no matter where they are.
The solution uses neural models to extract entities from the contractual documents – such as the contract parties, their contact information and roles, the type of contract, and the notice period. It also performs geocoding based on recognized addresses. User-customizable dashboards deliver a consolidated view of contract-relevant data including contract durations, contract amounts, and contractual obligations, helping companies respond proactively to upcoming events.
What’s more, an integrated “advanced electronic signature” (AES) in full compliance with the eIDAS Regulation makes it easier to process contracts across departments and companies without any interruption in media format.
“With Fabasoft Contracts, we’re offering an immediately ready-to-use standard product to handle contract management over the entire contract lifecycle. Content is presented automatically on dashboards that are customized and personalized based on the specific requirements. We’re giving businesses the chance to test the performance of Fabasoft Contracts with their own contracts for 28 days free of charge and with no obligation – that way, customers can experience the added value of our solution right away,” explains Andreas Dangl, Business Unit Executive for Cloud Services at Fabasoft.