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Agiloft Unveils AI-Powered Obligation Management Solution

Agiloft has officially launched its latest innovative solution, AI-driven Obligation Management, marking a significant advancement in the field of contract lifecycle management (CLM). This cutting-edge tool is designed to assist enterprises in transforming their contracts into actionable business intelligence by automating the management of post-signature obligations.

The new feature set offered by Agiloft promises to eliminate the tedious manual reviews currently prevalent in the industry, offering legal and contracting teams a powerful means to improve compliance and minimize risks while accelerating business outcomes.

Understanding the Need for Obligation Management

In today's fast-paced business environment, enterprises operate under a myriad of commitments ranging from service-level agreements to compliance requirements and payment schedules. Research from PwC indicates that poor obligation management could lead companies to lose between 5–9% of their annual revenue due to overlooked commitments. This position underlines the necessity for tools and processes that can ensure obligations are met without error.

Agiloft’s AI-enhanced solution addresses common challenges associated with post-signature contract management, including forgotten terms and manual tracking obstacles. With the power of automation, organizations can now extract obligations from contracts effortlessly, reducing human error and inefficiencies while boosting operational efficiency.

Key Features of Agiloft's Obligation Management

The capabilities of Agiloft’s Obligation Management solution are extensive and include:

1. Automated Obligation Extraction

With the revolutionary feature, Screens Run Action (SRA), users can swiftly send any contract document through Agiloft's automation platform. The system reviews the document, extracts key obligations, and returns the refined data for further handling, making the process significantly faster and more efficient.

2. Pre-Built Obligation Categories

Designed by legal experts, Agiloft offers a library of ready-made obligation categories tailored to the needs of procurement and legal teams. This feature provides users with an immediate resource from which to draw, helping them quickly access relevant information that conforms to industry standards.

3. Customization for Unique Requirements

Recognizing that every business is different, Agiloft allows users to customize their obligation categories to meet specific organizational needs. This flexibility ensures that all extracted obligations remain relevant and actionable within the enterprise's operational context.

4. Comprehensive Data Tracking

The platform features a dedicated obligations data model that helps track tasks, deadlines, and dependencies. This functionality not only ensures connection to designated task owners but also facilitates setting reminders and escalation notifications, which minimizes the risk of task neglect.

5. Enhanced Visibility Through Dashboards

Agiloft has introduced new interface enhancements that display obligations directly within the contract record, complemented by preconfigured obligation dashboards. These dashboards provide teams with a streamlined view of upcoming commitments and any overdue items, enhancing the ability to manage compliance proactively.

Integration and Collaboration Features

Agiloft's Obligation Management solution is designed to integrate seamlessly with other enterprise systems via the Agiloft Integration Hub. This feature allows for a comprehensive view of contractual obligations across various departments, ensuring that critical data is not siloed.

Additionally, new roles and permissions enhance security while allowing for scalable collaboration across teams. This structure helps enterprises maintain high standards without compromising quality.

Scott Han, Senior Associate Counsel at Morning Consult, an innovator in decision intelligence, emphasizes the impact that Agiloft's AI-driven solutions have made on their contract management process. He states, "By implementing our company standards directly into Screens and leveraging AI-assisted review and analysis, we streamline our workflow and reduce review times."

Conclusion

The launch of Agiloft’s Obligation Management solution exemplifies a pivotal shift toward data-first, AI-enhanced contract lifecycle management. As enterprises navigate through the complexities of obligation management, Agiloft's innovative capabilities promise to deliver substantial improvements in risk mitigation, compliance assurance, and overall operational efficiency. This is not merely a new product release, but a notable step towards redefining how organizations strategically manage agreements to achieve measurable performance metrics. Agiloft continues to pave the way for a future where AI plays an integral role in transforming contract management into a system of autonomous action.