Predictive approach to contract management
Embodiments of the present invention provide methods, computer program products, and systems for a predictive approach to contract management. In one embodiment, acceptable contract parameters are predicted based, at least in part on historic data and specified thresholds of identified contract parameters. Predicting acceptable contract parameters can help reduce negotiation cycles.
1. A method comprising:
identifying, by one or more computer processors, one or more contract parameters of a contract via natural language processing, wherein each of the one or more contract parameters is associated with a specified threshold;
mapping, by the one or more computer processors, the identified one or more contract parameters of the contract to a relational data structure;
accessing, by the one or more computer processors, historic data comprising previously approved contract parameters;
predicting, by the one or more computer processors, acceptable contract parameters based, at least in part, on the historic data and the specified threshold;
suggesting, by the one or more computer processors, a first corrective action to increase a percentage of likelihood of success;
responsive to receiving the first corrective action, tracking, by the one or more computer processors, modifications made by a user to contract language associated with the contract parameters of the contract;
generating, by the one or more computer processors, an estimated timeframe for completion of the contract based, at least in part, on the historic data comprising the previously approved contract parameters, one or more predicted sources of delay, and whether the user has selected the first corrective action;
responsive to generating the estimated timeframe for completion of the contract, displaying, by the one or more computer processors, the estimated timeframe for completion of the contract in-line with the contract;
generating, by the one or more computer processors, a visual representation of the predicted acceptable contract parameters, the percentage of likelihood of success for the contract language associated with the contract parameters, the suggested first corrective action, and the estimated timeline; and
displaying, by the one or more computer processors, the visual representation in-line with the contract.
2. The method of claim 1 , wherein predicting, by the one or more computer processors, acceptable contract parameters based, at least in part, on the historic data and the specified threshold comprises:
comparing, by the one or more computer processors, the historic data associated with the previously approved contract parameters to the contract parameters of the contract; and
suggesting, by the one or more computer processors, the acceptable contract parameters based, at least in part, on the historic data associated with the previously approved contract parameters.
3. The method of claim 2 , further comprising:
responsive to reaching a configurable threshold of modifications to the contract parameters, suggesting, by the one or more computer processors, a corrective action to a user.
4. The method of claim 1 , wherein generating, by the one or more computer processors, an estimated timeframe for completion of the contract comprises:
comparing, by the one or more computer processors, the historic data associated with the previously approved contract parameters to the contract parameters of the contract; and
generating, by the one or more computer processors, the estimated timeframe for completion based, at least in part, on the historic data associated with the previously approved contract parameters.
5. The method of claim 4 , further comprising:
identifying, by the one or more computer processors, one or more sources of delay in drafting the contract; and
responsive to identifying the one or more sources of delay in drafting the contract, suggesting, by the one or more computer processors, a corrective action based, at least in part, on the identified one or more sources of delay.
6. A computer program product comprising:
one or more computer readable storage media and program instructions stored on the one or more computer readable storage media, the program instructions comprising:
program instructions to identify one or more contract parameters of a contract via natural language processing, wherein each of the one or more contract parameters is associated with a specified threshold;
program instructions to map the identified one or more contract parameters of the contract to a relational data structure;
program instructions to access historic data comprising previously approved contract parameters;
program instructions to predict acceptable contract parameters based, at least in part, on the historic data and the specified threshold;
program instructions to suggest a first corrective action to increase a percentage of likelihood of success;
program instructions to, responsive to receiving the first corrective action, track modifications made by a user to contract language associated with the contract parameters of the contract;
program instructions to generate an estimated timeframe for completion of the contract based, at least in part, on the historic data comprising the previously approved contract parameters, one or more predicted sources of delay, and whether the user has selected the first corrective action;
program instructions to, responsive to generating the estimated timeframe for completion of the contract, display the estimated timeframe for completion of the contract in-line with the contract;
program instructions to generate a visual representation of the predicted acceptable contract parameters, the percentage of likelihood of success for the contract language associated with the contract parameters, the suggested first corrective action, and the estimated timeline; and
program instructions to display the visual representation in-line with the contract.
7. The computer program product of claim 6 , wherein the program instructions to predict acceptable contract parameters based, at least in part, on the historic data and the specified threshold comprise:
program instructions to compare the historic data associated with the previously approved contract parameters to the contract parameters of the contract; and
program instructions to suggest the acceptable contract parameters based, at least in part, on the historic data associated with the previously approved contract parameters.
8. The computer program product of claim 7 , the program instructions stored on the one or more computer readable storage media further comprise:
program instructions to, responsive to reaching a configurable threshold of modifications to the contract parameters, suggest a corrective action to a user.
9. The computer program product of claim 6 , wherein the program instructions to generate an estimated timeframe for completion of the contract comprise:
program instructions to compare the historic data associated with the previously approved contract parameters to the contract parameters of the contract; and
program instructions to generate the estimated timeframe for completion based, at least in part, on the historic data associated with the previously approved contract parameters.
10. The computer program product of claim 9 , the program instructions stored on the one or more computer readable storage media further comprise:
program instructions to identify one or more sources of delay in drafting the contract; and
program instructions to, responsive to identifying the one or more sources of delay in drafting the contract, suggest a corrective action based, at least in part, on the identified one or more sources of delay.
11. A computer system comprising:
one or more computer processors;
one or more computer readable storage media; and
program instructions stored on the one or more computer readable storage media for execution by at least one of the one or more computer processors, the program instructions comprising:
program instructions to identify one or more contract parameters of a contract via natural language processing, wherein each of the one or more contract parameters is associated with a specified threshold;
program instructions to map the identified one or more contract parameters of the contract to a relational data structure;
program instructions to access historic data comprising previously approved contract parameters;
program instructions to predict acceptable contract parameters based, at least in part, on the historic data and the specified threshold;
program instructions to suggest a first corrective action to increase a percentage of likelihood of success;
program instructions to, responsive to receiving the first corrective action, track modifications made by a user to contract language associated with the contract parameters of the contract;
program instructions to generate an estimated timeframe for completion of the contract based, at least in part, on the historic data comprising the previously approved contract parameters, one or more predicted sources of delay, and whether the user has selected the first corrective action;
program instructions to, responsive to generating the estimated timeframe for completion of the contract, display the estimated timeframe for completion of the contract in-line with the contract;
program instructions to generate a visual representation of the predicted acceptable contract parameters, the percentage of likelihood of success for the contract language associated with the contract parameters, the suggested first corrective action, and the estimated timeline; and
program instructions to display the visual representation in-line with the contract.
12. The computer system of claim 11 , wherein the program instructions to predict acceptable contract parameters based, at least in part, on the historic data and the specified threshold comprise:
program instructions to compare the historic data associated with the previously approved contract parameters to the contract parameters of the contract; and
program instructions to suggest the acceptable contract parameters based, at least in part, on the historic data associated with the previously approved contract parameters.
13. The computer system of claim 12 , the program instructions stored on the one or more computer readable storage media further comprise:
program instructions to, responsive to reaching a configurable threshold of modifications to the contract parameters, suggest a corrective action to a user.
14. The computer system of claim 11 , wherein the program instructions to generate an estimated timeframe for completion of the contract comprise:
program instructions to compare the historic data associated with the previously approved contract parameters to the contract parameters of the contract; and
program instructions to generate the estimated timeframe for completion based, at least in part, on the historic data associated with the previously approved contract parameters.