South African Legal-Tech Startup Unveils AI-Powered Contract Management Solution
In a recent development, Contract Understanding, a legal-tech startup based in South Africa, has officially launched its operations, introducing an innovative Artificial Intelligence (AI)-powered Software-as-a-Service (SaaS) solution that aims to revolutionize the way companies handle legal contracts.
Having made its debut earlier this month, Contract Understanding has created a cutting-edge platform that harnesses AI and machine learning technologies to simplify the often arduous, error-prone, and time-consuming process of contract management.
The platform offers businesses the ability to gain better insight into their contracts, reduce contract-related risks, meet renewal and cancellation deadlines effortlessly, and automate various processes.
Norman Kretzmer, the founder and CEO of Contract Understanding, explained that their solution could significantly enhance an organization's contract management cycle, ensuring compliance with contractual obligations and maximizing the benefits of contracts.
He stated, "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."
The inspiration behind the contract management solution stemmed from the personal experiences of Kretzmer and his team.
He elaborated, "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."
While the startup has been self-funded thus far, it has plans to secure external capital to support its expansion and further product development.
However, at present, the primary focus is on gaining early adoption of its innovative solution.
Kretzmer added, "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."
Tom Jackson / Disrupt Africa