Artificial Intelligence technology and data automation are among the biggest opportunities for professional services firms to improve their operations and grow their practice. This is even more true in a difficult economic environment, as companies are challenged to do more with less.
AI and automating data flows can be daunting, abstract, complex, and multifaceted topics. Where to start? How to get the most bang for the buck? Where does it meet an urgent need for the business? Where can it be implemented easily – what is the ‘low-hanging-fruit’ opportunity? What if you could deliver a ‘Rocket-Science Practice’ (Harvard Business Review) with everyday skills?
A great place to start is with the contracts and documents that run every business. Documents, no surprise, also run professional services businesses, in the form of Proposals, Master Service Agreements, Statements of Work, NDAs, Employment agreements and many others. With Docugami, your team can easily unlock all the key data and rich information trapped in all those documents. You can track obligations, deliverables, dates, pricing, renewals and much more from your committed MSA’s and SOW’s. You can automatically identify subtle differences in terms and conditions across all your contracts. You can catalogue all of your previously approved language, and use it effortlessly in new proposals.
Perhaps you have evaluated certain Legal AI products, or Contract Lifecycle Management products and found them to be complex to start or inflexible, focused on pre-ordained terms and conditions. What if setup could be accomplished by business users simply uploading documents? What if ALL the data in your essential documents could be analyzed and used, not just a few pre-determined items? What if AI-assisted contract reviews only required the user to focus on a handful of documents, then automatically get analysis done for ALL of them.
For many professional services firms, harnessing this document innovation can also extend to become a completely new service for your firm to offer your clients. Service Innovation can start with applying AI to your own foundational professional services documents internally to save cost and time, and then be applied to grow your business.
Docugami makes it easy to access information locked in your documents, so it can be released to Zapier, PowerAutomate, and RPA software to flow where it needs to go – to automatically send critical information via Slack or email for different reviews and approvals, to integrate with your CRM system, to populate a database for analysis, and more. This removes all the high cost and frustration of your team having to manually find and adapt source data from documents to different destinations.
Using Docugami and your existing low-code tools, it’s simple to set up powerful and efficient business processes:
Each system or person gets the data they need to operate effectively.
Yes, Docugami can automate document drudgery, freeing up attorneys and others working with the contracts. Yes, Docugami can cut costs by reducing the need for temporary workers to do the drudgery.
But more importantly, smart use of data by smart firms enables more value generation from people, more customer time, increased deal velocity and revenue, application of the analytics to predict problems, trends and opportunities, and more personalized service for customers. After all, these contracts are mutual commitments with customers and partners.
When you boil it all down, Docugami offers Professional Services firms the opportunity to revolutionize the effectiveness, impact, and satisfaction of their most valuable assets – your people.
In the past, artificial intelligence projects have involved complexity, big data sets, unfinished technology, and a great deal of planning, software development and expertise. Yet even under those circumstances, leading firms have found extensive benefit. “AI and its ability to augment human works is one of the most influential forces shaping the future of work,” according to Deloitte, among others.
Docugami streamlines the process of incorporating the power of AI into your operations, delivering all of the value at a fraction of the cost and effort. In fact, Docugami gives users an augmentation metric bar, to show in real time how much work the AI is doing to carry out a person’s evaluation across a large set of documents. You glance through a tiny percentage of the documents and Docugami completes the work across all the rest of the documents according to those instructions. You write the next contract, while Docugami provides helpful recommendations side by side.
Docugami's technology enhances your team’s experience, expertise, and access to relevant information. Our AI-enabled Document Engineering saves tedious digital labor, and in doing so, creates a new more powerful, smarter way to get important work done. We represent the data in documents in a technology layer that computers can use to amplify our work and our results. We call it the Future of Documents.
Applying Artificial Intelligence to your practice’s operations can be a productive entry point to applying it to your customers. You try it out, then offer up similar benefits to your customers, that you have proven for yourself.
If your business involves any element of what is referred to broadly as ‘Digital Transformation,’ whether in IT, Engineering, Marketing, Auditing, or other services, your work is controlled by the agreements that you have in place. By transforming your own document practices, you’ll find ways to helpfully transform your clients’ document practices in powerful ways – providing a new source for your own business growth.