Contracts 365 Announces New Innovations in Contract Management


NEWBURYPORT, Mass., Oct. 20, 2022 (GLOBE NEWSWIRE) — Contracts 365, Inc., the leading provider of contract management software for organizations running Microsoft 365, announced that it has leveraged Microsoft Azure and of its AI capabilities to bring new innovations to the contract management community.

Today’s next-generation contract lifecycle management solutions require innovations in both technology and user experience. The integration between Contracts 365 and Azure AI services like Azure Form Recognizer will bring innovative and practical value to the contract management community. The prospect of AI for contract management is an aspiration for organizations across all industries. Challenges associated with data accuracy and processing speed have prevented organizations from implementing AI-based software products. Legal teams remained skeptical of the real benefits, and unfortunately many products produced low levels of data accuracy during extractions. To compound this problem, users are challenged to have an elegant way of interpreting the results to clearly understand which part is correct and which is not. Further data validation techniques (people!) are used to “clean” the datasets, which creates additional costs and delays, making ROI measures negatively significant.

“We are excited to work with the Microsoft team to leverage the power of Microsoft’s ‘Azure AI’ platform,” said Russ Edelman, president and CEO of Contracts 365. with AI capabilities just haven’t delivered on their promise. AI/ML bringing value to all phases of the contract management cycle. Microsoft is uniquely positioned to bring the depth and breadth of AI requirements to a highly functional level for organizations looking to automate their contracting process,” Edelman continued.

Azure Form Recognizer is an Azure Applied AI service within the Azure AI platform that applies advanced machine learning to automatically and accurately extract text, key-value pairs, tables, and structures from contracts. This allows users to turn contracts into usable data and focus on acting on the information rather than compiling it. The service allows you to start with pre-built “templates” or create custom templates [1] (See reference #1 below for links to Microsoft templates) suitable for your contracts and documents. Contracts 365 “integrates” the core functionality of Azure Form Recognizer, then extends the AI/ML engine with critical data validation and matching to ensure the right data is extracted and associated with contracts.

“By leveraging Contracts365’s platform, enterprise customers are extracting business value at scale with AI. The platform addresses a variety of document processing challenges, enabling customers to leverage Azure’s cutting-edge AI models and enterprise-grade reliability and security,” said Ben Tezcan, senior program manager, Azure AI Platform, Microsoft.

Contracts 365 and Microsoft will showcase new Azure Form Recognizer features built into Contracts 365 at two events in Q4. First, on October 27, the companies will jointly present a webinar through the World Commerce & Contracting Association (WorldCC). Titled “Power Contract Management with Contracts 365 & Microsoft Applied AI Services”, the webinar will feature Edelman and Tezcan explaining how Contracts 365 and Microsoft have partnered to bring Azure Form Recognizer functionality to contract management. They will demonstrate advanced machine learning and how it can support key contractual functions such as automated data extraction from legacy contracts or directly from third-party agreements. Mr. Tezcan will share Microsoft’s vision and how its predefined contract understanding model enables extremely accurate and fast extraction of metadata from documents.

Then, on November 7, Contracts 365 and Microsoft will meet again at the WorldCC Americas Summit in Arizona, the gold standard for contract management events, to demonstrate the combined power of Azure Form Recognizer and Contracts 365 Data Extraction & Processing Model.

“Contracts 365’s unique and strategic offering has always been built on the Microsoft product stack. It’s no surprise to see that they’re also first to market to take advantage of these exciting new AI capabilities within Azure Applied AI Services. the Azure AI platform, coupled with Contracts 365’s obsession with an incredibly elegant and powerful user experience, makes it a key player in the highly competitive CLM market,” said Paul Branch, Director of Networking at WorldCC.

About Contracts 365®
Contracts 365 is powerful contract lifecycle management software specifically designed for Microsoft 365 customers. Our intuitive, cloud-based CLM software leverages our customers’ strategic investment in applications, architecture, and Microsoft security to give them unparalleled control over their private contracts and data. With world-class implementation and support of industry-specific contract management solutions, Contracts 365 helps you discover the power of your contracts, every day.

Learn more about www.contracts365.com.

[1] https://techcommunity.microsoft.com/t5/ai-applied-ai-blog/general-availability-of-azure-form-recognizer-v3-0/ba-p/3599245

https://learn.microsoft.com/en-us/azure/applied-ai-services/form-recognizer/concept-model-overview

Contact information:
Jessica Alden
Marketing Communications Manager
[email protected]
888.377.9933

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