Use manage contract repository agentic workflow in the Software Asset Workspace
Summarize
Summary of Use manage contract repository agentic workflow in the Software Asset Workspace
The manage contract repository agentic workflow in ServiceNow’s Software Asset Workspace leverages AI to enhance contract management efficiency. It automates the extraction of key metadata and contractual obligations from signed contracts, calculates contract reminder dates for renewals or terminations, and streamlines obligation tracking and task management within contract records.
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Key Features
- Automated Metadata Extraction: The AI agent uses the Now Assist contract metadata extraction skill to identify and extract essential contract details such as vendor, contract model, and document attachments.
- Contract Reminder Calculation: Reminder dates for contract renewal or termination are automatically calculated using contract end dates, auto-renewal clauses, and notice periods (with default periods applied if specific data is missing).
- Obligation Extraction and Management: The AI extracts obligations from contracts. Contract Managers review these obligations, accepting or rejecting them. Accepted obligations become records under the Obligations tab, with tasks generated for fulfillment and tracking.
- Role-Based Workflow: Contract Admins activate AI skills and initiate extraction. Contract Managers review extracted data and reminders, configure recipients for reminders, and manage obligations and tasks.
- Notification and Task Lifecycle: Assigned users receive notifications for obligation tasks, progress through task states (Open, Awaiting Approval, Completed), and Obligation Fulfillers review and approve or reject task completions.
- Conditions for Extraction: Extraction can be initiated only if the relevant AI skills are activated and have not yet been run on the contract record, ensuring no redundant extractions.
- AI Agent Utilization: The Contract Repository AI agent orchestrates contract data retrieval, metadata and obligation extraction, and calculates average lead times based on similar contracts.
Practical Application for ServiceNow Customers
By using this workflow, customers can significantly reduce manual effort in contract management, improve accuracy in capturing contract information, and stay ahead of contract deadlines with automated reminders. The integration within the Software Asset Workspace allows for seamless contract lifecycle management—from document upload, AI-driven data extraction, to obligation tracking and task completion—all centralized in the contract playbook.
Getting Started
- Install the Now Assist in Contract Management plugin (sncmgenai) and activate the generative AI skills.
- Navigate to Software Asset Workspace > License operations > Contracts to create new contract records and upload signed contracts.
- Initiate the contract extraction process via the provided button once conditions are met.
- Review and validate AI-extracted metadata, reminders, and obligations in the contract playbook.
- Manage obligations through task assignments and approvals to ensure contract compliance.
Use the manage contract repository agentic workflow to improve productivity by extracting metadata and obligations automatically from signed contracts. Set the contract reminder dates for contract renewal or termination.
Manage contract repository overview
- Extract metadata from signed contracts.
- Calculate the contract reminder date for renewal and termination.
- Extract obligations from signed contracts.
Metadata, contract reminders, and obligation extraction
The AI agent uses the Now Assist contract metadata extraction skill to extract key metadata from signed contracts. After the metadata extraction is complete, you can open the contract playbook to review the extracted information and set the contract reminder date. The AI agent uses the Now Assist obligation extraction skill to extract key contractual obligations from contracts. After obligations are extracted, you can review the obligations within the contract playbook and choose to accept or reject them. Accepted obligations are added as records in the Obligations tab of the contract record.
- As a Contract Admin with the AI role (sn_cm_gen_ai.ai_contract_config), activate the contract metadata extraction skill and the contract obligation extraction skill in the Now Assist Admin console.
For more information, see Configure the manage contract repository agentic workflow for Software Asset Management.
- Navigate to and select New.
- On the Create New Contract form, fill in the required Contract model and Contract number fields.
- Save the contract record.
- Upload a signed contract file and select the Initiate contract extraction button.
- After contract metadata, reminders extraction, and obligation extraction complete, the Contract Manager with the AI role (sn_cm_gen_ai.ai_contract_fulfiller and sn_cm_obligation.obligation_fulfiller) receives a notification that the metadata is ready for review.
- Refresh the web page to view the Playbook tab. The extracted metadata, reminders, and obligation records appear on the Playbook tab for review.
- The Contract Manager reviews the extracted metadata and submits it to update the contract record.
- The contract reminder date is then calculated based on the following factors:
- Contract end date
- Presence of auto-renewal clause
- Notice period for contract renewal or terminationNote:If renewal notice period and termination notice period aren’t available, it uses the configured default notice period. For more information, see Set the default notice period for the Manage contract repository agentic workflow.
- The Contract Manager sets the contract reminders in the playbook by reviewing the calculated date and configuring the recipient list for the reminders.
For more information about reviewing extracted metadata and contract reminders, see Review AI-extracted metadata and contract reminder date in the Software Asset Workspace.
- The Contract Manager reviews extracted obligations within the contract playbook. Each obligation can be accepted or rejected based on relevance.
- Approved obligations are automatically added as obligation records in the Obligations tab of the contract record.
- Obligation tasks are created.
- For a recurring schedule, the obligation tasks are automatically created for the obligation record based on the defined schedule.
- For an ad hoc schedule, the contract manager creates an obligation task from the Obligation tasks tab in the contract record.
- The assigned user is notified when the obligation task is created.
- The assigned user works on the obligation task and submits it for review.
The state of the obligation task changes from Open to Awaiting approval.
- The Obligation Fulfiller reviews the task and approves or rejects it.
- If the obligation task is rejected, the state of the task changes to Open, and the assigned user continues to work on it.
- If the obligation task is approved, the state of the task changes to Completed.
For more information reviewing extracted obligations, see Review AI-extracted obligations Software Asset Workspace.
Conditions for initiating extraction from the contract file
- One of the following Now Assist skills are activated on your ServiceNow instance:
- Contract metadata extraction
- Contract obligation extraction
- At least one of these two extraction skills hasn’t yet been executed on the contract
record.Note:If both contract metadata and obligation extraction skills have already been executed on the contract record, the Initiate contract extraction button doesn't appear on the contract form.
AI agents used in the manage contract repository agentic workflow
| Name | Description |
|---|---|
| Contract Repository AI agent | Uses various tools to perform the following:
|