Impact of BREXIT on Business Contracts & Risk Mitigation using AI/ML Based Contract Analytics Tools

Now the BREXIT is a done deal and many of the businesses are waking up to the reality of dealing with the supplier and vendor contracts. The procurement managers and the leadership will have a lot of work to reassess the contractual agreements and probably a great opportunity to rework the contracts. Some of the questions that need to be answered with the confusion(OR opportunity!) created by BREXIT would be:

•   Regulatory requirements and consequences
• Contractual Exposure
• Impact of the free trade deals that were taken for granted earlier and the new realities

Procurement managers across the organizations along with their legal team have the need to answer these questions by analyzing the existing supplier contracts. Important key information within the executed contracts needs to be surfaced to see if there is any significant impact of BREXIT on their business.

Currently, the questions about the material effects of the decision are overwhelming. Since the suppliers will be in confusion and worried about the long-term contracts, this is a great opportunity to renegotiate the favorable pricing terms and payment terms. 

Since the current phase of fear and uncertainty makes everyone vulnerable (for example, how the extended supply chain would work across different legal jurisdictions and other risks associated with the trade tariffs), procurement teams need to be wary of the contractual terms.

Here is how Artificial Intelligence and Machine Learning based Contract Analytics can help the situation:

Smart Contract Analytics powered with Artificial Intelligence and Machine Learning that use NLP and other deep learning techniques provides the capability to quickly review hundreds of contracts running into thousands of pages, classify the contracts into appropriate buckets and surface the key metadata that will be of interest to the procurement managers in the light of BREXIT.

With the help of Machine Learning models incorporated in the Smart Contract Analytics platform, organizations can easily locate key clauses and other Metadata across the executed contracts which need to be reviewed.

Also, it does not matter if the executed contracts are available in digital formats for easy review. Smart Contract Analytics can handle any type of documents (scanned image-based contracts, unsearchable pdf etc.) and extract the key metadata using its proprietary OCR technology and make the data available for semantic search.