Part 10 – Commercial Contracting
This new series focuses on how Machine Learning, Natural Language Processing, and Robotic Process Automation are changing the face of business. Each post contain a specific use case, the business value derived, and the technology synopsis to achieve the outcome.
Pharmaceutical Companies can reduce contract risk exposure, eliminate manual processing, and merger & acquisition costs via the deployment of a semantically-enabled contract management system. These systems have the ability to scale across millions of contracts, greatly reducing the manual effort involved in reviewing the documentation and reducing the risk of non-compliance with terms through human error.
This is accomplished through Natural Language Processing of the contracts using GATE, OpenNLP, and UIMA. Solr can also be utilized to enable contract clause indexing and contextual search capabilities. The potential ROI in both effort and non-compliance can total millions in a just few years.