The Price of a Contract
Contract costs measured in time and money.
Paperwork is critical for business operations as handshake agreements are not recommended and do not scale beyond trusted circles. However, completing, signing and maintaining physical documents is time and space consuming which presents its challenges especially for smaller organisations.
Digital paperwork is a step change improvement from physical as it eliminates the space and location constraints associated with hard copies but it is not a silver bullet. Digital has amplified paperwork’s issues by removing the physical constraints which were the limiting factor.
Filling in digital documents can be faster but is still error-prone. This is because the tools to manipulate them offer too much flexibility or too little. Moreover, locating an electronic document can be just as painful as locating one in a filing cabinet. Locating information in a pdf is equally demanding.
The challenges faced by documents are mainly due to the unstructured nature of the data they contain which makes it difficult for computer programs and algorithms to systematically process and manipulate them. As a result, efficiency gains in digital paperwork have mainly been achieved at the edges with humans in the loop to interpret and process the unstructured content. For example, documents might still be reviewed by lawyers but signatures will be streamlined electronically.
Significant value and efficiency gains can be unlocked if documents are less dependent on people to understand what they contain. However, this requires a different approach to creating and storing digital documents.
Documents which know what they contain is at the heart of Legislate’s approach. Documents are modeled in patent-pending knowledge graph technology which means that they know what key terms they contain and the people they are connected with. Leveraging this new document structure means that information can now be quickly identified and insights easily aggregated across a virtual cabinet. Moreover, Legislate’s knowledge graph validate the inputs and structure of documents at creation which prevents configuration errors.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.
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