New York, April 16, 2020
Knowable Releases Crisis Management Offerings to Help Companies Proactively Mitigate Risks, Preserve Profitability, and Rapidly Respond to New Challenges Amid COVID-19 Pandemic.
- Includes free access to a streamlined version of Knowable’s contract data management product so all contracts can be quickly centralized and made fully searchable
- A premium version of the product offers a comprehensive set of structured data and contract analytics designed to navigate the challenges companies are facing today.
- Knowable will donate a portion of proceeds to the CDC Foundation’s Emergency Response Fund.
Knowable, the world’s largest translator of enterprise contracts into structured data, today announced it is making its award-winning platform for finding and accessing contract information widely available to companies struggling to understand their contractual obligations and entitlements in the wake of the COVID 19 pandemic, which has disrupted global supply chains and triggered massive upheaval.
“Over the next few months, everyone will need to understand their rights and options in their commercial relationships – as well as those of their counterparties - especially to understand degrees of maneuverability on topics like minimum purchase obligations, supplier exclusivity, service-level commitments and force majeure,” said Mark Harris, CEO of Knowable. “The best prepared companies are getting ready now for the coming storm.”
With these challenges in mind, Knowable is releasing two new offerings to help companies understand their contractual relationships so they can adapt to the new realities in this time of crisis – and beyond:
- Portfolio Visibility is a streamlined version of the Knowable contract data management product that gives organizations the ability to instantly identify information across their entire contract portfolio to rapidly respond to business requests. With Portfolio Visibility, companies can be up and running in a matter of days consolidating and digitizing their contracts across all systems—without volume limitations—so they’re centralized and fully searchable.
The Portfolio Visibility offering, which Knowable is offering for free through year-end, includes self-service upload with complementary collection support from Knowable’s team of specialists.Documents are OCR’d, so they’re instantly searchable, with an automated feature that identifies and extracts force majeure clauses using NLP.Portfolio Visibility also provides a complete view of top corporate relationships by structuring data so that contract families are mapped and linked.
- Critical Insights is a full version of Knowable’s contracts data management product with contract analytics specifically designed to navigate the unprecedented challenges presented by the COVID-19 crisis. Critical Insights includes all the features in Portfolio Visibility, enhanced with a deep set of structured data and contract analytics backed by Knowable’s 98%+ accuracy guarantee. With Critical Insights companies can quickly and reliably interpret contact terms to proactively identify operational risks and opportunities to protect their revenue and enhance their profitability across all relationships.
Sales, finance, and commercial legal teams can gain insight into customer relationships, including understanding areas of revenue risk, performance obligations (and options to manage customer obligations in times of crisis).With a few clicks supply chain and procurement professionals can navigate their entire population of vendor agreements to understand where they have supply chain risk and rationalize spend to drive down costs.
For every Critical Insights engagement sold, Knowable will donate a portion of the proceeds to the CDC Foundation’s Emergency Response Fund.
“We recognize that for many of our clients, the last thing they can think about right now is another unbudgeted cost,” said Gretchen Bakhshai, SVP at Knowable. “That’s why we’re releasing a free version of our product that can be implemented in days to address the immediate and critical challenges they’re facing.”
Knowable supports many of the world’s largest companies, including Dell, GE and Nestlé USA, providing machine learning-enabled contract data analytics and related contract intelligence solutions.
Knowable is the world’s largest translator of enterprise contracts into structured data. By translating legal language into structured data, Knowable helps its clients understand what is in their contracts, providing portfolio level views of risks, obligations, and entitlements. As a leader in contract data analytics, with more than 25 million contract data elements analyzed each quarter, Knowable combines proprietary machine learning tools with legal subject matter expertise that, together, enable a full contracts intelligence solution for the enterprise. For more information, go to www.knowable.com.