We are excited to join our friends and colleagues again at the upcoming ITLA conference. This year the event takes place in Washington DC, where the theme is Think Bigger. For eBrevia clients, thinking bigger can mean a lot of things; bigger deals, bigger clients, better outcomes, and of course, larger scale contract reviews, which is why they come to eBrevia by DFIN.
Our current customers regularly cut time spent on contract review by 30 – 90% while improving accuracy. For law firms and other service providers, this includes a wide variety of applications ranging from due diligence on the buy-side of deals and populating disclosure schedules on the sell-side of deals to large regulatory projects.
For corporations, our software helps ensure they stay in compliance with the terms of their current contracts and don’t end up paying for services they no longer use or miss out on potential opportunities to grow revenue. In addition, by accelerating contract review, eBrevia helps law firms and corporations create more value and expand their business, which is one of the many reasons our clients wish they had come to us sooner.
This commitment to helping clients save time and increase efficiencies with complex document reviews remains our number one priority, and since we last saw each other in Las Vegas, we’ve added many valuable new features. QuickPick, for example, is a recent addition to eBrevia’s award-winning AI-powered platform. QuickPick is a contract analytics feature that can automatically provide answers to a selection of pre-set or customized questions to speed up the review process.
The genesis for this offering directly stemmed from a pain point we heard from you, our customers. Specifically, how to take unstructured data in contracts and create more structure around it. Building on eBrevia’s contract analytics platform, which uses machine learning to extract hundreds of key data points from contracts in seconds, QuickPick accelerates review for your yes/no, drop-down, and multi-selectable answers to the questions that matter to your business.
It’s easy. Clients can set up a question in QuickPick. For example, they could ask something very direct such as, “Is there a termination date?” and get a simple yes/no answer. Clients can also pose more complex questions such as, “Does assignment require consent? What exceptions to confidentiality exist? Or, what actions are covered under force majeure?” In this instance, QuickPick will provide an answer that includes more context behind its decision.
Another addition focuses on when a contract is terminating, even if an explicit termination date is not included in the agreement. Using the effective date and term-related language, the system is able to calculate the termination date and present it in a structured format. Knowing when a contract is ending is important for companies, allowing them to stay on top of their vendors, avoid problematic auto-renewals, and control costs. eBrevia’s dashboard presents all the related information in an easily digestible and intuitive format, which serves as a basis for business decisions.
As with other eBrevia offerings, these will help save money and time. This means you can join us at Booth 217 where you can see a demo of these eBrevia offerings and share some of your most time-consuming challenges. Our team will be ready to show you how to save time and increase accuracy on your projects.
In the meantime, I look forward to seeing you all on August 21 at ILTA.