Contracts that come in from customers or third parties are often outside the contract management system and thus must be managed manually through emails, Word/Excel documents, Google Docs/Spreadsheets, and so forth. Important contract information needs to be extracted in a timely manner and deposited to the downstream ERP system to ensure payments are processed before the due date. Multiple people must be able to collaborate and find information from various types of contracts easily.
Bumi can be leveraged to bulk process contracts of various types to perform automated review and abstraction, producing actionable contract insights. The extracted contract information is summarized and is accessible to different departments and users based on role-based access control. Bumi can be easily integrated with ERP and multiple downstream applications to further process the data. Users can annotate the extracted information, making it easy to collaborate with each other through a single source of truth. Bumi also provides real-time reporting and customized dashboards which increases the visibility of inefficiencies in the process.
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