Ecteon, the national leader in contract lifecycle management (CLM) software for complex contracting environments, is proud to announce their own patented artificial intelligence software, Exxtractor-AI™ and a new enterprise integration module, Connect-API™. When both modules are combined with Contraxx™, this complete software platform further simplifies the complexity of managing contracts across multiple enterprise boundaries and greatly enhances the entire organizational value of the resulting contract management software solution.
With the formal product launch of both Exxtractor-AI™ and Connect-API™ and the combined power of these software solutions, Ecteon will raise the industry bar for delivering time and cost efficiencies and reducing contracting risks.
According to a Harvard Business Review article titled “How AI Is Changing Contracts”, few companies effectively and efficiently process contracts even though contract processing is a universally common corporate activity. It’s estimated that firms can lose between 5% to 40% of value on a given deal due to inefficient contracting, but with AI and other technological advances, companies are beginning to overcome many of these challenges.
Ecteon’s CEO Richard Eckerstrom noted, “I’m proud of our ability to innovate with our latest technology developments. The full Contraxx™ platform system when powered by Exxtractor-AI™ and Connect-API™ offers more accurate and efficient analysis of large amounts of data and policy decision support and increased productivity across more areas of the enterprise organization.”
Eckerstrom further explained, “For the legal department in particular the software module using artificial intelligence, Exxtractor-AI™, is like having a personal legal assistant 24/7, who provides a quick view of legacy contracts and lots of policy guidance. With the Connect-API™ module, critical integration with multiple enterprise systems is reliable and efficient. The innovation in these products is not just the general technology-buzz commonly heard today, but is specifically targeted and tuned for key Contract Management tasks, and we’re so proud that after 30 years in the business we are still leading the nation with technology, not for technology’s sake, but to streamline and simplify our clients’ most complex contracting processes.”
Exxtractor-AI™ will initially target features in four distinct business use-cases:
Connect-API™ integrates Contraxx™ with other critically relevant Enterprise-Level systems, such as:
Enterprise Resource Planning (ERP)
Business Intelligence (BI)
Business Process Management (BPM)
Customer Relationship Management (CRM)
Human Resource Management (HRM)
Supply Chain Management (SCM)
Financial /Accounting Systems
For more information about Ecteon, its services and commitment to customers, visit Ecteon.com.
About Ecteon, Inc.
Ecteon is a contract management software company based in Nashville, Tennessee. Its premier enterprise contract management (CLM) system, Contraxx™, helps companies manage complex contracting requirements. Ecteon offers unique insights that enable customers to effectively and reliably manage their entire contract life cycle, and then go beyond to develop contract processes as competitive advantage.
Ecteon is a 100% employee-owned, private U.S. corporation. Ecteon has long-term, stable partnerships with referenceable customers and works deeply in healthcare industry as well as across a wide range of vertical markets such as media and entertainment, retail, energy, and banking. Some of its recognizable clients include Blue Shield of California, Kaiser Permanente, Dick’s Sporting Goods, World Wrestling Entertainment (WWE), University of Pittsburgh, and Universal Music. For more information, visit www.ecteon.com or follow them on LinkedIn.