South Africa’s legal-tech startup, Contract Understanding has launched a contract management service which will be powered by an Artificial Intelligence software-as-a-service (SaaS) aimed at transforming how companies manage their legal contracts.
According to Norman Kretzmer, the founder and CEO of Contract Understanding, the startup that has successfully developed an AI and machine learning powered platform that streamlines contract management which has been a “cumbersome, error-prone, and a time-consuming process.”
Kretzmer said with the new service, the company’s technology enabled
businesses of all sizes to “gain visibility into their contracts, mitigate contract risks, easily meet deadlines for renewals or cancellations, and automate processes.”
“Our solution enables companies to take complete control of their contract benefits, obligations, and renewals. The software analyses and extracts key data from each contract, offering complete visibility into every contract a company manages,” he said.
“As entrepreneurs running medium-sized businesses, we encountered a range of challenges and frustrations in managing contracts after they’re signed.”
“Pain points include losing track of the physical paperwork, missing deadlines to renew contracts on favourable terms, missing deadlines to cancel contracts before they auto-renew, losing out on benefits such as incentives or discounts due under a contract, or incurring penalties for non-compliance with contracts.
“We founded Contract Understanding to help other businesses optimise contract management and avoid these potentially expensive pitfalls,” he said.
According to the CEO, the startup plans to raise external capital to fund its growth and to further develop its product as it is focused on gaining early adoption of its solution.
“We offer one of the first artificial intelligence-powered SaaS solutions for contract management that is affordable and accessible to mid-sized and large companies.
“In addition to South Africa, our other target markets include African economic powerhouses such as Egypt, Kenya, and Nigeria as well as the Asian financial hubs of Singapore and Malaysia. We will consider further geographic expansion once we have bedded down our business in our initial target markets,” said Kretzmer.