from DION HENRICK in Cape Town
CAPE TOWN – BUSINESS across all sectors in the continent can now securely and efficiently store, organise and manage post-signature contracts.
This after a technology startup came to market with an artificial intelligence (AI) powered software-as-a-service (SaaS) solution.
Contract Understanding has launched the service, initially targeting businesses of all sizes in Egypt, Kenya, Malaysia, Nigeria, Singapore and South Africa.
The solution analyses and extracts key data from contracts, offering complete visibility into every contract a company manages.
This is anticipated to empower companies to improve the management of post-signature contracts, helping them to make better decisions, meet deadlines and obligations, and ensure that they are receiving the full benefits due to them.
“As an entrepreneur, I have experienced a range of frustrations in managing contracts after they’re signed,” said Norman Kretzmer, founder and CEO of Contract Understanding.
“We founded Contract Understanding to help other businesses optimise contract management, so that they avoid these potentially expensive legal pitfalls,” the executive added.
Its solution pledges to give business owners and managers complete visibility of involved parties, obligations and deadlines.
This, in turn, enables them to set up automated workflows to better manage their contracts as well as to make better decisions.
All confidential contracts, including renewals and amendments, are stored in a secure repository with access from anywhere, according to the company.
Contract Understanding hosts contract information on the Microsoft Azure cloud, with SSL standard certification for protection.
Kretzmer said the AI-driven SaaS solution for contract management is designed to be cost-effective and within reach for mid-sized and large companies.
There is the convenience of signing up using a credit card.
“Our subscription-based approach empowers you to effectively manage contracts post-signature, ensuring you never overlook deadlines, obligations, or contract-related benefits,” Kretzmer said.
– CAJ News